ON THE ROAD
China's $40 billion fund to finance its most ambitious global plan - the Silk Roads and Maritime Silk Road is moving forward steadily as its management team has taken shape. China has appointed top officials to manage the fund. A team headed by Wang Yanzhi, an official with China's foreign exchange regulator, has been formed to formally operate the fund. People's Bank of China (PBOC) assistant governor Jin Qi will be the fund's chief executive and Zhu Surong, governor of PBOC's Urumqi branch in Xinjiang, has been appointed board member of the fund. The fund was announced by President Xi Jinping last year to build major infrastructure projects aimed to enhance its strategic influence and blunt the US' big push into Asia-Pacific. The fund is part of China's national strategy to revive the land-based and maritime Silk Roads by financing major infrastructure projects along the centuries-old trading routes. About 65 percent of the fund will come from the country's nearly $4 trillion foreign exchange reserves. China Investment Corp, the country's sovereign wealth fund, will hold 15 percent stake in the Silk Road Fund. Two other State-owned financial institutions - the Export-Import Bank of China and China Development Bank Capital Co - will hold the rest of the stake, according to previous media reports.
China has expressed its readiness to work with India to link its ambitious Maritime Silk Road plans with India's 'Mausam' project in a bid to address New Delhi's strategic concerns and derive "common benefits", reports PTI. Ever since the "One Belt and One Road" initiative to revive the ancient Silk Road and Maritime Silk Roads (MSR) was mapped out by Chinese President Xi Jinping, India has been showing vacillation and hesitations over whether to join the
The Coast Guard the U.S. Navy opened the Hampton Roads Sector Command – Joint Harbor Operations Center (SCC-JHOC) on March 24. The SCC-JHOC combines detection capability and command and control functions of Coast Guard and Navy entities within the Port of Hampton Roads. The mission of the Coast Guard and Navy personnel is to detect, monitor, and track vessel movements, critical port infrastructure, and militarily essential waterways in the port area
The car ferry Venus, which recently entered traffic, is the Swedish Road Administration’s most modern ferry and the first in a series with a distinct environmental profile. The propulsion engines onboard are modern Volvo Penta low-emission engines equipped with catalytic converters and particle filters. The high efficiency of the engines results in low fuel consumption and good performance. The Road Administration’s ferry unit, with slightly more than 60 ships
Governor Bob McDonnell announced today that the Bay Coast Railroad Car Barge will resume service next week as a result of a partnership between the Commonwealth, area localities, and the Bay Coast Railroad. The barge, which was removed from service last year, provides connecting service between the Virginia’s Eastern Shore and Norfolk/Virginia Beach. Last year, the Bay Coast Railroad suspended service on the barge when it identified $1 million in structural deficiencies critical to
The port informs that its meeting no. 3 of fiscal year 2013-2014 is to be held on Thursday, September 26, 2013, 11:00 a.m. in the main auditorium at 1350 Port of New Orleans Place, New Orleans, Louisiana. The order of the meeting is as follows: I. Determination of Quorum and Call to Order II. Pledge of Allegiance III. Approval of Minutes for August, 2013, Meetings IV. Acceptance of Financial Statement for August, 2013 V. Public Comment VI. Actions Required
The Coast Guard's Rescue 21 Acquisition Project will hold an acceptance ceremony and demonstration at Coast Guard Sector Hampton Roads. Rescue 21 is the Coast Guard's critical command, control and communications acquisition project, offering cutting edge technology to mariners nationwide. The system is the backbone of the National Maritime Distress and Response System, a maritime version of 911 that allows the boating public
The U.S. Coast Guard is seeking applications for membership on the Navigation Safety Advisory Council (NAVSAC). NAVSAC provides advice and makes recommendations to the Secretary of the Department of Homeland Security on issues related to the prevention of collisions, rammings and groundings, including, but not limited to Inland and International Rules of the Road, navigation regulations and equipment, routing measures, marine information, diving safety and aids to navigation systems.
