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Headquartered in Barcelona, Spain, BYG has been manufacturing and distributing spare parts and components for the mining/earth moving, sector since 1967. Recently BYG has started to market to the dredging sector. At WODCON XXI, BYG introduced a hammerless system for cutter head teeth which offers significant advantages for dredge operators: 1.Safety: Typically Cutter Teeth are… Read More
The Royal Bank of Scotland has received bids for its Greek ship finance business, banking and financial sources familiar with the matter said, following a leap in bad shipping debts at the lender over the past few months. They told Reuters that the operation was worth about $3 billion although sources in the shipping business… Read More
The European Central Bank has launched a review of banks’ lending to the shipping industry, much of which is suffering a deep downturn, five people familiar with the situation told Reuters. The review by the ECB’s banking supervisor has raised concerns among lenders, particularly in Germany, that they may be required to set aside more… Read More
A steady downturn in river traffic could threaten funding of operations along the Ouachita River. The ton miles of barges and other shipping vessels that chart a course along the Ouachita add up to a bottom line that provides federal dollars for the Ouachita-Black Rivers Navigation Project. Such projects are expected to generate one million… Read More
After an intense two-year competition, a consortium led by a Spanish company in severe financial distress learned that its rock-bottom bid of $3.1 billion had won the worldwide competition to build a new set of locks for the historic Panama Canal. The unlikely victors toasted their win at La Vitrola, a sleek restaurant in an… Read More
On Friday, workers at Hyundai Heavy Industries said that they may strike alongside the unions at Samsung Heavy Industries and at Daewoo Shipbuilding and Marine Engineering. With possible labor actions pending at all of South Korea’s Big Three shipbuilders, government and shareholder proposals for restructuring may become more difficult. “The company brought us a list… Read More
Myanmar’s new government has been grappling with its first economic management crisis, as a weeks-long traffic jam of cargo ships at the country’s biggest port threatens to scare potential investors away and choke off nascent economic growth. The bottleneck at the dilapidated port was caused by a spike in demand for goods as the opening… Read More
Gazprom and Shell signed on Thursday a memorandum of understanding on construction of a liquefied natural gas (LNG) plant on the Russian coast of the Baltic Sea. The memorandum says the companies will look into possibilities of building the LNG plant in the port of Ust-Luga with an annual capacity of 10 million tonnes. Gazprom… Read More
Efforts by London to sharpen its appeal as an attractive home for shipowners appear to be working following a claim by one London-based Greek that more Greek shipowners are considering moving to the capital. “Relocations are already happening,” said Costas Savvides, General Manager of Vantage Shipping Lines, “because many companies have experienced that the banks… Read More
More draft restrictions due to a lack of dredging is preventing three marine terminal at the Brazilian port of Santos from handling fully loaded ships with capacities of 9,000 twenty-foot-equivalent units. The restrictions at the busiest container port in Brazil and South America could lead to less cargo moving through three terminals as competitors within… Read More
Demand for raw materials from the U.S. manufacturing and construction sectors has kept St. Lawrence Seaway cargo shipments at a solid pace, despite tough economic conditions for some commodities. Despite an overall drop in volume so far this year, there were a number of positive cargo categories between March 21 and May 31, compared to… Read More
It would be easy to mistake the scene at Sparrows Point, a five-square-mile waterfront site outside Baltimore, Maryland, for a case of simple post-industrial neglect.Weeds grow on many of the quays at the port that once employed 30,000 people and the slightest wind produces conditions akin to a desert dust storm. But the presence in… Read More
An organization representing states and Canadian provinces in the Great Lakes region released a $3.8 billion plan Wednesday designed to improve their shared maritime transportation system and make cargo shipping more competitive. Aside from doubling maritime trade, the region’s first-ever waterborne transportation strategy is intended to support industry and reduce environmental damage, said Gov. Rick… Read More
South Carolina and Georgia will spend about $15 million during the next three years on studies for a joint $4.5 billion container ship terminal to be built along the state line. The board of the Jasper Ocean Terminal on Wednesday approved a $5 million budget for the fiscal year beginning in July and was told… Read More
Informational workshop scheduled for June 29 The Christie Administration is making $60 million in competitive grants available for projects along the Lower Passaic River and associated tributaries and the Newark Bay Complex that will improve public access to these waterways and result in restoration of wetlands, Department of Environmental Protection Commissioner Bob Martin announced today…. Read More