Volumes Up for Cleveland’s New Liner Service

Posted by Eric Haun
Thursday, July 17, 2014

Cleveland Europe Express shows major increase in volume, while established maritime and development finance revenues also up substantially

The Port of Cleveland announced that its Cleveland-Europe Express, the dedicated monthly liner service that launched in April, had its best month to date in June. This start-up service doubled its revenues in June when compared to either April or May.

“The Port of Cleveland is booming and we are very encouraged by the performance of the new Cleveland-Europe Express service, which is still in its infancy,” said William D. Friedman, president and CEO. “The large increase in volume in June bodes well for the remainder of the year as we continue to offer companies and shippers throughout the interior U.S. a faster, more cost-effective and greener shipping alternative to Europe and the world.”

The Port’s traditional maritime and development finance services are also seeing increased demand and are forecasted to have a record year. Vessel calls at the Port of Cleveland are up 75% through June, another indicator that the Greater Cleveland economy continues to grow. Additionally, revenues from the Port’s financing business are forecasted to be at an all-time high. The Port has recently supported critical regional projects, such as The 9, the Flats East Bank Development and the world headquarters of American Greetings, helping to further fuel the momentum in the regional economy.

In addition to announcing the results of the liner service and forecasting the remainder of the year, the Board of Directors continued endorsing the strong deal flow behind the Port’s development finance operation by approving two transactions:

  • The Board approved the issuance of up to $17 million in revenue bonds for OneCommunity, which provides Northeast Ohio hospitals, schools, government, public safety departments and businesses with high-speed internet and data center services. The bond issuance will allow OneCommunity to refinance existing debt, unlock federal grants and position the organization to continue expanding its fiber-optic network across the region.
  • The Board also approved the issuance of $6.3 million in tax-exempt cultural facilities revenue refunding bonds for the Maltz Museum of Jewish Heritage, a nonprofit corporation promoting an understanding of Jewish history, religion and culture, located in Beachwood, Ohio. The Maltz Museum is an architecturally significant, 24,000-square foot structure that is a fitting tribute to Cleveland's Jewish citizenry, past and present, as well as to the Maltz family.


portofcleveland.com
 

Maritime Reporter April 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Ports

Skangass Celebrates Topping Up

Nordic liquefied natural gas operator Skangass  has celebrated a topping out ceremony at its Pori LNG terminal. The company said it was making progress in the

Zim Offers Asia-US east coast service via Suez

Israeli liner carrier Zim Integrated Shipping Services is launching a new service between Asia and the U.S. East Coast via the Suez Canal at the end of May.   The

H-Energy to Build Floating LNG Terminal in West Bengal and Canada

Business Standard reported that real estate developer Hiranandani Group plans to set up a INR 2,400 crore floating LNG import terminal off Haldia, West Bengal

Container Ships

Zim Offers Asia-US east coast service via Suez

Israeli liner carrier Zim Integrated Shipping Services is launching a new service between Asia and the U.S. East Coast via the Suez Canal at the end of May.   The

VT Halter Powers Ahead

If you drive just south of I-10 in Pascagoula, Miss., within 10 minutes you find yourself on the doorstep of VT Halter Marine, arguably one of the more diverse and active shipyards in the U.

Horizon's Hawaii Business Acquisition Cleared by DOJ

Horizon Lines, Inc. reported yesterday that, after a review by the Antitrust Division of the Department of Justice, Horizon's proposed sales transaction with The

News

BIMCO Welcomes EU Decision on Migrants

BIMCO has stated today that it appreciates the new efforts by EU leaders to reduce increasing reliance on merchant shipping to rescue the growing numbers of

Long Beach, Los Angeles ports host forum to gather input

More than 100 cargo owners, trucking firm leaders, longshore labor, marine terminals and other goods movement industry representatives turned out Wednesday for

Arctic Nations to Fight Climate Change Despite Russia Tensions

The eight Arctic Council nations pledged on Friday to do more to combat climate change that is shrinking the vast frigid region, with countries trying to put

Logistics

Zim Offers Asia-US east coast service via Suez

Israeli liner carrier Zim Integrated Shipping Services is launching a new service between Asia and the U.S. East Coast via the Suez Canal at the end of May.   The

Kenya Eyes Inland Cargo Logistics Hub to Serve Nearby States

Kenya aims to build a cargo logistics hub near the border with Uganda to receive and clear goods through customs that arrive by air, rail or road, easing pressure

Baltic Index Inches Up on Increased Rates for Bigger Vessels

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, edged higher on Friday on increased rates for bigger vessels.

Great Lakes

Algoma Central Orders New Great Lakes Ships

Algoma Central Corporation announces $160 million investment in fleet expansion and fleet renewal   Algoma Central Corporation announced that it has acquired

Vessel Forebody Launched for Rand Logistics

Vessel introduction on track for fourth quarter of 2015   Rand Logistics, Inc. announced the launch of its new vessel forebody. The new forebody, built by Chengxi Shipyard Co.

Great Lakes Shipyard Awarded Ferry Repair Contract

Great Lakes Shipyard has been awarded a drydocking contract for Miller Boat Line’s M/V Put-In-Bay.   The ferry was hauled out using the 770-ton capacity Marine Travelift at Great Lakes Shipyard.

 
 
Maritime Contracts Maritime Security Naval Architecture Navigation Pipelines Pod Propulsion Port Authority Salvage Ship Repair Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1316 sec (8 req/sec)