Venezuela and Cuba signed 16 new cooperation agreements in a move that further boosts the Bolivarian Alternative for the Americas (ALBA), a regional economic and social integration initiative launched by the two countries. Venezuelan President Hugo Chavez and Cuban Vice President Carlos Lage attended the signing ceremony held in Caracas. The accords are far reaching in the fields of transport, finances, agriculture, mining, industry, tourism and electricity, according to reports. The agreements also include the possibility of setting up two joint ventures in transportation, particularly shipbuilding and port modernization. The production of stainless steel and ferrous nickel was part of an agreement in the field of mining, while in communications an underwater cable link between the two countries including a satellite system and networks is envisioned. Source: Cuban News Agency
China’s shift towards a domestic consumer demand-oriented economy could provide a significant boost to the global shipping industry, as the world’s second largest economy targets more sustainable growth. “2013 will be another peak year of new vessel deliveries. Oversupply of capacity is still an obstacle for the shipping industry to overcome, but with the improvement of the world economy, the shipping sector is expected to experience moderate growth
The Transport Committee believes that continued financial inaction on the transport infrastructure may put economic growth at risk. In a report adopted, it calls on the Commission to table proposals on possible new and alternative ways of financing, in particular, the Trans-European Transport Networks (TEN-T). Since the priority investments have been slower than expected, key projects should now be selected for their financial feasibility.
Upon completion of the project, the creation of two new terminals due on stream in 2010, capacity will increase from the current 1m teu per year to 2.5m teu. Some 400 direct jobs will also be generated in addition to several thousand in allied sectors. Backing from the BEI – the European Union finance institution – acknowledges that the scheme meets several criteria for the development of European transport networks. During the signing, M
According to an April 13 report from the People’s Daily Online, the China Shipbuilding Industry Corporation (CSIC) and Singapore's Pacific International Lines (PIL) opened a joint venture - CSIC Pacific. Speaking at the opening of the company, Lim Hwee Hua, Singapore 's Minister in Prime Minister Office and Second Minister for Finance and Transport, said that this CSIC-PIL's partnership is reflective of the close links between China and Singapore.
Cypriot Transport Minister, Tasos Mitsopoulos, states the nation's shipping registry will not be affected by turmoil in banking sector. The Minister downplayed the impact of Cyprus's banking crisis on the local shipping industry, pointing out that none of the island's banks are active in ship financing, reports Tax-News. Despite Mitsopoulos's assurances, many shipping companies' bank deposits in Cyprus are expected to be heavily impacted by the banking sector developments
Maritime recruitment specialist Spinnaker Consulting has reported that despite general reports of a slowdown in the world economy, recruitment in the shipping, offshore and transport markets remains buoyant. Writing in the latest issue of Changing Course, Spinnaker's monthly e-mail newsletter, managing director Phil Parry says, "Contrary to most industry forecasts, 2002 does not look like being such a bad year for the shipping, offshore and transport job markets
As the U.S. Department of Transportation works to develop transportation policies to meet 21st Century needs, perhaps the most vexing problems faced are those associated with traffic congestion on the Interstate highways which parallel our Atlantic, Pacific and Gulf coastlines. Interstate 95, I-5 and I-10 carry automobile and truck traffic far beyond their design capacities. In the major metropolitan areas, which these highways intersect
The Baltic Exchange and the Centre for Shipping, Trade & Finance at London’s Cass Business School unveiled plans today (10 March) to deliver a series of executive courses focusing on the management of a range of financial risks in the shipping markets. The two day course “Shipping Risk Management” will cover freight, bunker, ship price, credit, foreign exchange and interest rate risk and will be held in London, Hamburg, Athens, Hong Kong and Singapore during 2005
Released yesterday, the International Chamber of Commerce (ICC) Trade Register Report 2014 provides empirical evidence that, in all forms, trade and export finance is a low risk bank financing technique – further supporting ICC’s advocacy of trade finance as a strong contribution to economic recovery and growth. This evidence has the potential to alter attitudes towards trade finance, and therefore contribute to the growth of both global trade and the global economy.
