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Pnc News

13 Jan 2020

HMM to Launch Mega-Ships in April

South Korean logistics major Hyundai Merchant Marine (HMM) will introduce the largest container vessels of the world in April. These mega-ships will be deployed on the company’s Asia-Europe services.According to BusinessKorea HMM will put into operation a total of 12 24,000-TEU super large vessels, one per week, staring this April, the Busan New Port Terminal said on Jan. 12.The boxships are under construction at Samsung Heavy Industries (SHI) and Daewoo Shipbuilding & Marine Engineering (DSME).HMM will start its services as an official member of “The Alliance,” one of the three major shipping alliances in the world, on April 1, 2020, said the report.

21 Feb 2019

Auxo Investment Partners Acquires Andrie LLC

Stan Andrie, Andrie LLC CEO

Deal builds on Auxo’s December 2017 acquisition of leading dry-bulk transportation and logistics company, M/G Transport Services. Private investment firm Auxo Investment Partners announced today that it is partnering with the Andrie family with an investment in Andrie LLC, a Michigan-based Jones Act bulk transporter of specialty products including liquid asphalt, cement, light oil petroleum products, and calcium chloride throughout the Great Lakes. The deal, terms of which were not disclosed…

29 Dec 2016

Energy, Finance & the GoM

© Scott Bufkin / Adobe Stock

Some positive market indicators could presage an investment revival in the U.S. Gulf of Mexico – and beyond. The good news, reported by Bloomberg, is that in the third quarter of 2016, the largest oil companies increased cash from operations by nearly $26 billion. This reflects a 67 percent increase from the previous quarter and more than twice the amount of the first quarter of 2016. Exxon Mobil, Royal Dutch Shell, Chevron, Total and BP indicated that the increase was due to lower spending, increased output and rising crude prices, although the numbers were still below last year’s numbers.

29 Dec 2016

DP World increases Stake in Pusan Newport

DP World has acquired an additional 23.94% stake in Pusan Newport Company Limited (PNC) in South Korea from Samsung Corporation & Subsidiaries. This increases DP World’s holding in PNC to 66.03%, and the terms of the transaction are undisclosed. PNC is the largest terminal in the port of Pusan with 5.25m TEU capacity, handling 34% of the new port volumes. The New Port of Pusan began operations in 2006, and operates 23 container berths connecting to 500 ports in 100 countries. Overall, the Port of Pusan is the 6th largest port worldwide with volumes of 19.5m TEU in 2015 and accounts for approximately 75% of total container volumes in South Korea.

07 Dec 2015

US Lifts Trade Restrictions on Myanmar Shipping Hubs for 6 Months

The United States is temporarily easing trade restrictions on Myanmar by allowing all shipments to go through its ports and airports for six months, an effort to boost the country's opposition party after its landmark election win in November, U.S. officials said on Monday. The trade relief, coming after democracy champion Aung San Suu Kyi's National League for Democracy won Myanmar's historic election, applies to even port terminals and airports controlled by entities on the U.S. sanctions blacklist, the officials said. Reuters exclusively reported last month that major U.S. banks such as Citigroup, Bank of America and PNC Financial…

17 Apr 2014

Apache CEO, Vermont activist build alliance on climate issues

Steve Farris runs a $33 billion Texas oil and gas company and turns, for advice, to a bearded Vermont environmentalist. As other energy firms battled climate change and anti-pollution activists in recent years, the Apache Corp chief executive instead built an alliance with Steven Heim, managing director of Boston Common Asset Management, one of the better-known socially responsible investment firms. The relationship helped Apache side step time-consuming proxy fights that have plagued some of its peers, in exchange for changes like committing to protect the rights of native peoples living near remote gas projects, and using cleaner chemicals in hydraulic fracturing, a drilling method that environmentalists say could threaten groundwater.

18 Jun 2013

GLTT to Receive WIRE-Net Mission Builder Award

Image courtesy of Great Lakes Towing & Shipyard

WIRE-Net has selected The Great Lakes Towing Company and Great Lakes Shipyard as one of the four local manufacturing companies to receive this year’s Mission Builder Awards. WIRE-Net is a Cleveland, Ohio company whose mission is to strengthen manufacturing to create healthy communities and fuel economic growth by providing support for manufacturing improvement and human resource management, training and education. Winners have been chosen for investing in Northeast Ohio, through plant expansion, job creation, or new business growth.

