Venezuela and Cuba signed 16 new cooperation agreements in a move that further boosts the Bolivarian Alternative for the Americas (ALBA), a regional economic and social integration initiative launched by the two countries. Venezuelan President Hugo Chavez and Cuban Vice President Carlos Lage attended the signing ceremony held in Caracas. The accords are far reaching in the fields of transport, finances, agriculture, mining, industry, tourism and electricity, according to reports. The agreements also include the possibility of setting up two joint ventures in transportation, particularly shipbuilding and port modernization. The production of stainless steel and ferrous nickel was part of an agreement in the field of mining, while in communications an underwater cable link between the two countries including a satellite system and networks is envisioned. Source: Cuban News Agency
China’s shift towards a domestic consumer demand-oriented economy could provide a significant boost to the global shipping industry, as the world’s second largest economy targets more sustainable growth. “2013 will be another peak year of new vessel deliveries. Oversupply of capacity is still an obstacle for the shipping industry to overcome, but with the improvement of the world economy, the shipping sector is expected to experience moderate growth
The Transport Committee believes that continued financial inaction on the transport infrastructure may put economic growth at risk. In a report adopted, it calls on the Commission to table proposals on possible new and alternative ways of financing, in particular, the Trans-European Transport Networks (TEN-T). Since the priority investments have been slower than expected, key projects should now be selected for their financial feasibility.
Upon completion of the project, the creation of two new terminals due on stream in 2010, capacity will increase from the current 1m teu per year to 2.5m teu. Some 400 direct jobs will also be generated in addition to several thousand in allied sectors. Backing from the BEI – the European Union finance institution – acknowledges that the scheme meets several criteria for the development of European transport networks. During the signing, M
According to an April 13 report from the People’s Daily Online, the China Shipbuilding Industry Corporation (CSIC) and Singapore's Pacific International Lines (PIL) opened a joint venture - CSIC Pacific. Speaking at the opening of the company, Lim Hwee Hua, Singapore 's Minister in Prime Minister Office and Second Minister for Finance and Transport, said that this CSIC-PIL's partnership is reflective of the close links between China and Singapore.
Cypriot Transport Minister, Tasos Mitsopoulos, states the nation's shipping registry will not be affected by turmoil in banking sector. The Minister downplayed the impact of Cyprus's banking crisis on the local shipping industry, pointing out that none of the island's banks are active in ship financing, reports Tax-News. Despite Mitsopoulos's assurances, many shipping companies' bank deposits in Cyprus are expected to be heavily impacted by the banking sector developments
Maritime recruitment specialist Spinnaker Consulting has reported that despite general reports of a slowdown in the world economy, recruitment in the shipping, offshore and transport markets remains buoyant. Writing in the latest issue of Changing Course, Spinnaker's monthly e-mail newsletter, managing director Phil Parry says, "Contrary to most industry forecasts, 2002 does not look like being such a bad year for the shipping, offshore and transport job markets
As the U.S. Department of Transportation works to develop transportation policies to meet 21st Century needs, perhaps the most vexing problems faced are those associated with traffic congestion on the Interstate highways which parallel our Atlantic, Pacific and Gulf coastlines. Interstate 95, I-5 and I-10 carry automobile and truck traffic far beyond their design capacities. In the major metropolitan areas, which these highways intersect
The Baltic Exchange and the Centre for Shipping, Trade & Finance at London’s Cass Business School unveiled plans today (10 March) to deliver a series of executive courses focusing on the management of a range of financial risks in the shipping markets. The two day course “Shipping Risk Management” will cover freight, bunker, ship price, credit, foreign exchange and interest rate risk and will be held in London, Hamburg, Athens, Hong Kong and Singapore during 2005
Released yesterday, the International Chamber of Commerce (ICC) Trade Register Report 2014 provides empirical evidence that, in all forms, trade and export finance is a low risk bank financing technique – further supporting ICC’s advocacy of trade finance as a strong contribution to economic recovery and growth. This evidence has the potential to alter attitudes towards trade finance, and therefore contribute to the growth of both global trade and the global economy.
Shipping freight rates for transporting containers from ports in Asia to Northern Europe plunged by 27.9 percent to $295 per 20-foot container (TEU) in the week ending on Friday, one source with access to data from the Shanghai Containerized Freight Index told Reuters.
* Frontline achieved net income attributable to the Company of $17.4 million, or $0.09 per share, for the third quarter of 2015 and net income attributable to the Company of $65.9 million, or $0.42 per share, for the nine months ended September 30, 2015.
ESL Shipping and AB Fortum Värme have signed an agreement for biofuel transport. The agreement provides ESL Shipping with access to the renewable fuels transport market. The company's transport operations to the new Värtan Energy Port in Stockholm will commence at the end of this
The global steel company SSAB and Aspo Group’s ESL Shipping Ltd have signed a long-term frame agreement covering sea freight for SSAB’s inbound raw material sea transport within the Baltic Sea and from the North Sea.
Global engineering, technical and business services organisation, Lloyd’s Register (LR), has announced the appointment of Mary Waldner as Group CFO. Mary is currently Group Finance Director at FTSE 250 listed defence, security, transport and energy company Ultra Electronics and
The Industrial and Commercial Bank of China (ICBC) has signed a financing agreement with Germany shipping company F.Laeisz GmbH. Under the agreement, the ICBC will provide 65 million U.S. dollars in export buyer's credit for F
The search and rescue boat Idar Ulstein was named in Ulsteinvik today, becoming the latest newbuild to join the fleet of the Norwegian Society for Sea Rescue. RS Idar Ulstein is also the first vessel in the new Ulstein class, named after ULSTEIN’s long-time CEO
Ship Finance International Limited (SFL) has agreed to sell the 1998-built Suezmax tanker Mindanao to an undisclosed unrelated third party, simultaneously terminating the corresponding charter party for the 17-year old crude oil carrier with a subsidiary of Frontline Ltd.
Nordic American Tankers (NAT) has increased its shareholding in Nordic American Offshore (NAO) in an effort to shore up investor confidence in the latter. NAT bought 1,521,300 shares increasing its stake to 6,018,280 shares — 26.5% of NAO’s total shares for $9.5m, or $6
Bangladesh should raise spending on infrastructure to $12 billion annually, particularly in energy, transport and ports, development partners have told it, Finance Minister Abul Maal Abdul Muhith said on Monday. Bangladesh currently spends just 3 percent of GDP in this sector.
The Georgia and South Carolina Ports Authorities have signed a new joint venture agreement that provides framework for the two states to work cooperatively toward the development of the Jasper Ocean Terminal (JOT), which will be jointly owned and operated by both port authorities.
Germany’s largest universal port reported the effects of weakened Chinese foreign trade plus the steep downturn in trade with Russia during the first nine months of the year. Totaling 104.6 million tons, seaborne cargo throughput in Hamburg was down 4
International engineering and project management consultancy Royal HaskoningDHV has celebrated the opening of its new office in Vietnam in a ceremony which also marked 30 years of operations in the country. The event was attended by Mr Simon van der Burg
The Georgia Ports Authority handled a total of 321,094 Twenty-foot Equivalent Unit (TEUs) containers in October 2015, an additional 9,335 units, or 3 percent increase over the same period last year. For the fiscal year to date (July-October), the GPA has moved 1
Mitsui O.S.K. Lines, Ltd. today announced the introduction of the FLIR C2 thermal imaging system commercialized by FLIR Systems Japan K.K. on MOL Group-operated coal carriers. The system, which relies on infrared rays, helps prevent spontaneous combustion of coal in the cargo hold