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.
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
With his participation in the Danish Maritime Forum on October 26 the Danish Minister for Business and Growth will highlight the need for greater global cooperation when meeting with maritime key leaders from around the world. Around 90 percent of world trade is transported by sea. Therefore, initiatives to increase global trade and new technological opportunities will be high on the agenda when global leaders from all parts of the maritime industry meet at the Danish Maritime Forum
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
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
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
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
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
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
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
ICS Secretary General Peter Hinchliffe reaches out to the Canadian Transport Minister in a letter this week. The text of that letter follows below: Dear Minister Garneau, I am writing on behalf of the International Chamber of Shipping (ICS) which is the principal global trade
Governor Terry R. McAuliffe on Wednesday announced that The Port of Virginia has signed a new, long-term lease for Virginia International Gateway (VIG) that clears the way for the port to begin work on doubling capacity at the deep-water container terminal.
The Royal Bank of Scotland has begun winding down its global shipping finance business, it said on Tuesday, ending efforts to sell it amid a worsening downturn across the freight industry. Chief Executive Ross McEwan is battling to complete a restructuring
DP World London Gateway Port has announced a new shipping service to Australia, the Mediterranean and other key markets. CMA-CGM’s NEMO (North European Mediterranean Oceania) and Hapag Lloyd’s EAX (Europe, Australia Express) combined service will begin calling at DP World
The International Union of Marine Insurance – unveiling its annual statistical report on the marine insurance market at today’s conference in Genova, announced global underwriting premiums for 2015 of USD 29.9bn. This is a 10.5% reduction on the 2014 figure.
The Maritime and Port Authority of Singapore (MPA) has released a training programme, produced by Videotel, a KVH company, to encourage safe navigation in the Singapore Strait. Carrying an estimated one third of the world’s traded goods
The Port of Virginia rewrote its record books once again, having handled 235,511 TEUs (twenty-foot equivalent units) in August, making it the single busiest month in the port’s history. In comparison with last August, TEU volumes are up 7 percent; rail units up 20 percent and truck volume
Arktis Radiation Detectors was selected to supply radiation portal monitors and mobile detection systems to the Belgian Government, for use at the Port of Antwerp. Under the contract, which has been let by the Belgium Ministry of Finance
Dubai ports operator DP World is working with customers to minimise disruption following the collapse of Hanjin Shipping, reports National. About ten ships operated by the Korean company are currently in Dubai’s Jebel Ali Port according to Hanjin data
It’s been widely reported over recent years that the maritime industry is facing a workforce crisis. A lack of newly trained candidates to fill the gaps caused by retirement of an aging workforce, now compounded even further by the oil price crash
When Hanjin Shipping, Korea's largest and one of the world’s top ten container carriers, filed filed for court receivership after losing the support of its banks, its assets left frozen as ports from China to Spain denied access to its vessels.
With today’s focus on digital technology, mobile apps, enhanced reality and the overall digital landscape, the maritime industry often gets overshadowed, leaving some to ask, “Does maritime still play a significant role in today’s society?” The answer, of course
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.
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.
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