COSCO Pacific, the container terminal and container leasing arm of COSCO, had a profit attributable to equity holders of $702.7 million in 2013 compared with $342.2 million in 2012, with much of the increase coming from the disposal in May of its 21.8 percent equity interest in China International Marine Containers, one of the […]
Fednav said it is the first shipping company to use drones to check ice conditions on the water during a commercial voyage, using video-equipped drones to scout ahead of the vessel in the Labrador Coast.
The U.S. Coast Guard began allowing ships to move through special zones of the Port of Houston’s ship channel Tuesday afternoon after being closed since Saturday due to an oil spill. The first transits started with deep-draft vessels moving outbound from Houston. By 6 p.m., the Houston port pilots reported 14 vessels […]
Obama President Barack Obama and U.S. Trade Representative Michael Froman will meet with European leaders Wednesday in Brussels for a summit on EU-U.S. relations, which will include a discussion of the Transatlantic Trade and Investment Partnership. Anthony Luzzatto Gardner, the U.S. ambassador to the EU, will also be in attendance. The European Council’s […]
Ocean carriers in the new P3 Network will have increased flexibility to optimize the types of vessels deployed on particular service strings, a logistics industry executive said Monday.
Maersk Line, Limited and Rickmers-Linie (Americas) have ended their joint venture, Maersk-Rickmers U.S. Flag Project Carrier, which had operated two multipurpose ships, and have sold the vessels to Thorco Shipping.
As of Monday evening, the Port of Houston remained closed due to the continuation of oil cleanup work underway in the shipping channel. Meanwhile, there are 46 outbound vessels and 47 inbound vessels in the queue for transit in the port.
AirBridgeCargo Airlines will launch twice-weekly, Boeing 747-8 freighter service on Monday to Dallas. The flight will link Dallas/Fort Worth International Airport with Amsterdam Schiphol and Moscow Sheremetyevo.
UPS cut the ribbon Wednesday on a $200-million addition to its Cologne/Bonn Airport facilities, bringing the facility’s total space to more than 105,000 square meters. The upgrade also included eight automated sorters, so the facility can now process 190,000 packages hourly. The development also created new processing capacity for large express freight shipments. […]
Four Fortune 100 companies and Burlington Northern Santa Fe Railway have formed the Alliance for American Competitiveness to push Washington to make strategic investments in infrastructure that support economic growth and job creation by reducing logistics costs relative to other countries. The organization’s start coincides with consideration in Congress this year of legislation […]
So far in its fiscal year (July-February), the Georgia Ports Authority has moved more than 2 million TEUs, an increase of 6.2 percent, the group announced Monday. “The strong growth experienced throughout our business sectors this fiscal year demonstrates the resilience and strength of the Southeast market, and a positive return on the […]
The logistics services provider Agility earned a net profit of $164.1 million, a year-over-year increase of 37 percent, according to financial results released Thursday. Net revenue for the Kuwait-based company fell 3 percent, to $4.8 billion, with revenue for its core Global Integrated Logistics division falling 4.5 percent. GIL revenue represents about 80 […]
While the Port Authority of New York and New Jersey claims congestion at its marine terminals has eased in recent weeks, a coalition of business and labor leaders are planning a rally Tuesday morning to complain about regulation of the port’s workforce by the Waterfront Commission of New York Harbor. A press release […]
An India-based, automobile-focused joint venture between APL Logistics and VASCOR Automotive has ordered more rail capacity after securing deals with original equipment manufacturers that intend to use the joint venture’s AutoLinxSM product. The product, scheduled to be operational by mid-2014, provides finished vehicle distribution across India on covered double-decker rail wagons with adjustable […]
Port of Los Angeles’ Interim Executive Director Gary Lee Moore announced Friday that he will not apply for the permanent position, but will return to his duties as city engineer of Los Angeles after an executive director is selected.
CMA CGM, UASC and China Shipping are introducing a new weekly container service between the Red Sea and the Far East. CMA CGM said the new Asia Southern Red Sea Express will improve port coverage and offer fast transit time.
The Port of Houston’s Ship Channel remained closed Monday morning as the U.S. Coast Guard and other authorities continued to respond to a Saturday oil spill that resulted from the collision of a bulk ship and barge transporting fuel oil near Texas City, Texas. The bulk ship Summer Wind collided with the barge, […]
The Chilean container shipping company CSAV has reported that 84.5 percent of its shareholders approved a merger with Germany’s Hapag-Lloyd on Friday during a special shareholders’ meeting in Valparaíso. In January, the companies announced a non-binding memorandum of understanding to combine, subject to a due diligence currently underway. CSAV’s Chief Executive Officer Oscar […]
Valero Energy Corp. on Friday announced the purchase of a 110-million gallon ethanol plant at the Port of Indiana-Mount Vernon from Aventine Renewable Energy through its subsidiary Valero Renewable Fuels. It plans to reopen the idled facility later this year. Port officials said the combination of the surrounding region’s grain production capacity and […]
Amer Road’s initial public offering Friday exceeded analysts’ expectations, with the firm netting more than $62 million as its stock surged 33 percent above its offered price by the end of the day.
