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Moody's Assigns Panama Canal A2 Rating
Today, Moody's credit rating agency announced that it has assigned an A2 rating to the Panama Canal Authority (ACP) for its business model, unique geographic advantage…
‘Mega-ship’ the Largest to Ever Transit the Panama Canal
The Panama Canal welcomed the largest capacity vessel to-date to transit the Expanded Locks—Hapag-Lloyd's Valparaiso Express, a 10,589 TEU Neopanamax containership built specifically to take advantage of the greater capacity offered by the Expanded Panama Canal. Today’s passage ushers in a new era of mega-ships that are now able to transit the Expanded Canal since it’s inauguration on June 26 of this year.
Expanded Panama Canal Welcomes its 500th Neopanamax Transit
Less than six months after the inauguration of the Expanded Panama Canal, the waterway welcomed its 500th transit of a Neopanamax ship on Wednesday, highlighting…
New Partnership for LNG Carrier Repair
On the November 25, 2016 Europe Technologies Group signed a Memorandum of Agreement with the Shipbuilding and Repair Development Company of Trinidad and Tobago Limited in Nantes, France. This Trinidad-based ship repair arrangement with the expert guidance of the Europe Technologies Group will provide both project management and skilled personnel in organizing the working party with the ship-owner, the shipyard…
Four Post Panamax Cranes Arrive in Savannah
Four new Super Post Panamax ship-to-shore cranes arrived at Garden City Terminal yesterday, bringing the Port of Savannah's total to 26, more than any other terminal in the U.S.
NYK Buys Stake in NY/NJ's Largest Terminal
NYK subsidiary NYK Ports, together with Macquarie Infrastructure Partners III (MIP III), has invested in Maher Terminals, which operates a terminal in the U.S. port of New York and New Jersey. On November 16, 2016, NYK Ports acquired a 20 percent share of Maher. The port of New York and New Jersey handles the most containers of any port on the East Coast of North America, and Maher is the largest terminal in the port with a handling capacity of 3 million TEUs annually.
NYK Acquires Stake in Maher Terminals
Together with Macquarie Infrastructure Partners III (MIP III),* NYK Ports, NYK’s subsidiary company, has made the decision to invest in Maher Terminals (Maher), which operates a terminal in the U.S.
Panama Canal Authority, Peel Ports Form Alliance
The Panama Canal Authority (ACP) has entered into a Memorandum of Understanding (MOU) with major UK ports operator, Peel Ports, who own the Port of Liverpool, as the latter gears up for the formal opening of its Liverpool2 container terminal in early November. The formal agreement creates a strategic alliance aimed at facilitating international trade and generating new business by promoting trade routes between Liverpool and the west coast of South America via the Panama Canal.
Panama Canal Cargo Tonnage Zooms
Strong container traffic, newly introduced segments and the Expanded Canal all contribute to the 330.7 million tons of goods welcomed through the Canal in FY16, the third highest amount ever recorded.
Shipyard Productivity Reaches New Heights
A job completed on time or ahead of schedule is a display of the proficiency, productivity, and innovative thinking that can give you a competitive edge. And with the current oil market and the upcoming elections fogging the forecast for future orders (and indicating a likely dip), shipyards are vying to become better and faster, and capture every edge they can. To seize these opportunities as they arise…
Fitch Ratings Affirms Panama Canal's 'A' Ratings
Fitch Ratings has affirmed the following ratings for the Panama Canal Authority (ACP): Long-Term Issuer Default Rating (IDR) at 'A' and $450 million senior unsecured notes at 'A', reflecting the ACP's solid revenue profile and low leverage levels. Fitch Ratings highlighted that the Panama Canal provides unique connectivity and time savings for world maritime trade. In addition, Fitch Ratings stated that the rating outlook is stable…
Big Tankers' Need for Retrofit Slows Use of New Panama Canal
The promise that some oil traders and brokers saw for an expanded Panama Canal to become a new route for large tankers will take longer to realize than expected because many ships must first undergo inconvenient retrofits to transit through the new locks, shipping industry experts said. The modifications to these bigger oil carriers - which mostly involve fittings such as chocks and bollards that secure…
China Receives First American LNG Cargo
The first cargo of US liquefied natural gas (LNG) to target the world’s largest energy consumer arrived Monday at the Chinese port of Yantian in Shenzhen near Hong Kong.
A Shipyard Grows in Trinidad & Tobago
Spurred by Panama Canal Expansion and U.S. As Trinidad and Tobago seeks to diversify its economy, it is banking on a massive shipyard construction project as the centerpiece of a maritime industry and economic revival. A Trinidad and Tobago Parliamentary debate earlier this year centered on the Motion, ‘Increase of Loan Ceiling under The Development Loans Act.’ One diversification strategy involves the country’s thrust into the development and expansion of the maritime sectors…
First Suezmax Tanker Transits Expanded Panama Canal
The first Suezmax crude oil tanker that was slated to go through the newly expanded Panama Canal began its transit on Thursday, a public relations official told Reuters. The Aegean Unity, a Greece-flagged Suezmax vessel coming from the U.S. West Coast, entered the Canal Thursday morning, according to Reuters' vessel tracking data. Suezmax-sized vessels, which can carry some 1 million barrels of oil, were unable to pass through the canal prior its expansion.
Port Manatee Inks Del Monte Lease Extension
Port Manatee says it has signed an agreement to keep Del Monte fruit coming into the Florida Gulf Coast port for as many as 20 more years. Del Monte Fresh Produce N.A. Inc., which has imported fruit into the deepwater Florida seaport since 1989, is now signed to a lease extension with Port Manatee through August 30, 2021, with options for three additional extensions of five years each. If all options are exercised, Del Monte will be doing business at Port Manatee until at least 2036.
Danaos Reports 25.5% Rise in Income
Danaos Corporation, one of the world's largest independent owners of containerships, has reported net income of $47.7 million for the three months ended June 30…
Over 60 Vessels Transit Expanded Panama Canal
The Expanded Panama Canal has transited 69 Neopanamax vessels since the Inauguration on June 26, 2016. Specifically, 40 containerships, 24 liquefied petroleum gas (LPG) carriers…
Maersk Reroutes Asia - US Service Via Panama
Maersk Line will transform its TP12 service in to a standalone, around-the-world service that provides significantly faster transit times between Far East Asia and the US East Coast.
Danaos Reports Strong 1H
Danaos Corporation today reported unaudited results for the period ended June 30, 2016. * Adjusted net income1 of $47.7 million, or $0.43 per share, for the three months ended June 30…