A decline in demand for freight transportation leads IBISWorld to update its market report on US Ocean & Coastal Transportation. The transportation sector provides deep-sea, coastal, Great Lakes and St. Lawrence Seaway water transportation. The deep-sea shipping activity includes US flagged vessels and non-US flagged vessels. Marine transportation establishments using the facilities of the St. Lawrence Seaway Authority Commission are considered to use the Great Lakes water transportation system. This industry also includes deep-sea passenger transportation such as cruise ships. The updated report indicates that an overall decline in demand for freight transportation caused nearly all operators to struggle during the recession. However, the overall economic revival will pave the way for industry growth, as demand for waterborne freight shipping, cruise travel and higher fuel prices stimulate revenue. Despite these positive factors, external competition will prove to be an imminent threat. Excerpts from the report: In the five years to 2012, revenue for the Ocean and Coastal Transportation industry is expected to decline at an annualized rate of 2.2% to $28.3 billion. According to IBISWorld analyst Lauren Setar, “The global shipping market struggled during the recession as consumers began to spend less, reducing the trade of goods around the world
Maritime Transport & Logistics Advisors, LLC (MTLA) an industry consulting firm based in Ft. Lauderdale, FL has been engaged by Roadships America, Inc. to provide research and analysis of the U.S. Coastal Transport market, as well as assistance with operational considerations in the final design stages of Roadships’ new generation high speed Ro/Ro vessels. Roadships America, Inc., a Reno, NV company is owned by U.S. and foreign investors.
Coastal Towing, Inc., announced today the consummation of a $28 million senior term loan with the CIT Group/ Equipment Financing, Inc., Heller Financial Leasing, Inc. Pursuant to this transaction, the Company refinanced senior term debt under existing agreements with CIT and Wells Fargo Bank, N.A. In addition, the loan will be used to facilitate Coastal?s barge construction program. Coastal Towing Announces New Corporate Officer
Kirby Corporation agrees to purchase assets of Allied Transportation Company, a subsidiary of Allied Marine Industries, & two affiliated companies. Kirby Corporation, based in Houston, Texas, is the nation's largest domestic tank barge operator, transporting bulk liquid products throughout the Mississippi River System, the Gulf Intracoastal Waterway, coastwise along all three United States coasts and in Alaska and Hawaii.
The U.S. Department of Transportation’s (DOT) Maritime Administration (MARAD) today dedicated the California Green Trade Corridor. The Corridor will help take freight traffic off California’s congested I-580 by offering shippers an option to move cargo along the waterways between the Ports of Oakland, Stockton and Sacramento. The project received a $30 million grant from the Department of Transportation, as well as $5 million from local sources
Record 2014 third quarter earnings per share of $1.34 compared with $1.21 in the 2013 third quarter, which included a $0.08 benefit due to the reduction of the United earnout liability. Kirby Corporation announced record net earnings attributable to Kirby for the third quarter ended September 30, 2014 of $76.7 million, or $1.34 per share, compared with $69.1 million, or $1.21 per share, for the 2013 third quarter, which included a $0
K-Sea Transportation Partners L.P. has completed the acquisition of Smith Maritime, Ltd. of Honolulu, Hawaii and Sirius Maritime, LLC of Seattle, Wash. President and CEO Timothy J. Casey said: “We are very excited about welcoming the Smith and Sirius operating teams to K-Sea. This acquisition immediately increases our barrel-carrying capacity by 770,000 barrels, or 22% of our capacity of 3.5 million barrels at June 30, 2007
As a result of the Maritime Administrator’s designation of New Jersey as an adjacent coastal state, pursuant to 33 USC 1508(a)(2), Atlantic Sea Island Group, LLC, (ASIG) a deepwater port applicant, filed suit against the Maritime Administrator and Secretary of Transportation on February 15, 2008. In addition to filing the suit, the plaintiff also sought a preliminary injunction. ASIG alleged that the Maritime Administrator's designation of New Jersey as an "adjacent
As the new year approaches, NOAA ships and independent contractors are preparing for the nation’s 177th hydrographic surveying season, aiming to collect critically needed ocean and coastal mapping data for 2,525 square nautical miles in high-traffic coastal waters of the continental United States and Alaska. “The science of these surveys underpins the steady flow of commerce and the safety of mariners and coastal communities,” said NOAA Corps Capt. John E
