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 only road in and out of Port Fourchon, Louisiana, the main U.S. staging point for deepwater oil and natural-gas production, sits just 2 to 3 feet (61 to 91 centimeters) above the marshland. Hurricanes Katrina and Rita largely spared the road, Louisiana Highway 1, because neither struck Fourchon directly. According to Bloomberg, officials are worried that the upcoming hurricane season, beginning June 1, might play out differently
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.
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."
Three Coast Guard cutter crews officially changed commands Thursday during a ceremony in Portsmouth at Sector Hampton Roads. The crews of Coast Guard Cutters Shearwater, Sea Horse and Cochito, 87-foot Coastal Patrol Boats homeported in Hampton Roads
China Shipping Group has launched container shipping services in Moldova, becoming thus the second foreign companies to have the operation in the country's only port of Giurgiulesti. The hub is vital for Moldova as its economy suffers as a result of the Russian embargo on Moldovan
French container shipping group CMA CGM said on Tuesday it will sign a $1 billion financing agreement with the Export-Import Bank of China. Marseilles-based CMA CGM said in a statement that the agreement, to be signed on Wednesday during a visit by Chinese Premier Li Keqiang to its headquarters
The CMA CGM Group hosted the Chinese Prime Minister, the French Foreign Affairs Minister and a ministerial delegation at its headquarters in Marseilles, July 1, the global shipping company announced. Chinese Prime Minister Li Keqiang was accompanied by France Minister of Foreign Affairs
PSA International (PSA) established itself as the first and only Global Terminal Operator in the Guangxi-Beibu Gulf region by signing a Joint Venture Agreement with Beibu Gulf Port Group (BPG) and Pacific International Lines (PIL) to operate a new container terminal in Qinzhou City
Crowley hovercraft helps Hilcorp establish a new lifeline to Endicott, Alaska drill site About half a million barrels of oil is extracted each day from Alaska’s Prudhoe Bay oilfields. One of its drilling sites, Endicott, is located on a spit of land connected by the gravel Prudhoe
Transport Canada proposes changes to strengthen the safe transportation of dangerous goods; new reporting requirements will improve risk analysis and emergency response Canada’s Minister of Transport Lisa Raitt proposed new amendments to the Transportation of Dangerous Goods
The U.S. Coast Guard (USCG) monitored the salvage of the sunken Bigbi Thursday, two miles north of Little Creek, Va. The Bigbi sank at approximately 5:40 a.m., Saturday. The four-man crew of the Bigbi activated their emergency personal indicating radio beacon
The Ghana Ports and Harbours Authority (GPHA) has received 1.5 billion dollars for the expansion of the Tema Port. The authority today signed a 35-year Concessionary Agreement with the Meridian Port Services (MPS) to boost expansion activities at the port.
The CMA CGM Group and German Havariekommando to test ultra-large container vessel towing capabilities on CMA CGM Jules Verne Worldwide shipping group the CMA CGM Group and the German Authority Havariekommando tested Havariekommando´s capability to tow ultra-large container vessels
The CMA CGM Group has announced that starting June 16, a call in the South Turkish port of Iskenderun will be added to the Group’s Bosphorus Express Line (BEX). The CMA CGM Group adapts its offer to its clients’ needs and introduces a unique service between Asia and
A new efficient train service commenced its first journey from Krishnapatnam Port to ICD WFD on 19th June 2015, thereby marking a new milestone on the service offerings by the port. The first rake was a full load of import laden containers belonging to the business houses in and around
Northern Ireland relies on Voith Schneider propellers for new double-ended ferry on Strangford Lough The double-ended ferry MV Strangford has been in operation for more than 45 years, connecting the two towns of Portaferry and Strangford in the northern part of the Irish Sea
A recovery in LatAm debt spreads opened a window for Colombia's Ecopetrol on Tuesday when it printed a US$1.5bn 11-year bond - the state-owned oil company's first debt issue in nine months. Optimism over Greek debt talks spurred risk buying on Tuesday
Harvey Gulf continues growth despite industry downturn; new affiliate Harvey Shipyard Group acquires Gulf Coast Shipyard Group Harvey Gulf International Marine (HGIM) is launching a new affiliate, Harvey Shipyard Group, to manage its shipbuilding assets, the company announced today