A $400 million loan necessary to complete the $5.3 billion Panama Canal expansion project has been received by the engineering consortium responsible for widening the canal, according to the Panama Canal Authority’s lead administrator, Channel News Asia reported.
As the use of formalized alliances and vessel-sharing agreements accelerates, carriers’ core product ― moving containers from Point A to Point B ― becomes increasingly identical across alliance partners in major trade lanes.
In a sharp turnaround from previously proposed rules, forwarders and non-vessel-operating common carriers in the U.S. wouldn’t have to post larger bonds under the Federal Maritime Commission’s revised ocean transportation intermediary rule overhaul proposals.
The Port of Virginia made strides toward financial stability in August, on the back of volume growth that topped 8 percent.
Executives from Maersk Line and Mediterranean Shipping Co., in an attempt to expedite the U.S. approval process, met with a U.S. Federal Maritime Commissioner last week to address questions regarding their proposed “2M” vessel-sharing agreement.
Container handling rose nearly 2 percent in August at the world’s largest transshipment hub, the Port of Singapore.
The tit-for-tat imposition of embargoes between Russia and the West has opened the door for Brazil beef exporters to significantly expand shipments to Russia in recent months, with greater growth likely in 2015.
Research firm Gartner identified 15 European companies with the best performing supply chains, based on metrics including inventory turns, return on assets and revenue.
Global Ports, Russia’s largest container terminal operator, reported a jump of 30 percent in profit for the first half of 2014, as favorable ruble-dollar exchange rate movements offset a drop in cargo volumes.
India’s merchandise exports in August rose 2.35 percent year-over-year to $26.95 billion, the lowest growth rate in five months.
Hapag-Lloyd and APL increase congestion surcharges for cargo moving through Jawaharlal Nehru (Nhava Sheva) and Pipavav to offset costs associated with worsening delays in intermodal connections to Delhi
Container ship owner-charterer Seaspan Corp. is considering an acquisition of Greater China Intermodal Investments, the Carlyle Group investment vehicle with which Seaspan partnered in 2011 to purchase new ships.
Container volumes at the Los Angeles-Long Beach port complex were basically flat in August compared to last year as importers diverted cargo to Canadian ports and U.S. East Coast ports to avoid possible disruptions from West Coast longshore contract negotiations.