Disclaimer

The articles excerpted on this site report on the state of the industry as seen by mainstream media, and do not necessarily reflect the opinion of the officers of the ILWU Coast Longshore Division.

Louis Dreyfus Commodities has no plans for an IPO, majority owner says

Privately held agricultural commodities trader Louis Dreyfus Commodities has no plans for an initial public offering (IPO), according to its largest stakeholder. Instead, Margarita Louis Dreyfus, whose family lends its name to the company, intends to increase her stake to 80% after the trading house posted a modest uptick in corporate fortunes.

Net profit for […]

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Steady rate slide may end bunker benefits to shippers

Carriers that have been passing on the benefits of lower fuel costs to shippers may not be so generous as freight rates continue their steady decline, is the view of Drewry in its latest Container Insight Weekly.

The London-based analyst said Shanghai-to-Rotterdam rates assessed in the World Container Index has declined for eight straight weeks, […]

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West Coast ports agree on closer collaboration

Managers from the ports of Los Angeles and Long Beach met recently to agree a collaboration strategy to improve the efficiency of cargo throughput in a bid to clear the backlogs that have built up over recent months.

In the first formal talks since the Federal Maritime Commission’s decision to approve the two ports working […]

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In U-turn, Greece will sell Piraeus Port stake in weeks

From Reuters:

The Greek government will sell its majority stake in the port of Piraeus within weeks, the country’s deputy prime minister told China’s official Xinhua news agency, a flip-flop from the leftist government as it seeks funds from its creditors.

The Syriza government of Alexis Tsipras took power in January on promises to end […]

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CMA CGM profits up 43% as order for 20,600 teu trio finalised

From Lloyd’s List:

CMA CGM reported net profit growth of 43% for 2014 and record cargo volumes as it confirmed plans to order three 20,600 teu carriers for delivery in 2017.

The French line, one of the last to report its 2014 earnings, achieved some of the best set of results in the industry and […]

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Louis Dreyfus working on fresh strategy, as profits stabilise

Louis Dreyfus Commodities revealed it was working on a “renewed strategy” to align it to “tomorrow’s sources of growth” in agricultural commodities as the trading giant unveiled a stabilisation in profits, after the heavy fall of 2013.

Louis Dreyfus Commodities – which with Archer Daniels Midland, Bunge and Cargill is one of the “ABCD” of […]

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Maersk Line announces plans for seven new vessels

Maersk Line has announced plans to build seven new 3,600 teu ships, following an agreement with COSCO Shipyard Co, as part of the company’s new-build investment programme.

“Our strategy is to grow with the market and to do so we need new vessels from 2017. We expect to place additional orders this year,” said Søren […]

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First meeting between POLB, POLA under Federal Maritime Commission agreement held earlier this week

The Port of Long Beach (POLB) announced Wednesday that a kickoff meeting earlier this week with the Port of Los Angeles (POLA) marked the beginning of their collaboration to enhance velocity and efficiency throughout the gateway’s supply chain.

As the first meeting under the formal discussion agreement recently approved by the Federal Maritime Commission (FMC), […]

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Cosco International posts $46.3 million profit

The shipping services arm of China Ocean Shipping, Cosco International reported its profit attributable to equity holders for the year ended 31 December 2014 rose 48.6% year-on-year to HK$359 million ($46.3 million).

Revenue, however, fell 18.5% to HK$7.59bn as contributions from the core shipping services businesses decreased.

Cosco International noted that the overhang of shipping […]

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Pro-coal Montana tribe weighs in on Cherry Point terminal

Lummi Nation, which has fished the waters off Cherry Point for centuries, and Crow Nation, a tribe in Montana sitting on billions of tons of coal, have taken opposite stances on a proposed coal terminal on the Lummis’ historic fishing grounds.

Crow Chairman Darrin Old Coyote wrote the U.S. Army Corps of Engineers on Jan. […]

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FMC Chairman: Congestion preceded labor talks; investments in infrastructure needed

Congestion that has slowed goods movement to a crawl at U.S. ports such as Los Angeles and Long Beach will continue to be an ongoing issue for years, until the nation invests in long-term maritime infrastructure, Chairman of the Federal Maritime Commission Mario Cordero said Thursday.

“Congestion has been a problem long before labor negotiations […]

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FMC’s Khouri wants container alliances to provide congestion information

Excerpts from American Shipper:

Michael A. Khouri

Federal Maritime Commissioner Michael Khouri wants the FMC to request the four major alliances of ocean liner carriers to provide new information on the steps each is taking to reduce congestion at U.S. ports.

“We have received private reports and seen numerous press accounts that the operations of […]

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Hanjin Heavy expected to win container ship deal

France’s CMA CGM SA is in talks to build at least three container megaships, joining the race among the top container operators that already use such vessels to increase their market share on the world’s busiest trade routes, people with knowledge of the matter said Tuesday.

The ships would be able to carry around 20,000 […]

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LA, Long Beach bring recovery plan to legislators, shippers

From the Journal of Commerce:

Port leaders — including Port of Los Angeles Executive Director Gene Seroka, Port of Long Beach Chief Executive Jon Slangerup and Long Beach Board of Harbor Commissioners President Doug Drummond — also stressed that they were taking responsibility for the months of congestion that brought terminals to near gridlock and […]

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Marubeni grain giant fined $800,000 by CFTC

The U.S. Commodity Futures Trading Commission issued an order filing and simultaneously settling charges against Marubeni America Corp., a dealer and merchant of agricultural commodities and the largest overseas subsidiary of the Japanese company Marubeni Corporation, for failing to comply with its obligation to submit accurate monthly reports regarding the composition of Marubeni’s fixed-price cash […]

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