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
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
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
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
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 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
Panama President and Canal Authorities Commemorate New Milestone in Canal Expansion Work. Panama President Ricardo Martinelli witnessed a new milestone at the Canal Expansion with the filling of a segment of the new access channel that will allow the transit of Post-panamax vessels between the new Locks and the Culebra Cut. Panama Canal Authority Board of Directors Chairman and Canal Affairs Minister Rómulo Roux and Panama Canal Authority Administrator Alberto Alemán Zubieta
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.
Summit Set for October 8, 2014 at UNO’s Lindy Boggs International Conference Center from 8:30 a.m. until 12:30 p.m. With a focus on educating and engaging community stakeholders on maritime jobs opportunities, the Board of Commissioners of the Port of New Orleans and the University of New
The World Bank Group and the World Trade Organization (WTO) have agreed to enhance their co-operation in assisting developing and least-developed countries to better utilize trade facilitation programs which can help countries reduce trade costs and more fully engage in the global economy
The National Marine Representatives Association (NMRA) awarded two scholarships to students pursuing careers in the field. Noah Luff of Ventura, California is one of the recipients of the association's $500 scholarship. Keith LaMarr and Chris Martorana of Macaroni Marketing made the presentation
Andrew Tung, CEO and Managing Director of Orient Overseas Container Line, was presented today with the prestigious “Port Pilot Award” by the Long Beach Board of Harbor Commissioners. Tung is the 77th recipient of the award
A container shipping organisation urged companies on Monday to raise Asia-U.S. freight rates by at least $600 per 40-foot container (FEU), corresponding to an increase of 14.2 percent from current levels, from Sept. 1. TSA (Transpacific Stabilization Agreement) said the planned increase follows
U.S. Port Congestion: Examining Causes, Impact on Stakeholders and Exploring Possible Solutions Federal Maritime Commission (FMC) Chairman Mario Cordero will hold a forum titled, "U.S. Port Congestion: Examining Causes, Impact on Stakeholders and Exploring Possible Solutions" Monday
A World Trade Organization (WTO) dispute panel ruled against Argentina on Friday in a 2012 case brought by the United States, European Union, and Japan against Argentine import licensing rules used to restrict imports. The three trade powers argued that Argentina did not grant licenses to
China has appealed against a WTO dispute panel report on anti-dumping duties applied on certain Chinese products by the United States, the World Trade Organization (WTO) said on Friday. The appeal covers products including solar panels, wind towers, thermal and coated paper
Mexico's Economy Ministry said on Tuesday a preliminary decision by the United States to impose anti-subsidy import duties on Mexican sugar was a setback in trade relations between the neighbors and pledged to fight the decision. The Mexican ministry said the government would continue to defend
Port of Long Beach supports students pursuing higher education For many high school seniors, the thought of college can be financially intimidating. The Port of Long Beach said it is committed to supporting students by providing scholarships to those pursuing careers in international trade
Examining Causes, Impact on Stakeholders and Exploring Possible Solutions Federal Maritime Commissioner William P. Doyle will host a forum regarding U.S. Mid-Atlantic and Northeast port congestion on October 1, 2014 at the World Trade Center in Baltimore's Inner Harbor
The total Green House Gas emissions from global maritime transport are estimated to have been more than 20% lower in 2012 than in 2007, according to the International Chamber of Shipping (ICS), the global shipping industry’s trade association.
Denmark's A.P. Moller-Maersk said on Wednesday it would invest billions of dollars in new ships, reap hundreds of millions in savings and announced valuable contracts for its drilling rigs. But shares of the world's largest container shipping company fell more than 3 percent
Eastern Shipbuilding is pleased to announce that on, Monday, September 15, 2014, Great Lakes Dredge & Dock Company, LLC “(Great Lakes”) (NASDAQ: GLDD) and Eastern Shipbuilding Group, Inc. (ESG) cut steel starting the construction of a new Trailing Suction Hopper Dredge ATB .
The total Green House Gas (GHG) emissions from global maritime transport are estimated to have been over 20% lower in 2012 than in 2007, according to "London Matters – the official Maritime London Newsletter", citing the International Chamber of Shipping (ICS).