Captain Wei Jiafu, President and CEO of China Ocean Shipping Company (COSCO), recently endorsed the potential Panama Canal expansion, citing that a more modern, Canal will benefit the global economy and world trade. Nearly five percent of total world trade transits the Panama Canal. Of this trade, 88 percent flows between the United States and Asia. In a speech given in Panama last month, Captain Wei stated that with the rapid development of China’s economy, the Panama Canal becomes more important as a vital link for China to import and export goods to and from the East Coast of the United States, the Caribbean and the East Coast of South America. “I fully support this expansion plan. I believe that the expansion of the Canal will enable more ships to utilize the Panama Canal. It will not only strengthen Panama financially by bringing considerable revenues, promote development of Panama’s maritime industry, and ensure Panama’s position as the regional maritime center, but it will also benefit the growth of regional and world trade,” said Captain Wei.
The British government will press the U.S. to agree to a liberalization of shipping services at the next round of world trade negotiations, according to a government minister. "The Government will press the U.S. strongly to come on board with a meaningful liberalizing offer," junior trade and industry minister Patricia Hewitt said. However, she conceded that negotiations on maritime transport services could be difficult when the World Trade Organization meets in Seattle in December
Steel salvaged from the World Trade Center is headed to the Ingalls Shipyard in Mississippi. The steel was removed Friday from the Fresh Kills landfill on Staten Island, N.Y. and will be used in the USS New York. The structural steel, weighing about 20 to 30 tons, will be melted down and used to configure the leading edge of the ship’s bow according to a Northrop Grumman spokesman. The USS New York will be the fifth of the 12 amphibious assault ships in the San Antonio class and is
December 31, 2009, marked a decade of management of the Panama Canal by Panama. This vital trade artery has long stood as one of the world’s most recognized and respected engineering marvels and a crucial link in the global supply chain. Building on this, the decade of Panamanian stewardship and leadership has been evidenced by change, achievement and growth. By nearly every measure, the Canal’s role in world trade and value to global commerce has increased significantly in the
A U.S. House subcommittee voted on Wednesday to advance a bill that would eliminate the need for government approval of U.S. liquefied natural gas exports to countries that belong to the World Trade Organization. The legislation, which will be considered by the full House energy committee, would essentially end the Energy Department's review of LNG export applications. (Reporting by Ayesha Rascoe; Editing by Jeffrey
With his participation in the Danish Maritime Forum on October 26 the Danish Minister for Business and Growth will highlight the need for greater global cooperation when meeting with maritime key leaders from around the world. Around 90 percent of world trade is transported by sea. Therefore, initiatives to increase global trade and new technological opportunities will be high on the agenda when global leaders from all parts of the maritime industry meet at the Danish Maritime Forum
ABS confirms that all employees of its New York Executive Office, located on the 91st floor of One World Trade Center, evacuated safely from the building. The office normally staffs 22 people. At the time of tragedy 16 employees were either in the office or in transit to the office. All 16 employees are accounted for. Physical injuries were limited to minor cuts and abrasions. "It is miraculous given the point of impact of the aircraft was immediately above the ABS offices
The presentation of an Export Achievement Certificate to Small and Medium-Sized Firms was awarded to WESMAR in late May of 2002 by the United States Department of Commerce, International Trade Division. Commerce Deputy Secretary Samuel Bodman highlighted World Trade Week by presenting three Washington companies with the U.S. Department of Commerce's Export Achievement Award. The award recognizes business clients of the Department's Commercial Service that have used their services to make
HSBC reminds UAE forum of growing importance of MENA (Middle East, North Africa) & China trading corridors Trade corridors between China and the MENA region carry huge economic growth potential for businesses, offering the greatest prospects in the commodity and energy sectors said HSBC at its Middle East and North Africa (MENA) and China Forum recently held in the UAE. Emphasising the growth of China as a trading powerhouse
The slowdown in China’s economy poses some risks for container shipping, according to Drewry Maritime Research. According to a new report from Drewry Shipping Consultants Ltd, the risks from a slowdown in Chinese consumption to container shipping are far smaller than for the dry bulk sector, but they are not inconsiderable and will contribute to slowing world box growth. Container-shipping lines
The shipping industry faces the threat of paying a levy to the European Union on its greenhouse gas emissions as lawmakers from the bloc grow increasingly impatient with the slow progress being made by the global effort to tackle the issue.
Royal Bank of Scotland is close to selling at least $600 million worth of shipping loans from its portfolio, two sources familiar with the matter told Reuters. RBS, which is more than 70 percent state-owned, is still in the throes of a restructuring, which includes asset sales
U.S. President-elect Donald Trump on Tuesday named Robert Lighthizer, an official in the Reagan administration and harsh critic of China's trade practices, to be his chief trade negotiator, responsible for better deals aimed at reducing U.S. trade deficits.
A European Union proposal to impose a levy on ships over their greenhouse gas emissions risks undermining the sector's global efforts to tackle the issue, the UN shipping agency's chief said on Monday. EU lawmakers voted in December in favour of including shipping in draft reforms of the bloc's
ICS Secretary General Peter Hinchliffe reaches out to the Canadian Transport Minister in a letter this week. The text of that letter follows below: Dear Minister Garneau, I am writing on behalf of the International Chamber of Shipping (ICS) which is the principal global trade
The Dubai Maritime City Authority (DMCA) is set to facilitate a first-of-its-kind seminar dedicated to Middle East shipping and offshore activities. The event will be conducted by Clarksons Platou, a global leader in maritime brokerage and investment banking
Bank of Ireland said it is winding down its shipping business, joining other banks looking to cut non-core lending and exposure to an industry suffering its worst downturn. Many European banks are already bogged down by a sluggish economy and face tough capital demands from regulators
Remi Eriksen, Group President and CEO DNV GL, discussed some of the upcoming developments in the maritime world in his speech at the Danish Maritime Technology Conference. The main question for all of us is: What does the future hold for shipping?
Training acts not only as a career enhancer, but also plays an essential role in the modernisation of the shipping industry as a whole, said Esben Poulsson, Chairman of the International Chamber of Shipping (ICS) today, as he delivered the keynote speech at this year’s Crew Connect
Governor Terry R. McAuliffe announced that The Port of Virginia will finalize the $217 million contract with Konecranes for that company to build and deliver 86 specialized cranes that will be at the center of the port’s expansion projects at Virginia International Gateway (VIG) and Norfolk
African governments and businesses are important partners of European shipping companies and the region has become one of the most promising global growth markets. The “blue” economy offers a lot of opportunities
HE Minister of Transport and Communications Jassim Saif Ahmed Al Sulaiti, Chairman of Qatar Ports Management Company (Mwani Qatar) and Sheikh Ali bin Jassim bin Mohammad Al-Thani, Chairman of Qatar Navigation (Milaha), today witnessed the signing of an agreement between Mwani Qatar and Milaha to
The International Chamber of Shipping (ICS) has welcomed the extension of EUNAVFOR Operation Atalanta, following a decision by the EU Council, which will continue to see military forces deployed for counter piracy operations in the Western Indian Ocean until December 2018.
Sri Lanka will take part in a joint venture with China Merchants Port Holdings Company Limited to develop a port in its south, where China has also been offered an investment zone. The cabinet approved a plan under which Sri Lanka will lease 80 percent of the Hambantota port to Hong
South Carolina Ports Authority (SCPA) reported its strongest November container volumes on record. SCPA handled 175,217 twenty-foot equivalent units (TEUs) in November, a year-over-year increase of 14 percent. Previously, SCPA's strongest November on record was 163,121 TEUs handled in 2005