BMW’s announcement Friday that it will invest $1 billion to expand its plant in Spartanburg County, S.C., underscores the increasing resurgence in domestic U.S. manufacturing, growth in foreign direct investment, the strength of the U.S.-based auto industry and growing auto exports. The German auto maker’s expansion is made possible in part by the Port […]
China Cosco Holdings Co. said last week that profit attributable to equity holders in 2013 was 235.5 million Chinese Yuan Renminbi ($37.9 million) compared to 9.6 billion RMB in 2012. Revenue was 66.1 billion RMB, 3 percent less than the prior year. The company and its subsidiaries are involved in a wide […]
Air freight consolidator AMI has opened offices in Darwin, Australia, and Christchurch, New Zealand. Darwin, the capital of northern Australia, is experiencing a surge in freight business to accommodate large energy extraction projects, such as liquefied natural gas. “The new AMI office will provide freight agents at Australia’s gateways with a local […]
The per-kilogram cost of shipping air cargo on east-west lanes fell to $3.12 in February, continuing a steady decline measured since a $3.81-per-kilo high in November, according to Drewry. In its monthly East-West Air Freight Price Index, Drewry averages the price of rates across 21 trade lanes. Sources: Drewry Sea & Air Shipper […]
Sluggish demand and increased capacity “led to a notable mismatch between supply and demand,” and freight rates on main trade lanes “showed no substantial recovery and continued to fluctuate at low level,” the company noted.
PSA’s revenue rose 3.3 percent, year-over-year, to $3.7 billion on volume that increased by 2.9 percent to 61.8 million TEUs. When adjusted for port portfolio changes, PSA’s like-for-like volume growth over 2012 was 4.6 percent.
The project at the port in northern Chile, which calls for the construction of a third berth and the expansion of another, will cost upward of $350 million. Iquique is located in the Tarapaca region, about 1,118 miles from Santiago.
Expected increases in tanker traffic from British Columbia and a deadly accident involving an oil train has caused the government of Canada to look for ways to beef up tanker safety standards in both modes, Canadian Transport Minister Lisa Raitt told North American port officials gathered in Washington on Tuesday. Canadian oil exports, […]
The North Carolina State Ports Authority board of directors announced Thursday the selection of Paul J. Cozza as its new executive director. Cozza had served as the chief financial officer for Maersk Line Ltd. in Norfolk, Va., and previously was the company’s senior vice president for finance and administration; before that, he worked […]
The liner carrier MOL said this week its India subsidiary has expanded a warehouse in the burgeoning city of Gurgaon, a suburb southwest of the national capital, New Delhi. The expansion more than doubles MOL’s floor area in Gurgaon, an area where Japanese automobile plants and other industries are clustered. MOL (India) […]
MOL (America) this week said it had met or exceeded internal targets in February for eight of the 13 key performance indicators it tracks in North America. Of the 13 metrics, performance from January to February worsened on seven, improved on four, and remained the same on the other two, though the changes […]
Stratford Land, a Dallas-based land investment and management company, has broken ground on RiverPort Business Park in Hardeeville, S.C. The property is located four miles from the I-95 interchange and 11 miles from the Port of Savannah and Savannah Hilton Head International Airport. It also incorporates an existing CSX rail/intermodal right-of-way. Stratford […]
The company will pay $630,000 in civil penalties and post a $300,000-to-$500,000 bond to satisfy any future potential penalties related to the import of model year 2014, 2015 and 2016 vehicles.
Canadian Transport Minister Lisa Raitt on Tuesday warned that successful passage of legislation that would target user fees at cargo entering the United States via Canadian ports would be challenged by Canada and would harm trade between the world’s largest bilateral trading partners. Speaking before the American Association of Port Authorities spring conference […]
Canadian regulators have introduced railroad legislation that would set a grain-transportation minimum for the country’s rail carriers in reaction to a grain crop in Western Canada that is 50-percent higher than normal.
The Global Shippers’ Forum is calling for shippers to have a greater voice in global discussions as the debate on how to tackle maritime greenhouse gas emissions continues. GSF said it is vital that shippers have a place in the debate.
Groups representing drayage drivers in the Port of Vancouver, British Columbia, said Wednesday they had reached a deal to end a month-and-a-half-old strike. “We did it,” said a posting on the Facebook page of the United Truckers Association of British Columbia. “Back to work deal has been signed.” The group is said […]
PortMiami Director Bill Johnson will switch jobs within the Miami-Dade County government to head the water-and-sewer department. Johnson, 59, has also solidified Miami’s position as the No. 1 cruise port in the world.
ZIM, the Israel-based container carrier, said it had a net loss in 2013 of $530 million compared with $428 million last year. Excluding extraordinary expenses, the annual loss amounted to $369 million. Revenues in 2013 amounted to $3.7 billion, compared with $4 billion in 2012, a decrease of 7 percent, resulting mostly […]
The U.S. maritime industry is “at the precipice of potential failure” said acting U.S. Maritime Administrator Paul “Chip” Jaenichen during testimony to the Coast Guard and Maritime Subcommittee of the U.S. House of Representatives on Wednesday. Jaenichen Jaenichen, head of the Department of Transportation’s Maritime Administration, said his concern was based on a […]
