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World Trade

Cosco Endorses Panama Canal Expansion

Captain Wei Jiafu, President and CEO of China Ocean Shipping Company (COSCO), recently endorsed the potential Panama Canal expansion, citing that a more modern, Canal will benefit the global economy and world trade. Nearly five percent of total world trade transits the Panama Canal. Of this trade, 88 percent flows between the United States and Asia. In a speech given in Panama last month, Captain Wei stated that with the rapid development of China’s economy, the Panama Canal becomes more important as a vital link for China to import and export goods to and from the East Coast of the United States, the Caribbean and the East Coast of South America. “I fully support this expansion plan. I believe that the expansion of the Canal will enable more ships to utilize the Panama Canal. It will not only strengthen Panama financially by bringing considerable revenues, promote development of Panama’s maritime industry, and ensure Panama’s position as the regional maritime center, but it will also benefit the growth of regional and world trade,” said Captain Wei.


Britain To Push For WTO Shipping Agreement

The British government will press the U.S. to agree to a liberalization of shipping services at the next round of world trade negotiations, according to a government minister. "The Government will press the U.S. strongly to come on board with a meaningful liberalizing offer," junior trade and industry minister Patricia Hewitt said. However, she conceded that negotiations on maritime transport services could be difficult when the World Trade Organization meets in Seattle in December


WTC Steel Sent to Northrop Grumman Shipyard

Steel salvaged from the World Trade Center is headed to the Ingalls Shipyard in Mississippi. The steel was removed Friday from the Fresh Kills landfill on Staten Island, N.Y. and will be used in the USS New York. The structural steel, weighing about 20 to 30 tons, will be melted down and used to configure the leading edge of the ship’s bow according to a Northrop Grumman spokesman. The USS New York will be the fifth of the 12 amphibious assault ships in the San Antonio class and is


Panama Celebrates Decade of Canal Management

Photo courtesy ACP

December 31, 2009, marked a decade of management of the Panama Canal by Panama. This vital trade artery has long stood as one of the world’s most recognized and respected engineering marvels and a crucial link in the global supply chain. Building on this, the decade of Panamanian stewardship and leadership has been evidenced by change, achievement and growth. By nearly every measure, the Canal’s role in world trade and value to global commerce has increased significantly in the


Maritime 'Silk Road' Between China, Middle East & Africa

HSBC reminds UAE forum of growing importance of MENA (Middle East, North Africa) & China trading corridors Trade corridors between China and the MENA region carry huge economic growth potential for businesses, offering the greatest prospects in the commodity and energy sectors said HSBC at its Middle East and North Africa (MENA) and China Forum recently held in the UAE. Emphasising the growth of China as a trading powerhouse


U.S. House Bill Approving LNG Exports

A U.S. House subcommittee voted on Wednesday to advance a bill that would eliminate the need for government approval of U.S. liquefied natural gas exports to countries that belong to the World Trade Organization.   The legislation, which will be considered by the full House energy committee, would essentially end the Energy Department's review of LNG export applications. (Reporting by Ayesha Rascoe; Editing by Jeffrey


ABS: All Employees Evacuated Safely From WTC Office

ABS confirms that all employees of its New York Executive Office, located on the 91st floor of One World Trade Center, evacuated safely from the building. The office normally staffs 22 people. At the time of tragedy 16 employees were either in the office or in transit to the office. All 16 employees are accounted for. Physical injuries were limited to minor cuts and abrasions. "It is miraculous given the point of impact of the aircraft was immediately above the ABS offices


WESMAR Honored for Export Achievement

The presentation of an Export Achievement Certificate to Small and Medium-Sized Firms was awarded to WESMAR in late May of 2002 by the United States Department of Commerce, International Trade Division. Commerce Deputy Secretary Samuel Bodman highlighted World Trade Week by presenting three Washington companies with the U.S. Department of Commerce's Export Achievement Award. The award recognizes business clients of the Department's Commercial Service that have used their services to make


Braemar Adjusting Opens New Dubai Office

Braemar Adjusting has underlined its commitment to the Middle Eastern onshore and offshore Energy Insurance Market by opening a dedicated loss adjusting operation, based in Dubai. With effect from 1 April 2013, Chris Eades, Regional Director for the Middle East, and Senior Adjuster Sam Foster, will start working from the Dubai World Trade Center Building offices of sister company Braemar Salvage Association, before moving into their own Braemar Adjusting offices later in the year.


Chinese Slowdown Hitting Container Shipping

Image: The Hanjin Group

 The slowdown in China’s economy poses some risks for container shipping, according to Drewry Maritime Research.   According to a new report from Drewry Shipping Consultants Ltd, the risks from a slowdown in Chinese consumption to container shipping are far smaller than for the dry bulk sector, but they are not inconsiderable and will contribute to slowing world box growth.   Container-shipping lines


DP World takes over Rodney Container Terminal, Canada

Sultan Ahmed Bin Sulayem, Group Chairman and CEO, DP World at the signing of the long-term lease agreement for the expansion and operation of the multi-purpose Rodney Container Terminal at Saint John, New Brunswick, Canada.

