COSCO Pacific has entered into a conditional agreement to sell its 21.8 percent indirect interest in CIMC for $1.2 billion to Long Honor Investments Ltd., which today has a small 0.95 percent stake in the company.
The third party logistics provider’s revenue dropped 6 percent, year over year, in the first quarter to 1.6 billion euros ($2.06 billion), and adjusted earnings dropped from 66 million euros to 31 million euros.
Mediterranean Shipping Co. said it will start a new service connecting Port Everglades, Fla., with Caucedo and Rio Haina in the Dominican Republic, beginning in mid-June. The service will offer transit times of 3-4 days. – Chris Dupin
Evergreen Line, Pacific International Lines, Sinotrans and Yang Ming have announced they will cooperate on a new service between China, Taiwan, and Australia. The China-Australia-Taiwan (CAT) service will be operated with six vessels of 4,250 TEUs. Evergreen Line and Yang Ming will contribute two vessels each while Pacific International Lines and Sinotrans will provide […]
Polar Air Cargo Worldwide is adding two weekly flights between Hong Kong and Cincinnati in June. The airline will also add two Boeing 767-300 freighter services between Asia and Australia starting next month. The first 767-300 all-cargo flight will operate via Tokyo, Sydney and Incheon, with the second providing service to Taipei, Nagoya […]
The Truckload Carriers Association and Truckers Against Trafficking have teamed up to educate and train truckers on how to recognize and report sex trafficking, a crime that has been reported in every U.S. state. TCA will now start giving tests to truckers around the country so they can become a Certified Trucker Against […]
Va. Gov. McDonnell signs landmark transportation bill. Virginia Gov. Bob McDonnell last week signed the breakthrough transportation funding bill passed by the General Assembly in March. The “Virginia’s Road to the Future” bill, the first comprehensive transportation funding plan in 27 years, provides an additional $3.5 billion in funding by 2018 for new road […]
Gov. Scott The budget signed Monday by Florida Gov. Rick Scott includes a record $278 million for development of the the state’s 15 seaports. Port directors applauded Scott for making ports and trade a priority of his economic agenda. Florida is providing $112 million toward the $181 million cost of dredging the Port of […]
Ocean carrier Sea Star Line has appointed Tim Nolan to executive vice president. Nolan has an extensive background in liner shipping, including management experience in Chile, as well as the Latin America and Caribbean trades. He has also been involved in business development and international logistics. Most recently he was senior vice president and […]
The National Oceanographic and Atmospheric Administration said Monday it had forwarded to the U.S. Coast Guard a new report about 36 sunken vessels scattered across the U.S. seafloor that could pose an oil pollution threat. Seventeen of the ships were recommended for further assessment and potential removal of both fuel oil and oil […]
Officials at the U.S. Agency for International Development have launched an initiative with Tunisia to establish trade in the region and internationally, and encourage the local growth of small and midsized businesses. The Office of the United States Trade Representative helped develop the initiative, which is part of the U.S-Tunisia Trade and Investment […]
Air freight rates out of Asia are slowly inching back up to February’s yearly high of $3.32 per kilogram, ending April at $3.21 per kilogram, a rise of $0.06 over March’s figure, according to the Drewry East-West Air Freight Price Index. The index measures the average per-kilogram price paid by forwarders to airlines […]
The liner carrier also announced a $150-per-container increase on dry and refrigerated cargo moving from the Mediterranean to the Far East, effective June 1. From Syria, the increase will be $115 per container.
Drewry is predicting an increase in slow steaming by container carriers. “Although slow steaming continues to be a contentious issue with shippers, more is on the way as fuel prices remain stubbornly high and ocean carriers can no longer absorb the bill due to the parlous nature of their finances,” the London-based consultant […]
Lars Jensen, chief executive officer of SeaIntel Maritime Analysis, writes that “From a service quality perspective, the data thus support the shippers’ notion that this is becoming a significant issue if supply chain stability is of importance.”
Georgia Ports Authority (GPA) moved 2.4 million tons of cargo in April, a 4.7 percent increase — or 108,532 tons –- over the same month a year ago. “Our total tonnage makes April the highest volume month on record,” said GPA Executive Director Curtis Foltz The GPA handled 258,951 TEU, 10,040 TEUs […]
The state of Virginia will open an international trade office in Canada this year to further promote exports of agriculture and forestry products, which hit an all-time high last year, Virginia Secretary of Agriculture and Forestry Todd Haymore recently reiterated. During remarks May 9 at the Virginia Maritime Association’s annual banquet in Norfolk, […]
March tonnage numbers for four airports spanning the United States – Los Angeles, Miami, Atlanta amd Dallas-Fort Worth – paint a mixed picture of the health of U.S. airports, but the general trend is one of cargo activity decline.
Xinhua quoted He Jianzhong, China’s vice minister of transportation, as saying the government would assist companies in several ways, including offering subsidies to encourage retirement of old ships to reduce supply and improve safety.
Port Logistics Group has added two new facilities spanning more than 1.1 million square feet to its retail distribution campus in City of Industry, Calif. The development now boasts more than 2.5 million square feet of space. The first new building, a 350,000-square-foot facility, will house new and existing clients. A 775,000-square-foot development […]
