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 July 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Ports

China Appeals WTO Ruling on US Solar Panel Dispute

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.

WTO Rules Against Argentina Licensing Rules in Row with US, EU, Japan

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

New Partnership Targets Enhanced Tracking Solutions

Globe Tracker International, a  global asset tracking, monitoring and data sharing, has announced  a strategic relationship with Total Soft Bank Ltd. (TSB), a global

Container Ships

Container Manufacturer Reports Profit Plunge

World-leading container manufacturer and logistics services provider Singamas Container Holdings Limited (Singamas) has  announced its unaudited interim results for the six months ended 30 June 2014.

Maersk Line Still the Leading Carrier on Reliability in Q2

During the second quarter, the overall industry reliability has improved. However, Maersk Line is pleased to have improved their performance so that they can

Evergreen Line Makes Maiden Call to Boston

Evergreen Line’s ItalLunare celebrated its maiden call to the Port of Boston with an official first call and plaque presentation on Wednesday, the Massachusetts Port Authority (Massport) announced.

News

Scottish Sea Farms Orders Newbuilds

Macduff Shipyards Ltd. has received a contract worth more than £3.3 million pounds from Scottish Sea Farms for the design and build of four 19.8-meter 150T steel

Mexican Navy Delegation Visits NSSA

The U.S. Navy reported that its Norfolk Ship Support Activity (NSSA) welcomed the Mexican Navy Delegation to Building CEP-200, Naval Station Norfolk, Aug. 21 for

MARAD: Total Fuel Cycle Study for Natural Gas

The Maritime Administration (MARAD) released a study that evaluates total fuel cycle emissions for natural gas versus conventional marine fuels. Results showed

Logistics

MN 100: AEP River Operations

16150 Main Circle Drive, Suite #400 St. Louis, MO 63017 Tel: (636) 530-2100  Email: info@aepriverops.com Website: www.aepriverops.com President: Keith Darling The

W.Africa Crude Slow to Trade; Nigerian Glut Fading

Angolan cargoes for October loading are so far finding buyers slowly, traders said on Friday, while there were further signs that an overhang of September-loading Nigerian cargoes is being absorbed.

US Steel Producers Win Anti-dumping Case

The United States has approved anti-dumping duties against South Korea and other producers of steel pipes for the energy sector, a victory for domestic producers

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Navigation Offshore Oil Pipelines Pod Propulsion Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1446 sec (7 req/sec)