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
 


Ports

Vitol's Malaysia Terminal Suspends Ops after Spill

VTTI, the storage unit of world's largest oil trader Vitol, has suspended operations at its terminal in southern Malaysia following an oil spill, two industry sources said on Friday.

Shenzhen Port to Adopt China ECA Regulation

China's Shenzhen port is set to to adopt requirements for ships at berth requiring to burn marine fuel with sulfur content not exceeding 0.5 percent starting October this year,

Cochin Port Gets a Little 'Breathing Space'

The Cabinet Committee on Economic Affairs of India, chaired by the Prime Minister Narendra Modi, has given its approval for waiver of penal interest on Government

Container Ships

Maersk Line's Innovative Smart Reefers

Have you heard about Maersk Line's smart reefers that can listen and talk? Cutting edge technology that reduces risk in customer supply chain, claims Maersk Line.

Rickmers Holding, E.R. Capital Drop Merger Plan

Rickmers Holding AG and E.R. Capital Holding have jointly decided not to pursue the merger of their ship management activities.   For many years the companies

Hapag-Lloyd: UASC Merger Benefits to show in 2017

German container shipping line Hapag-Lloyd expects to reap a third of targeted annual synergies of $400 million from the planned merger with Arab rival UASC already next year,

News

MV WERFTEN, Foreship Sign Design Agreements

MV WERFTEN signed a letter of intent with the engineering company Foreship in Stralsund today. The agreement includes parts of the basic design as well as design,

Rockland Scientific to conduct Victoria Turbulence Observation Retreat

Building on series of international training workshops in Brazil, Chile, France, Poland, Vietnam and the UK, Rockland Scientific brings the next turbulence measurement

NParks, Keppel in S$2.08 mln Partnership for Restoring Singapore Forest Wetlands

The National Parks Board (NParks) and Keppel Corporation today unveiled plans for a partnership to restore the freshwater forest wetland ecosystem historically

Logistics

How Rapid is the Fleet Growth?

During July 2016, the containership fleet reached a landmark 20 million TEU in terms of aggregate capacity, says Clarksons Research.   To many it only seems

Maersk Line's Innovative Smart Reefers

Have you heard about Maersk Line's smart reefers that can listen and talk? Cutting edge technology that reduces risk in customer supply chain, claims Maersk Line.

Rickmers Holding, E.R. Capital Drop Merger Plan

Rickmers Holding AG and E.R. Capital Holding have jointly decided not to pursue the merger of their ship management activities.   For many years the companies

Great Lakes

Fednav Welcomes Innovative Ballast System at Indiana Port

Fednav Limited, the largest international bulk shipowner in Canada, welcomed to the Port of Indiana-Burns Harbor, the Federal Caribou, one of seven new oceangoing

Fednav's New Bulker Features High-tech BWT System

Fednav Limited,  an  international bulk shipowner in Canada, has welcomed to the Port of Indiana – Burns Harbor, the Federal Caribou, one of seven new oceangoing

Great Lakes Shipyard Lays Keel for 10 Damen Tugs

A keel-laying ceremony was held on August 10 at Great Lakes Shipyard in Cleveland, Ohio for 10 Damen Stan Tugs 1907 ICE. The new Ice Class vessels will be the first

 
 
Maritime Careers / Shipboard Positions Maritime Security Naval Architecture Pod Propulsion Salvage Ship Electronics Ship Repair Ship Simulators Sonar 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: 0.0921 sec (11 req/sec)