The Hydrographic Services Review Panel (HSRP) is a Federal Advisory Committee to the National Oceanic and Atmospheric Administration (NOAA) that will convene a Public meeting on May 4-6, 2011 in Honolulu, Hawaii. The Panel will meet to present and discuss NOAA’s hydrographic services and matters that affect marine transportation, safe navigation, commercial shipping, ocean and coastal stewardship, coastal and marine spatial planning, recreational boating
The CMA CGM Group inaugurated its new logistics platform, the 3CTC Terminal (CMA CGM Cameroon Container Terminal), on February 19, 2015. The 3CTC platform has been operational since January 7, 2015, and its concession attributed for 25 years
In a move towards strengthening its defence ties with Bangladesh, India will be exploring new avenues for naval cooperation towards achieving comprehensive maritime security in the Bay of Bengal. To this effect, Indian Chief of Naval Staff Admiral RK Dhowan reached Bangladesh on a
Our transportation network consists of different modes like roads, railroads, ship channels and ports. But when it comes to transporting food, building materials, bulk commodities, items used in manufacturing and finished products, each of those modes must be firing on all cylinders and in sync
Outer Continental Shelf sand will protect infrastructure, restore dunes and habitat The U.S. Bureau of Ocean Energy Management (BOEM) and Naval Air Station Oceana at Dam Neck, Virginia, expect to begin a shore protection project at the Dam Neck annex within the next month.
The New Zealand Shipping Federation (NZSF) said it has appointed Annabel Young as its new executive director. It said Ms Young was a National Party list MP from 1997 to 2002 and since then she has been the chief executive at Federated Farmers, as well as the Pharmacy Guild.
A hijacked Malaysian coastal tanker has been recovered by the prompt actions of the Malaysian Maritime Enforcement Agency (MMEA) off the coast of Malaysia. The owners of the Malaysian tanker lost contact with the tanker at 2200 hours on 28 January 2015
The American Association of Port Authorities (AAPA), the recognized and authoritative voice of the seaport industry, yesterday noted some positive aspects but mostly disappointment over the funding levels and programmatic changes in federal port-related programs that were proposed today in
Nigeria needs a new Economic Agenda for the maritime sector that would look into port reforms and local participation policies, port concession and terminal shipping elements, as well as the Cabotage Act (Coastal and Inland Shipping), says Chief Kunle Folarin, the Chairman
In a move to encourage traders to use India's vast 7,500 km coastline for transporting local freight, the country's shipping ministry is formulating a plan to revive several of its 133 nonfunctional ports, reports Economic Times.
Coastal and seaward security subjects should be incorporated in school and college curriculums, says Commodore G. Prakash, director of the Maritime Warfare Centre at the Southern Naval Command, India. The top naval official said that the security of the seas surrounding India has
Shreyas Shipping and Logistics rebounded to a US $3.6 million net profit in the third fiscal quarter from a net loss of about $468,000 in the same period in 2013, driven by a significant growth in the shipping activity that has helped the company become a pan-India feeder line.
Indian Prime Minister Narendra Modi invited US-based General Electric (GE) to manufacture ships in India claiming that the country offers immense opportunities for the ship-building sector. Pitching his government's 'Make in India' campaign
Greenland has an intense interest in maritime research and survey for the near coastal waters, thanks in part to a growing seafood sector, an extensive coastline and some 250 different species of fish. To meet the nation’s emerging need, Greenland had a fine 32
U.S. Transportation Secretary Anthony Foxx was joined by Vice President Joe Biden, and Maritime Administrator Chip Jaenichen at the Wando Welch Terminal Project in Charleston as part of the secretary’s four-day, five state GROW AMERICA Express bus tour aimed at encouraging Congress to act on
Severe Tropical Cyclone Marcia is predicted to intensify to a Category 4 system as it crosses the Queensland coast between Mackay and Gladstone early on Friday morning with destructive winds with gusts of up to 270 km/h expected near the core of the system.