25 Feb 2013

Commercial Barge Line Company Announces Results

Company announces offering of $650 million senior secured term loan. Commercial Barge Line Company  announced results for the quarter and year ended December 31, 2012. For the year, the Company reported total revenues of $811.6 million and Adjusted EBITDAR of $232.1 million. Compared to 2011 results, revenues declined $41.4 million, or 4.9%, while Adjusted EBITDAR improved by $57.8 million, or 33.2%. For the quarter, total revenues were $207.9 million compared to $244.5 million in 2011 and Adjusted EBITDAR was $62.8 million compared to $60.3 million in 2011. Commenting on the results, Mark Knoy, President and Chief Executive Officer…

12 Oct 2011

Speakers for 8th Annual WCI Annual Meeting and Symposium Announced

Meeting takes place in Pittsburg, PA on October 19-21, 2011. Governor of Pennsylvania Tom Corbett; PNC Financial Services Group Chairman/CEO James Rohr; Rep. Mike Doyle; The Honorable James Oberstar; and among keynoters. A variety of distinguished speakers and panelists have been announced for the Eighth Annual Waterways Symposium and WCI Annual Meeting, sponsored by Waterways Council, Inc., Informa Economics and The Waterways Journal. The Symposium will take place October 20-21…

22 Dec 2010

Port Canaveral $42M Financing for Facilities Expansion

The Canaveral Port Authority closed on a $42m loan from PNC Financial Services Group to accelerate the development of a new cruise terminal and cargo facilities. The 3.14 percent interest rate loan has a term of 13 years and with the Port’s existing debt, will enable Port Canaveral to be debt free in 2023.    During its December Board meeting, the Commission voted unanimously to supplement its own revenues for the $100m expansion program in order to move forward to take advantage of low construction costs.   “Because of our Commission’s action, we were able to close this loan quickly to secure very advantageous terms to support future development of the Port,” said Joe Matheny, Vice Chairman of the Canaveral Port Authority Commission.”

19 Feb 2009

Geokinetics Expenditure & Revolving Credit

Geokinetics Inc. (NYSE Alternext: GOK) announced that its Board of Directors has approved a capital expenditure budget for 2009 of $37.3m, which is a reduction of over 50% from capital expenditures in 2008. The company expects investments in 2009 to be targeted toward maintenance and selective additions of vessels and other equipment to improve the efficiency of the company's shallow water operations, support equipment for long-term projects in South America and West Africa and the continued implementation of new information technology systems. In addition, the company's Board of Directors approved a $12.7m investment in an interest in data that the company will retain in conjunction with a data acquisition survey that will be completed by the company.

13 Jul 2004

CSX Expands Management Team for Pusan Container Project

CSX World Terminals LLC (CSXWT) announced the appointment of two key management positions for its Pusan, South Korea, container terminal development project. Gerard van den Heuvel has been appointed as director-operations and John M. Elliott has been hired as commercial director. Van den Heuvel began his new assignment in May 2004, and Elliott will begin his new role on July 19, 2004. Both will report to Rob Walker, CSXWT vice president-South Korea. In his new position, van den Heuvel will be responsible for development of the Pusan terminal and terminal operations once construction is complete. Van den Heuvel has more than 15 years of experience in terminal and vessel operations management.

25 Jul 2005

Massive Korean Containerport Takes Shape

Pusan Newport Co, Ltd. (PNC), scheduled to be the largest single terminal in Korea, has taken delivery of its first terminal equipment. The double cantilever Rail Mounted Gantry Crane marks the commencement of many more such deliveries. This arrival is the first of a total order of 81 units that are being constructed at Doosan Heavy Industries and Construction Company’s facility in Korea. The RMGC’s handle 9 rows with a stacking height of 6 containers and a lifting capacity of 65 LT. The semi-automated cranes will be equipped with GPS and trailer positioning systems along with safety features for the protection of trucks. PNC is scheduled for opening in January of 2006 with the first three container berths of 350 m each.

05 Aug 2005

Massive Cranes Arrive at PNC

Pusan Newport Co, Ltd. (“PNC”), Korea’s new Mega Hub container terminal, has taken its first delivery of Ship-to-Shore cranes. The vessel from ZPMC located in China arrived on Sunday, carrying the first three of the massive cranes. Pusan Newport has ordered a total of 26 cranes from ZPMC. Nine cranes will arrive prior to the scheduled facility opening for January 2006. The remaining cranes will continue arriving throughout the development of the facility. The cranes are designed with a rail gauge of 42.7 meters which allows ample space for 9 lanes of truck traffic. Past generation cranes have been designed for only 30 meter rail gauge. These new generation cranes are built to eliminate production hampering congestion while operating on large container vessels with multiple cranes.

19 Dec 2005

First Vessel At New Korean Facility

The Hanjin Oslo sailed into the harbor of Pusan Newport becoming the first container vessel to arrive at the new Mega Hub. The 279 meter vessel’s arrival was a commemorative event carrying 45 distinguished passengers on a short voyage from the old Busan port to the new state-of-the-art Pusan Newport facility. Passengers included the Minister of Maritime and Fisheries (MOMAF), the President of Busan Port Authority, PNC executives, Pilot Association President, Tugboat Association President, Busan Port Union President, National Maritime Union President and other government officials. The Hanjin Oslo arrived carrying guest in order to showcase the harbour and facility which is engineered for safe and efficient vessel navigation.