Newport News Shipbuilding (NNS) honored its longstanding reputation by building an award-winning boat, this time made of cardboard instead of steel. NNS, a division of Huntington Ingalls Industries, competed against other Hampton Roads shipyards in FM 99's "The Yard" Ship Repair Competition in Suffolk. With this win, NNS earned the right to call itself "The Yard" of Hampton Roads. Although most shipyards in Hampton Roads use thousands of tons of steel to build
A ship that ran aground at Fremantle Port early Saturday has been refloated. The 62,000-tonne Denmark-registered container ship Maersk Garonne became stuck in soft sand about 500m off South Mole. Jeanette Murray from Fremantle Ports said: “the Maersk Garonne was pulled free by tugs around 8.30am and will go to anchor in Gage Roads to be assessed by the Australian Maritime Safety Authority."
A new competitive and eco-friendly maritime transport concept, the Cargo Ferry project, was presented in Oslo today. The result of more than two years of work, the concept has been developed as an alternative transport solution for containers that are carried for more than 200km on land
Deepwater Horizon trustees announce agreement in principle for 10 Gulf early restoration projects The trustees and BP have identified approximately $134 million in projects to be included in the next proposed phase of early restoration
General Mills UK & Ireland – responsible for a range of market-leading brands, including Old El Paso, Green Giant, Betty Crocker and Nature Valley – is to be the first tenant at a new state-of-the-art distribution hub that will save 600
Kenya aims to build a cargo logistics hub near the border with Uganda to receive and clear goods through customs that arrive by air, rail or road, easing pressure on the port of Mombasa and Nairobi airport, a senior regional official said.
A fire at a fuel storage facility near Brazil's largest port Santos entered its fourth day on Sunday as 110 firefighters worked to stop the flames from spreading further, the local fire department said. Six fuel tanks run by Ultracargo, owned by Brazil's Grupo Ultra
Iran is expecting American shipping lines to visit its ports once the economic sanctions against it are lifted in light of the emerging comprehensive final agreement over the Iranian nuclear energy program, reports Press TV. Iranian deputy minister of road and urban development
Two analysts claimed yesterday that China is beefing up its credentials as a maritime force so that it can become a true superpower like the United States. According to prominent historian Wang Gungwu, with the recent Silk Road Economic Belt and 21st Century Maritime Silk Road
Fairweather, LLC was a presenter at the recent 2015 Alaska Governor's Safety & Health Conference, addressing relevant health, safety and environment (HSE) topics and earning two significant HSE achievement awards. The conference, hosted by the Alaska Safety Advisory Council
India's largest container port Jawaharlal Nehru Port Trust (JNPT) has handled 63.80 million tonnes of total cargo during the financial year 2014-15 as against 62.33 million tonnes of cargo handled during the previous year.
CMA CGM announced the opening of a new corridor to Gabon's inland destinations via the port of Libreville. Coverage of Gabon's major locations (Franceville, Lambarene, Mouila, Bitam, Moanda, Mitzic, Makokou) is provided by rail and by road
The U.S. Army Engineer Research and Development Center’s Cold Regions Research and Engineering Lab How did an urgent requirement to build a road to Alaska end up helping to design submarines and to recover oil spills in the Arctic ice?
The Mumbai Port Trust has resolved to create a cement terminal that will cater for the needs of the city of Mumbai. The city of Mumbai consumes approximately 1.25 MMT cement per annum to meet its developmental needs. Currently, this cement is moved by road/rail through neighboring
Nor Lines’ new flagship MV Kvitbjørn is ready for its naming ceremony and regular operation as “the most environmentally friendly ship in the world,” the vessel’s owner announced. The naming ceremony will take place on April 16 at Skagenkaien in Stavanger, Norway.
The Georgia Ports Authority increased containerized cargo in March by 27.8 percent compared to the same month a year ago, for an additional 72,499 twenty-foot equivalent container units (TEUs). For the first time ever, the Port of Savannah moved 333,058 TEUs in a single month
Recently, NOAA Fisheries released the implementation plan to support the latest National Saltwater Recreational Fishing Policy. The policy, announced at the Progressive Miami International Boat Show in February, was developed with input from recreational fishing and boating communities