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Warehouse Operator News

21 Apr 2015

Logistics and Warehouse Insurance: Understanding its Complexity

Virginia Cameron

In October 2013, a fire blazed through Brazil’s Santos port, destroying six warehouses and the 180,000 tons of raw sugar inside Sugar Company Copersucar’s terminal. The fire hit all of the sugar giant’s warehouses at the port and left many exporters holding contracts for sugar with an empty bag. Following the fire, Copersucar declared “force majeure” to third party exporters who had contracts to ship the sugar through the now-burned terminal. Force majeure is a legal term referring…

04 Mar 2015

Access to Brazil's Itajai Port to Open as Truck Protest Ends

Protesters have agreed to open access to Brazil's main poultry exporting port of Itajai in Santa Catarina state, the port said on Wednesday, ending a lingering flashpoint after a two-week truck drivers' protest. A union of autonomous truck drivers agreed to the port's proposal to raise payments for transporters inside the port's grounds, the port said in a statement. The protests demanding lower diesel fuel prices and higher payments to cover freight costs were concentrated in southern Brazil in its final days, blocking meat exports and leaving some grocery stores with bare shelves. Warehouses outside Itajai port were full of containers carrying refrigerated meat for companies like BRF SA…

01 Aug 2014

Citigroup Seeks British Court Backing on China Metals Claims

Citigroup Inc said on Friday it has started proceedings in commercial court in London to enforce its rights over $285 million of financing at two ports in China, where metals are believed to have gone missing. Citigroup said it initiated the action on July 22 after a business counterparty and a Chinese warehouse provider commenced action in British courts to establish their rights. Citigroup's disclosure, made in a quarterly financial filing with the U.S. Securities and Exchange Commission, did not name the counterparty or the warehouse operator. Standard Chartered, China's CITIC Resources Holdings Ltd, Shanxi Coal International Energy Group and other firms have also made legal claims over metals financing since May.

22 Jun 2014

China's Vast Warehouse Sector Comes Under Scrutiny

Shaken by a fraud investigation into metal financing in the world's seventh-busiest port, banks and trading houses have been made painfully aware of the risks they face storing commodities in China's sprawling warehouse sector. The probe at Qingdao port centres around a private metals trading firm suspected of duplicating warehouse certificates in order to use a metal cargo multiple times to raise financing. Some banks have asked clients to shift metal, used as collateral for loans, to more regulated London Metal Exchange (LME) warehouses outside China or those owned and operated by a single warehouse firm to limit their exposure. "The banks still haven't looked under the hood," said an executive at a bank involved in commodity financing in China, referring to China's warehousing sector.

26 Feb 2008

Airmar Opens France Facility

Airmar Technology announced the opening of Airmar EMEA—to better serve an increasing market for its products across Europe, the Middle East and Africa. Airmar EMEA will distribute Airmar Technology’s line of transducers, NMEA sensors and accessories, WeatherStation Instruments, Compass and GPS sensors throughout the Europe, Middle East and Africa region. Airmar EMEA will be based in a new, 5,000-sq.-ft. facility in Saint-Malo, France, custom designed to meet the needs of Airmar’s customer service oriented business model. This new building has plenty of space for a full inventory of Airmar products, ensuring product selection and availability, along with same day shipping.

20 Aug 2004

Port Vancouver Ventures sells stake in Coast 2000

The Vancouver Port Authority (VPA) announced today Port Vancouver Ventures, a subsidiary of the VPA, has sold its 50 per cent stake in Coast 2000 Terminals, a distribution and logistics corporate partnership, to a subsidiary of Western Stevedoring. Coast 2000 Terminals is a Richmond, B.C.-based exporter and warehouse operator providing container inspection, repair, storage and preparation services. "As a facilitator of trade for Canadians, we are proud to have fostered this niche in transportation logistics by enabling efficient and cost- effective service," said Captain Gordon Houston, President and Chief Executive Officer, Vancouver Port Authority. Coast 2000 operates an 11-acre container yard, a barge ramp and a 260,000 square foot warehouse with cross-dock and 14 rail doors.

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