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U.S. East Coast ports have spent billions of dollars in the last decade preparing for the large neo-Panamax ships that will transit the Panama Canal’s new locks when they open to commercial traffic. The Port of New York and New Jersey alone is spending $3.4 billion to deepen its channel to 50 feet and to… Read More
A leading Brazilian biologist who has fought for the cleanup of Rio de Janeiro’s polluted waterways called Saturday on interim President Michael Temer to release emergency funds to pay for the dredging of toxic lagoons hugging the Olympic Park. Around 650 million Brazilian reais ($184 million) were earmarked for the project years ago but it… Read More
The European Central Bank has urged German state-owned lender Bremer Landesbank to shore up its capital resources against non-performing loans in shipping, three sources familiar with the matter said. Bremer (BLB) needs another 700 million euros ($800 million) in equity, weekly magazine Focus reported earlier on Saturday, citing talks between the city-state’s finance chief and… Read More
The Los Angeles Board of Harbor Commissioners approved a $1.17 billion fiscal year 2016 and 2017 budget that projects a 5.7 percent increase in operating receipts. The budget will support the on-going infrastructure development program at the largest U.S. port. “The budget allocations approved today allow us to stay the course and continue building a… Read More
As one drives through McLeod Road, today’s I. I. Chundrigar Road and Pakistan’s equivalent of Wall Street, one is unlikely to ignore historical landmarks and skyscrapers housing state-of-the-art offices (mostly of large financial businesses) that stretch over 2 kilometers on both sides of this important artery, also referred to as Pakistan’s commercial hub. By contrast,… Read More
Union minister for shipping, road transport and highways Nitin Gadkari on Saturday, said 12 major ports and three flagship organizations –Cochin Shipyard , Dredging Corporation of India and Shipping Corporation of India – have posted a profit of up to 6,000 crore. Alongside, he announced his ministry’s plans to develop six new ports. Speaking to… Read More
At last week’s Immediasea Ship Finance Press Conference in London, there was much talk of the dilemma facing shipping companies these days. Major banks simply don’t have the same appetite for financing ships as before the crash. While top-tier companies can still get the money they need, small shipping concerns are getting squeezed out, according… Read More
Swansea channelAS much as they are natural wonders, the hundreds of estuaries and rivers along Australia’s east coast can become a nightmare for communities struggling to keep their entrances flowing freely. History has shown that the longer an estuary’s mouth is allowed to silt-up the harder and more expensive it is to remedy. There are… Read More
A bi-partisan bill that could bolster a comprehensive plan for the Upper Mississippi River region moved closer to fruition, after passage by the U.S. House of Representatives Transportation Committee on Wednesday, May 25. The Water Resources Development Act of 2016 (WRDA) would preserve funding for the United States Army Corps of Engineers’ Upper Mississippi River… Read More
After recording sluggish growth last fiscal year amid a weaker global economy, India’s major public ports got off to a healthy and promising start in fiscal 2016 and 2017, which began April 1, but inadequate infrastructure and other bottlenecks could dampen that growth in the coming months. In terms of container handling, major ports experienced… Read More
The U.S. House Transportation and Infrastructure Committee has moved to enhance navigation and infrastructure funding for America’s ports with the passing of H.R. 5303, the bipartisan Water Resources Development Act (WRDA) of 2016. “The legislation will strengthen our coastal communities and our environment, create and sustain jobs, and enhance navigation to enable our ports to… Read More
The Singapore Exchange (SGX) is in exclusive talks to buy London’s Baltic Exchange, which has been at the heart of the global shipping industry for centuries, the two companies said on Wednesday. Founded in 1744, the Baltic Exchange is no longer a forum for chartering vessels but owns benchmark indexes for global shipping rates and… Read More
Union Shipping Minister Nitin Gadkari has set an ambitious target of capacity addition at 12 major ports by 120 million tonnes in 2016-17. These ports had added the highest-ever capacity of 94 million tonnes in 2015-16. Mr. Gadkari has asked shipping ministry officials to aim for awarding new projects to add capacity of 180 million… Read More
A new report by the Organisation for Economic Cooperation and Development predicts that trade in developing economies will grow around 1.5 times quicker than in developed economies. The report Capacity to Grow: Transport Infrastructure Needs for Future Trade Growth states that hinterland connections will face the largest capacity challenges. These will be strained in Asia… Read More
South Korean observers are increasingly concerned that Hyundai Merchant Marine (HMM) will enter court receivership in coming weeks. Government officials have said that they are neither “optimistic nor pessimistic” about the possibility of HMM meeting a requirement for charter rate reductions. HMM has been under pressure from financial regulators and from its creditors to achieve… Read More