New research by the International Chamber of Commerce and International Monetary Fund has revealed a pessimistic outlook for demand for trade finance products like letters of credit in 2012, with the euro crisis largely to blame.
The Chilean liner carrier CSAV, which has struggled financially for the past five years, said this week that existing shareholders have injected $659 million in the company through the sale of new shares.
The liner carrier Mediterranean Shipping Co. said this week it plans to raise rates on the trade from India, Pakistan, and the Persian Gulf to East Africa. The increase, $200 per TEU, will apply to shipments from Nhava Sheva, Mundra, and Jebel Ali to Dar es Salaam and Mombasa from Feb. 1.
The U.S. Commerce Department this week initiated an antidumping and countervailing duty investigation of imports of utility scale wind towers from China and Vietnam. Dumping occurs when a foreign company sells a product in the United States at less than fair value, while countervailable subsidies are financial assistance from overseas governments that […]
Transpak, a third party logistics firm specializing in packaging, warehousing, order fulfillment and distribution, has been recognized as a foreign-trade zone (FTZ) site by the Port of Milwaukee. The designation will allow Transpak partners to benefit from deferral, reduction, or even possible elimination of tariffs on imported goods. Transpak said it […]
Mobile phones and systems are coming to more than 400 Maersk Line vessels over the next two years thanks to a new deal with Ericsson, replacing the line’s satellite connectivity for onboard communications.
Hong Kong’s Orient Overseas Container Line has tentatively agreed to pay $4.6 billion over 40 years to lease the Middle Harbor property currently being redeveloped by the Port of Long Beach to handle more ocean containers, Christopher Lytle, the port’s executive director, announced Thursday in his first “State of the Port” address since taking the […]
United Kingdom-based Keswick Enterprises has entered into a new partnership to develop a third-party supply chain management service in Poland. Keswick and Vector Global Logistics Sp. z.o.o., based in Gdynia, will call their joint venture Keswick Vector SCM Polska Sp. z.o.o. (KVS) and it will be owned 52 percent by Keswick and 48 percent by Vector […]
UPS Freight, the less-than-truckload service of express giant UPS, has promoted Paul Hoelting to senior vice president of sales. Effective March 31, Hoelting succeeds retiring John Fain, a long-time executive of Overnite Transportation who became a key figure in UPS’s acquisition and transformation of that company into UPS Freight. Hoelting started his career […]
The New World Alliance carriers APL, Hyundai Merchant Marine, and MOL said Thursday they will launch a new transatlantic service at the end of February. The service will have a rotation of Manzanillo (Panama), Charleston, New York, Rotterdam, Bremerhaven, Felixstowe, New York, Charleston, and Manzanillo. It will be operated with five high-reefer capacity […]
Liner carriers operating on the eastbound transpacific withdrew 10 percent of allocated capacity on the trade in the final quarter of 2011, according to the latest industry report by American Shipper affiliate ComPair Data.
Grupo Unidos por el Canal (GUPC), the international consortium building a new set of locks for the expanded Panama Canal, has calling on about 6,000 striking workers to return to work.
The shipping company Maersk Line has slowed another loop between the Indian Subcontinent and Asia. Round voyage time on its FM3 service has increased from 42 days to 49 days. The FM3 will also skip one sailing position commencing Pipavav on Feb 17. Transit times eastbound to China and South Korea […]
The Port of Hong Kong handled 24.4 million TEUs in 2011, a 3 percent increase from 2010, according to figures released this week by the Hong Kong Marine Department. The volume is the second highest in Hong Kong’s history – only the 24.5 million TEUs handled in 2008 beat it – despite Shanghai and […]
Establishment of new centers aimed at helping expedite the import process for specific industries will take a couple of years longer than originally announced, according to the agency.
U.S. and Saudi Arabian government officials this week discussed ways to open trade avenues between the two countries, with an emphasis on increasing intellectual property protection and opportunities for government procurement contracts.
Roland “Ron” E. Seger, who served as partner and senior vice president of A.T. Kearney, in New York for 19 years before retiring in 2000, died on Jan. 10 after a long illness. At A.T. Kearny, Seger worked with major clients like General Motors, Unilever, BMG, Bristol Meyers Squibb, BASF Chemical, Philip Morris, and Avon. He […]
Emirates Shipping Line said Thursday that fellow liner carriers Hapag-Lloyd and RCL will join its Hyper Galex service between China, Southeast Asia and the Indian Subcontinent from Feb. 11. The service rotation will also be expanded to include calls in Xingang and Colombo, the line said. Meanwhile, an existing call at Xiamen […]
The number of vessel transits through the Suez Canal decreased 1.1 percent year-on-year in 2011, while revenue rose by nearly 10 percent due to the increasing sizes of ships moving through the waterway. Vessel transits decreased to 17,799, while revenue topped $5.2 billion, the first time the canal has passed the $5 billion plateau, the canal authority […]
Orium, which operates an e-fulfillment and multilingual contact center, has launched a new Website dedicated to helping U.S. e-commerce and multichannel retailers expand their Internet sales to European markets. In particular, the new site helps facilitate exchanges with clients by streamlining inventory access, e-fulfillment, and shipping options. The company said the […]
