Ocean Ports & Carriers: Page 78

Is Rickmers Maritime the Next Container Shipper to Go Under?

The firm said it would not be able to pay an interest of S$4.26 million, which is due on Nov. 15, on a S$100 million ($71 million) bond that it has been trying to restructure.

Rickmers Maritime, a Singapore-listed trust that operates container ships, said it faces the risk of going out of business given the uncertain outcome of its discussions with bondholders and senior lenders about restructuring its debt.

Korea Line Outbids Hyundai Merchant for Hanjin Assets

In a surprise decision, a Seoul court on Monday awarded Korea Line, a midsize bulk-shipping operator, the first right to purchase the assets of Hanjin’s Asia-U.S. route, as well as its stake in a California terminal.

13100 TEU Class HANJIN SOOHO 57348c0a31532

Port of LA, Long Beach and Maersk Line Collaborate to Study Container Ship Emissions

Port of Los Angeles

“This is equivalent to strapping a Fitbit onto a large container ship,” Lee Kindberg, head of environmental efforts for Maersk Line, said in a statement.

MaerskLine 57ab433e50082

More Ocean Shipping Alliances Put Ports on Shaky Ground

With analysts estimating that oceangoing shippers could lose up to $10 billion worldwide this year, the industry that made globalization possible is sinking into crisis.

Long Beach Port 546e3852d724d

Ocean Ports & Carriers

Ocean Alliance Announces 'Day One' Plans

The proposed network will operate 40 services on the East-West trades with around 100 ports of call and almost 500 port pairs when it begins operations in April of 2017.

Members of the Ocean Alliance announce the signing of an agreement, called the Day One Product.

Ocean Ports & Carriers

West Coast Ports, Dockworkers Union Cut Off Talks Without a Deal

Pacific Maritime Association (PMA)

ILWU and PMA agreed on the current contract in February 2015, but it is set to expire at the end of June 2019.

Semi trucks hauling a containers leave the Port of Los Angeles on Monday, Feb. 23, 2015. Nearly all West Coast seaports began the week with dockworkers hustling to load and unload cargo ships that were held up amid a months-long labor-management dispute.

Ocean Ports & Carriers

Joint Georgia-South Carolina Port Project Reaches First Milestone

Georgia Ports Authority

The idea is to have the first phase of the new terminal operating in a decade when container capacity at the ports in both Charleston and Savannah begins running out.

The U.S. Army Corps of Engineers has issued a public notice that it plans to prepare a draft environmental impact statement on the proposed terminal in Jasper County on the South Carolina side of the river.

Japan's Three Largest Shippers to Merge Container Operations

Nippon Yusen Kabushiki Kaisha, Kawasaki Kisen Kaisha and Mitsui O.S.K. will combine their container operations to create a business worth about 300 billion yen, or $2.9 billion.

The three companies said they expected combining their fleets to save about ¥110 billion per year. The deal is expected to be complete by July 1, with operations beginning in April 2018. The companies’ bulk-shipping lines, which transport cargo like grain and iron ore, will remain independent.

Ocean Ports & Carriers

Maritime Administration Awards $4.85 Million in Grants to Upgrade River Freight Options

Short-sea shipping mode has been hard to jumpstart without government subsidies because most shippers have been reluctant to sacrifice speedier transit times and the lack of dedicated port infrastructure for transfer of containers from trucks to barges.

The U.S. Maritime Administration has announced grants aimed to support five initiatives designed to transport freight on rivers to help relieve congestion on highways and reduce diesel pollution from trucks.

Maryland Governor Pitches Plan to Deepen Howard Street Tunnel at Port of Baltimore

Although the newly deepened port of Baltimore is one of just a handful that can accommodate giant ships moving through the newly widened Panama Canal, the Howard Street Tunnel bottleneck limits how quickly cargo can move through the port.

The tunnel, dug in the 1890s, was built to accommodate trains of that era. It does not have enough clearance to allow the passage of double-stacked freight containers, so cargo coming out of the port moves at half the pace that it can leave other facilities.

Ocean Ports & Carriers

Egypt Changing Suez Canal Toll Payments to Compete with Panama Canal

Under the proposed early payment plan, Maersk Line, Mediterranean Shipping Co. and CMA CGM would receive a discount, potentially making the Suez route more attractive route than the Panama Canal.

Talks with Maersk, Geneva-based Mediterranean Shipping Co. (above) and France's CMA CGM were going well and an agreement to come into effect at the start of 2017 might be reached as early as next week

Ocean Ports & Carriers

Feds Give the Ocean Alliance its Approval

Federal Maritime Commission (FMC)

The announcement follows an exhaustive review process by the Commission that thoroughly examined all aspects of the proposed agreement to assure that competition in the ocean transportation industry would not suffer.

The Ocean Alliance eventually will make room for Singapore’s Neptune Orient Lines Ltd., which agreed to be bought in December by CMA CGM.

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