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A bulldozer is loaded on a bulk carrier using a crane, prior to unloading The Baltic Dry Index, which measures activity on major shipping lanes throughout the world, posted its first gain Friday in nearly two months. The index is a key measure of global trade because it indicates how well shipments of everything from [...] John Wolfe faces the tasks of leading the port in difficult times and of repairing its reputation after two troubled and expensive expansions failed to live up to their promise. [In response to questions, Wolfe made the following comments:] We’ve already made a significant investment in infrastructure that’s underutilized, so we can accommodate growth [...] Maersk Chief Executive Nils Andersen told reporters in Singapore that Maersk will also keep adding to container box levels this year and the next to address the global shortage in the industry. “It will come back to pre-crisis levels, to a level where the industry can get return on their investments,” Andersen said of container freight [...] Commodity shipping costs measured by the Baltic Dry Index extended their longest losing streak in almost five years as an expanding fleet overwhelmed weakening demand for grain, coal and ore carriers. The index fell 41 points, or 1.7 percent, to 2,406 points, the lowest since October 2009, according to the Baltic Exchange in London. That’s the [...] Singapore-listed Chinese shipping firm Cosco clinched $440 million worth of ship-building contracts from four European shipowners to build 15 bulk carriers. The bulk carriers, of which 4 are 82,000 dead weight ton each and 11 are 57,000 dwt each, are expected to be delivered between the end of 2011 and mid- 2013. From Reuters, June 15, 2010 Enrique “Ricky” Razon Jr., the powerful head of a company picked by Port of Portland officials to lease Oregon’s only container terminal could produce just what they want: better global connections to boost business. Port managers say a private company could do better marketing and operating much of the 386-acre container terminal, which has struggled [...] China Cosco Holdings Co., the world’s largest operator of dry-bulk ships, slumped to an annual loss after rates for hauling commodities and containers tumbled on overcapacity and the global recession. The 7.47 billion yuan ($1.09 billion) net loss compared with a restated profit of 11.6 billion yuan a year earlier. This year, fees are rebounding because [...] The biggest reason to own a shipping company stock today is the nascent economic recovery. As economies recover, trade should rebound, and that will increase the demand for international shipping. That, in turn, should lead to an increase in shipping rates, which is often measured through the Baltic Dry Index (BDI). Of course, China is a [...] China Cosco Holdings Co., the nation’s largest container-ship operator, expects to win its targeted rate increase in new contracts as world trade rebounds and shipping lines curb capacity. “I’m full of confidence” about the on-going annual contract negotiations, the Cosco President said in a March 12 interview in Beijing. “The full recovery has yet to [...] Two of Japan’s largest shipping firms, NYK and “K” Line, reached agreements with shipbuilders to convert some container ship orders to orders for bulk carriers and other vessels, as demand for container shipping is expected to take time to make a full-fledged recovery. NYK agreed … to convert seven of its 14 container ship orders to [...] Archer Daniels Midland Company (ADM) and Norton Lilly International (NLI) today announced the formation of Agri Port Services, LLC (APS), a jointly owned steamship agency. Based in Destrehan, La., Agri Port Services will provide agency services to the grain industry and all dry cargo sectors, with an initial focus on Panamanian, Canadian and U.S. ports. [...] MOL on Friday more than doubled its profit forecast for its current fiscal year, saying “strong demand” in dry bulk shipping and rising container shipping prices are improving the company’s outlook. CXT, Inc., a wholly owned subsidiary of L.B. Foster Co., has been awarded a contract by West Rail Construction to supply 23,000 concrete rail ties for the unloading system at EGT Development’s Columbia River Grain Terminal. CXT plans to start shipment of ties from its Spokane manufacturing plant to the new Longview, Wash., riverside facility [...] Australian mining firm BHP Billiton has committed US$240 million to move toward entering potash mining in near Jansen, Saskatchewan, Canada. The company is now in the final stages of a “pre-feasibility” study for project designed to produce about eight million tonnes of farming-grade potash per year, the company said in a release Wednesday. “The Jansen [...] Faster transit times and more throughput were hallmarks of the latest report issued by the Canal’s governing body. The Panama Canal Authority (ACP) released first quarter operational metrics today for fiscal year 2010. In Q1, Canal Waters Time (CWT), the average time it takes a vessel to transit the Canal (including waiting time for passage) significantly [...] |
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