DP World has signed a long-term lease agreement for the expansion and operation of the multi-purpose Rodney Container Terminal at Saint John, New Brunswick, Canada. The global trade enabler will start running existing operations on 1 January 2017 and work in partnership with the Saint John Port


DP World Takes Over Canadian Port

Photo: DP World

 Dubai-based port operator DP World has signed a long-term lease agreement for the expansion and operation of the multi-purpose Rodney Container Terminal (RTC) at Saint John in New Brunswick, Canada.   The global trade enabler will start running existing operations on 1 January 2017


Brexit Implications for Global Shipping, Sea Trade

Photo:  International Chamber of Shipping

 The buzzword for the post-Brexit landscape both in Europe and further afield is ‘uncertainty’. No-one really knows the long term effect that Brexit will have on local and global economies, says  Eversheds International.  


DP World to Delay Jebel Ali Port Expansion

file image (DP World)

Company blames softer market conditions; plan to add 1.5 mln TEU to Terminal 3 delayed into 2017. DP World, one of the world's largest port operators, is delaying the expansion of Dubai's Jebel Ali port, its main facility, because of softer market conditions, the company said on Thursday.


Outdated Systems Placing Vessels at Risk of Cyber-Attack

Image: Plymouth University

 Maritime vessels are under significant threat of cyber-attack because many are carrying outdated software and were not designed with cyber security in mind, according to new research.   But operators could easily mitigate against such dangers by updating security systems


MARACAD to Focus on Training in Dubai

His Excellency Dr. Abdullah Bin Mohammed Belhaif Al Nuaimi Photo Maracad

Three of the maritime industry’s most respected global professional bodies have announced their commitment to September’s Maritime Academic Conference and Expo in Dubai, demonstrating the priority they are giving to regional education and training needs.


Embracing Technology Key to Shipping Industry’s Future Success

Image: UK Chamber of Shipping

 UK Chamber CEO Guy Platten blogs about how the technologies and innovation associated with intelligent transport systems can deliver benefits to the shipping industry.   It is a commonly held perception that the shipping industry has traditionally been slow to embrace new technologies


UKHO to Release Digital Charts for Expanded Panama Canal

Photo: UKHO

The United Kingdom Hydrographic Office is to release five new Electronic Navigational Charts (ENCs) for the expanded Panama Canal.   The new ENCS are produced by the Panama Canal Authority (PCA) and provide end-to-end coverage of the Canal at a scale of 1:10 000.  


IMB: Beware Commercial Impact of Cyber Attacks

Courtesy ICC

The International Maritime Bureau (IMB) is asking shipping and maritime companies to be vigilant to the potential commercial impact that cyber-attacks can cause. IMB says that cyber security is not only about trying to identify and to prevent systems on board ships from getting hacked or


Trojan Marinex Awarded for Fighting Invasive Species

Photo: Trojan Marinex

Trojan Marinex has been named the winner of the 2016 Outstanding Private Sector Achievement award from the Reduce Risks from Invasive Species Coalition (RRISC). The award goes to a private sector company that has introduced a product or service that has the potential to make a significant


Transas CEO Coles Salutes the World's Seafarers

Frank Coles (Photo: Transas)

A message from Frank Coles, CEO of Transas, on the International Day of the Seafarer   As an ex-seafarer, I know of the often challenging circumstances that the seafarer faces in their daily working life. Conversely, I also know how rewarding a career at sea is and therefore


New Zealand: Maritime Trade is Key

Photo: Maritime New Zealand

Globally, shipping is on the rise – already 80-90 percent of the world’s trade is by ship; that is more than 12 billion metric tons of goods annually, shipped by 1.5 million seafarers on 50,000 merchant ships. Without shipping, the import and export of goods on the scale necessary to


CMA CGM to use Kingston As Transshipment Hub

Image: CMA CGM

 French shipping giant CMA CGM plans to use Kingston Container Terminal,  Jamaica as a strategic Caribbean transshipment hub for an enlarged Panama Canal. The Port connects to US East Coast, the Gulf of Mexico, the Caribbean and northern Brazil.  


Security Check List for Internet Access at Sea

Photo: Protection Vessels International Ltd

 An increase in internet access at sea will lead to an increased risk of suffering a cyber-attack, says a research report by Protection Vessels International.   However, if addressed correctly, this risk can be lowered to sit comfortably within the acceptable risk tolerance levels of


China Joins UN Trucking Treaty

China has taken a major step towards establishing a speedy new "Silk Road" to Europe by signing up to a U.N. trucking treaty.   Fifteen years after joining the World Trade Organization (WTO), China is hoping a revival of its ancient trading corridor to the west will help boost its






 
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