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CMA CGM SA, the French shipper reorganizing 5.4 billion euros ($7 billion) of debt, is seeking to put together a new investor group by a July 26 court deadline, said people with direct knowledge of the matter. CMA CGM, which began talks with creditors in September, needs the reorganization to avoid insolvency after breaching covenants on [...] The Port of Hueneme expects a net loss of $1.2 million for the fiscal year ended June 30, and port officials are tightening operations in anticipation of a $2.3 million loss in 2011. The only deep-water port between Los Angeles and the San Francisco Bay Area, the Port of Hueneme is a key landing point for [...] The world’s third-largest container shipping line looks close to receiving a capital injection from Qatar’s sovereign wealth fund after it said it expected a deal by the end of July. CMA CGM, based in Marseilles, said it needed only a few weeks to complete a deal in spite of missing the latest of several deadlines to [...] Five challenges for JaxPort The drive to make Jacksonville one of the East Coast’s top-tier ports could be knocked off course by a number issues. Waterway currents: The biggest ships face restrictions on when they can enter Jacksonville harbor because of strong currents at the Intracoastal Waterway. A fix will cost $60 million. Hanjin on hold: Plans for [...] In the past, Port of Tacoma officials’ energy was targeted toward high-dollar container development. … Now, with orders from the Port of Tacoma Commission to right its financial ship, port officials are looking back to less troubled times and less glamorous business. Last fall, the port leased about 16 acres of the 26-acre log export facility [...] “Rates have increased, but more importantly, we have taken out costs by, among other things, reducing fuel consumption through slow steaming and better planning,” CEO Nils Smedegaard Andersen said in Maersk Post. “We are more competitive today than before the crisis,” Andersen said, adding that cost cutting would continue across the group as competitors are doing [...] Leading users of the Panama Canal voiced outrage Tuesday at toll increases that take effect next year, calling them outsized, unfair and ill-timed. The hikes set to take effect January 1 vary by the type of ship and cargo, from 8-16 percent. “Shippers have suffered from the decrease in traffic, and even now we face an [...] International trade volumes remained anemic at the Port of Tacoma during the first few months of 2010, but the port is still on track to be solidly in the black by year’s end, port executives told Port of Tacoma commissioners this week. The port expects net income of $20.7 million for 2010, David Morrison, the port’s [...] Some longshore workers at the Port of New Orleans believe that cargo from Central and South America is being routed to other Southeastern ports to avoid the oil spill, but port and company officials deny that's the case. The sluggish national economy and a shift in the type of ships calling on the Port of [...] Yang Ming Marine Transport Corp., Taiwan’s second-largest container shipping company by revenue after Evergreen Marine Corp., expects stronger-than-expected US demand to boost its full-year profit, company Chairman Frank Lu said. “Demand on the US routes will be robust until late November,” Lu told reporters at a luncheon, adding the company, which has agreed with its clients [...] Hanjin Shipping Co., South Korea’s largest container line, expects a return to profit on its biggest routes as an economic recovery in the U.S. revives demand for Asian-made goods. “The bleeding will stop as of May,” the company’s CEO said in an interview. “We were losing so much money on transpacific trade.” Hanjin has secured about [...] A European shipowner canceled an order for three container ships because it could not finance the $300 million contract with a South Korean shipyard. The Hanjin shipbuilding company said the unidentified owner had agreed to forfeit the deposit on the vessels which were part of an order for five container ships placed in 2007. This is [...] Trucks near the Port of Los Angeles. Click on the image to read the full LA Business Journal article. Nearly 12 months into a program that paid dozens of trucking companies $44 million to upgrade vehicles serving the Port of Los Angeles, the vast majority of subsidized trucks have not made the minimum number of [...] Hundreds of empty container ships sat idle off the coast of Singapore last year. The world’s top container lines lost an average of $1,500 per 20-foot equivalent unit of fleet capacity while racking up an estimated $15 billion in operating losses last year, AXS-Alphaliner reported in its weekly newsletter. The Paris-based information service said 18 of [...] Container ship lines may be “shooting themselves in the foot” by restoring vessel capacity faster than cargo volumes rise, a new report by Axis Intermodal UK warns. An analyst said effective capacity — vessels in operation — is expected to rise 12 percent in each of the next two years as carriers reactive laid-up ships and [...] |
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