The EU's TEN-T Program will co-fund with over €2 million the development of the sea ports of Trelleborg (Sweden) and Świnoujście (Poland), to increase their competitiveness and sustainability, as well as improve the maritime link between both countries.
International freight volumes will grow fourfold by 2050 while the average length of haul will increase by 12 percent over that time, trends that will cause a spike in global carbon emissions unless corrective action is taken. An Organisation for Economic Cooperation and Development (OECD) sector
Mitsubishi Heavy Industries, Ltd. (MHI) reports it has received an order for two next-generation LNG (liquefied natural gas) carriers from Mitsui & Co., Ltd., scheduled for completion and delivery in 2018 and 2019, respectively. They will be put into service for the Cameron LNG Project
Mitsui O.S.K. Lines, Ltd. signed a contract with Mitsui & Co., Ltd. today (January 29) to charter a new 177,000m3 liquefied natural gas (LNG) carrier. This is the third newbuilding vessel chartered by Mitsui & Co., following a contract signed last September 26 for two carriers
United Nations Development Program (UNDP) Administrator Helen Clark met International Maritime Organization (IMO) Secretary-General Koji Sekimizu at IMO Headquarters on January 20, where the two highlighted common commitment to sustainable development and discussed the important role of maritime
Eyeing strong growth in China-Myanmar trade, State-owned China Shipping Container Lines (CSCL) and MCC Transport, a subsidiary of AP Moeller-Maersk Group, plan to launch services direct services from Shanghai to Yangon on January 25. CSCL and MCC Transport will deploy smaller vessels without
The Oman Drydock Company has celebrated the handing over of the 300th vessel since starting its operations in 2011, under the auspices of Said bin Hamdoon al Harthy, Undersecretary of the Ministry of Transport and Communications for Ports and Marine Affairs.
Grain, steel, salt help port exceed 2 million tons for first time in 29-year history The Port of Indiana-Jeffersonville handled over 2.4 million tons of cargo in 2014, up 48 percent from the previous year. This was the first time annual shipments exceeded two million tons in the port's
Turkey has signed a deal with Malta to develop cooperation in the maritime field, the Turkish transportation minister Lutfi Elvan said. Turkey wants to become a marine transit country. In this context, the country will improve its cooperation with Malta, the Minister added.
The world’s largest financier of ships HSH Nordbank AG wants to move forward in 2015 with the removal of bad shipping loans that racked up during a seven-year glut in the global container fleet, reports Bloomberg. The bank plans several transactions in which external shipping
Sino-Global Shipping America, Ltd. a shipping agency, logistics and ship management services company, today announced that it has entered into a Memorandum of Understanding (the "MOU"), between the Company and Rong Yao International Shipping Limited
Maersk Line, part of Denmark's A. P. Moller-Maersk, plans to increase shipping freight rates for transporting containers from ports in Asia to Northern Europe by $400 per 20-foot container (TEU) from Feb. 1, it said on Tuesday. Rates on the route, the world's busiest for container shipping
Port of Hirtshals in Denmark will receive over EUR1 million a pilot construction of the first liquefied natural gas (LNG) tank and bunker, co-financed by EU’s TEN-T Program. The pilot project will see construction of a 500 cubic meter LNG storage tank and bunkering facility
Malta ship register becomes the sixth largest worldwide, remains largest in Europe. As at end of December 2014, the registered gross tonnage under the Merchant Shipping Act was 57.9 million gross tons with over 2,500 merchant vessels fly the Maltese flag.
Port authorities in the West African states must act together to explore the full potential of the region's maritime industry to enable them compete in the global economy, Richard Anamoo, Director-General of the Ghana Ports and Harbours Authority (GPHA), has said.