China’s top port operator and an engineering group will invest $601 million in a container terminal at Sri Lanka’s Hambantota port, as China seeks to deepen its ties with the strategically placed Indian Ocean island.
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.
The Port of Virginia made strides toward financial stability in August, on the back of volume growth that topped 8 percent.
Container handling rose nearly 2 percent in August at the world’s largest transshipment hub, the Port of Singapore.
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.
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.
The sale of investment certificates for the Suez Canal expansion project has netted Egypt $8.5 billion to fund upgrades to one of the country’s largest and most lucrative economic ventures.
Last winter’s harsh weather has caused a six-month delay in completion of a project to raise the Bayonne Bridge’s clearance to allow passage by larger container ships at the Port of New York and New Jersey.
Hong Kong’s container throughput in August slid into negative territory for the first time since February, down almost 3 percent year-over-year as the summer peak season momentum began to slow.
After only 100 days in office, it’s clear that India’s new prime minister, Narendra Modi, will make reducing port bottlenecks a priority.