Drewry Shipping Consultants says “an excess of capacity on key routes, as well as poor discipline from carriers means that container shipping lines will not cover their cost of capital in 2011 and many will lose money once again.”
Maritime New Zealand said salvors are working to remove bunker fuel from the containership Rena which went aground last Wednesday on Astrolabe Reef near Tauranga Harbor off New Zealand’s North Island. The government agency said workers began pumping fuel from the Rena to the bunker barge Awanuia at 8.30 p.m. on Sunday and […]
An artist has created an artwork in Memorial Hill Park across the street from the Federal Reserve Bank of Kansas City, Mo., using standard freight containers. At the site, the stacked light colored containers spell out “IOU” and “USA” on the other. John Salvest said the national debt problem was the inspiration […]
Oak Hill Capital Partners said it will invest an additional $55 million in Southern Air to helpreplace older aircraft. The private equity firm has owned a majority stake in Southern Air since 2007.
Stars and stripes
Jeng “Jay” Shih, 54, a U.S. citizen, and his Queens, N.Y.-based company Sunrise Technologies and Trading Corp., pleaded guilty on Friday in the District of Columbia to conspiracy to illegally export U.S.-origin computers from the United States to Iran through the United Arab Emirates. At the court hearing, Shih and his company each […]
Radiant Logistics said it had a profit of $582,000 in the three months ending June 30, compared to $844,000 in the same period the prior year. The company said the results reflected its acquisition in April of DBA Distribution Services, which commonly operates under the name Distribution by Air. Radiant said it […]
Southern California’s Port of Long Beach said it will discuss a potential lease or purchase of One World Trade Center in Long Beach at its board meeting on Monday. The Los Angeles Times reported the port has tentatively agreed to purchase the 27-story building for $130 million, which it said is less than […]
Washington Notebook
A trio of liner carriers operating a service between the west coast of South America and the U.S. East Coast will tweak the loop’s rotation to include new calls at Buenaventura and Balboa. The Americas service, operated by CSAV, Hamburg Süd, and CCNI, will include the new calls northbound, while a northbound call […]
Evergreen Line said this week it is splitting an intra-Asia service between China and Indonesia into two unlinked feeder loops. The carrier’s former HBI service will now become two feeders – one linking Hong Kong with mainland China and another linking Tanjung Pelepas with Indonesia. Evergreen said the move was made to “better […]
Maersk Line, Limited (MLL), the U.S.-flag vessel arm of A.P. Moller-Maersk, will support the development, financing and construction of utility-scale offshore wind energy facilities in North America.
Stolt-Nielsen said it had profit of $22.2 million in the third quarter ending Aug. 31, compared to a profit of $26.6 million in the same 2010 period. Profits were lower even though operating revenue rose to $529.8 million in the third quarter, compared to $449.6 million in the same 2010 period. Based […]
Horizon Lines has completed a $652.8 million comprehensive refinancing that will give it adequate liquidity to fund continuing operations and the ability to achieve substantial additional debt reduction. “We now have a new capital structure that eliminates the refinancing uncertainty faced by our company over the past several months and better positions us […]
Horizon Lines completes refinancing
The American Salvage Association has elected Tim Beaver, chief executive officer of Global Diving & Salvage, Inc., to president. Beaver succeeds Mauricio Garrido, who served as president from 2009-2011. Paul Hankins at Donjon-SMIT was elected vice president of the association, while Todd Schauer of Resolve Marine Group will be secretary/treasurer. […]
The U.S. Export-Import Bank is supporting its first transaction in the Central Asian nation of Tajikistan, which includes the purchase of Boeing 737-900ER plane by Somon Air, an airline based in Dushanbe. This is Boeing’s first sale to Somon Air and the first export of its 737-900ER and “Sky Interior” aircraft to Central […]
Keep working
U.S. trade negotiators on Thursday submitted information to the World Trade Organization identifying nearly 200 subsidy programs that China has failed to present as required under WTO rules.
U.S. Customs and Border Protection said it is shining its enforcement spotlight on imports of conversion kits for high-intensity discharge lamps, replacement light sources and ballasts that violate federal safety standards. Shipments of non-compliant merchandise are being identified at the agency’s Commercial Targeting and Analysis Center (CTAC) for Import Safety with the help […]
