Promoting international shipping cooperation is of great importance in ensuring the smooth flow of global logistics supply chains and boosting the global economy amid an increasingly complex market environment, officials and industry players said at the second World Maritime Merchants Forum in Hong Kong on Tuesday. Delivering his speech at the opening session of the two-day event, Dai Dongchang, vice-minister of the Ministry of Transport, equated transport with the artery of an economy and a bond between civilizations, saying the shipping industry, as an important part of transportation, plays an ...

A shipment next week of Russian fertiliser exports to Malawi could set an example and help to ease a 300,000-tonne backlog in European ports, a U.N. official said as the body addresses Russian concerns that threaten a Black Sea grains export deal. An agreement designed to alleviate global food shortages by helping Ukraine export its agricultural products from Black Sea ports was extended for four months on Thursday, though Moscow said its demands had yet to be addressed. Rebeca Grynspan, Secretary-General of the U.N. Conference on Trade and Development (UNCTAD) ...

FEPORT supports the Fit for 55 proposals as key building blocks to allow the decarbonization of the EU economy towards climate neutrality by 2050, including those proposals aimed at the greening of maritime shipping such as FuelEU Maritime and the EU ETS revision. FEPORT is however concerned that the geographical scope of these pieces of legislation could harm the competitive position of EU seaport terminals, as their extra-EU application means that shipping companies can avoid their financial implications by adding a call to a non-EU port. As pointed out by ...

Heavy-duty electric trucks servicing San Pedro Bay port terminals can now charge for free at the Port of Long Beach, which announced it has opened the first two public charging stations in the nation for the vehicles. The Port has partnered with EV Connect, a leading provider of charge-management solutions for electric vehicles, to provide the stations at the Clean Truck Program Terminal Access Center, 1265 Harbor Ave., Long Beach 90813. View the fact sheet for details and eligibility. “Southern California will need a network of thousands of heavy-duty charging ...

The crisis in the world’s main economies and the geopolitical situation are leaving their mark on traffic at Valenciaport, Spain’s leading logistics infrastructure at the service of import and export companies. Specifically, in the first ten months of the year, this situation is reflected in a fall in the number of containers entering and leaving Valencia, especially those dedicated to transhipment. On the other hand, there have been notable increases in liquid bulk, especially for natural gas, and solid bulk. Similar circumstances are being observed in the first three European ...

The Ministry of Transport this month submitted a report requesting approval to implement the master plan for Vietnam’s seaport system for the 2021-2030 period. In the report, the ministry (MoT) announced three lists of investment projects to develop seaport infrastructure, comprising 18 public investment projects in the maritime sector worth over $1 billion; a list of four work clusters for leasing and exploiting port infrastructure; and a list of seven projects and project clusters with non-budget capital of $13 billion. Nguyen Xuan Sang, Deputy Minister, of Transport said that marine ...

Union Minister of Ports, Shipping and Waterways Sarbananda Sonowal on Saturday announced India’s first National Centre of Excellence for Green Port & Shipping (NCoEGPS) a major initiative by the Ministry of Ports, Shipping towards providing greener solutions. “The centre aims to develop a regulatory framework and alternate technology adoption road map for Green Shipping to foster carbon neutrality and circular economy (CE) in shipping sector in India,” the Ministry of Ports, Shipping and Waterways said. India intends to increase the share of renewable energy to 60% of the total power ...

The privatization of Brazil’s largest and busiest sea terminal, the Port of Santos clears another barrier. In effect the final report released by the Brazilian federal court of audits TCU did not express major reservations over the privatization process. The adjustments required by the court of accounts were deemed minor by the authorities backing this project, which is one of the president Bolsonaro administration’s priorities in the infrastructure field. Despite that, the process has been delayed many times in the recent past. The document issued by the Port and Railway ...

UAE renewable energy firm Masdar and its partners Infinity Power and Hassan Allam Utilities said on Wednesday they signed a framework agreement with Egyptian state-backed organisations to develop a two gigawatt (GW) green hydrogen production project in the Suez Canal Economic Zone (SCZONE). The Masdar-led consortium had earlier signed two Memorandums of Understating in April to develop two green hydrogen production plants, one in SCZONE and the other on the Mediterranean. The consortium is targeting capacity of 4 GW by 2030 and output of up to 480,000 tonnes of green ...

Buoyed by its continued strong finances and competitive position, the Port of Los Angeles has been upgraded to an AA+ bond rating with stable outlook on its outstanding bonds by Standards & Poor’s (S&P), the highest rating given to a seaport without taxing authority. “The upgrade reflects our view of the Port maintaining is historically high financial metrics and extremely competitive position during the COVID-19 pandemic,” said S&P Global Ratings credit analyst Scott Shad. “Trade tensions with China have not resulted in weaker financial performance, and supply chain disruptions and ...

Valenciaport is reinforcing its face-to-face commercial action in its reference enclaves in its hinterland with an event in Madrid organised by the Chamber of Commerce, Industry and Services of Madrid and the Port Authority of Valencia (PAV). Valenciaport is a key player in the Madrid and Spanish economy: 60% of the containers in the Madrid region are operated through the Port of Valencia. The conference will explain the services and customer-focused strategies offered by the leading container port in Spain and fourth in Europe. The event ‘Valenciaport. Puerto de Madrid’ ...

Canadians have experienced supply chain challenges firsthand and the impacts that come with them, like the rising cost of everyday products. More recently, existing supply chain issues were exacerbated by extreme climate events, changes in trade patterns, and Russia’s invasion of Ukraine. This is why the Government of Canada is taking concrete action to strengthen our supply chain and continue to build an economy that works for everyone. Today, the Minister of Transport, the Honourable Omar Alghabra, introduced the Strengthening the Port System and Railway Safety in Canada Act in the ...

AD Ports Group (ADX: ADPORTS) today announced that it has acquired Noatum, a global integrated logistics platform with a presence in 26 countries and LTM revenue and EBITDA of AED 6.91 billion (EUR 1.80 billion) and AED 555 million (EUR 145 million), respectively. The total purchase consideration (Enterprise Value) for 100% ownership amounts to AED 2.5 billion (EUR 660 million), implying an LTM EV/EBITDA of 4.6x. This value and earnings accretive acquisition, which significantly broadens AD Ports Group’s global footprint and positions it among the leading logistics and freight forwarding ...

The Port of New York and New Jersey took the top spot in the country for trade the month of October, the third-consecutive month it has topped California’s big ports as more cargo volume shifts to the East Coast. New York handled 792,548 twenty-foot equivalent units (TEUs), nearly 19% more than in October 2019. Earlier this week, the Port of Los Angeles posted its lowest level of October since 2009. Port of Los Angeles executive director Gene Seroka cited protracted negotiations and fears of a labor strike among port workers ...

Lieutenant-General Osama Rabie, Chairman of the Suez Canal Authority (SCA), said on Wednesday that revenues of the Suez Canal are expected to reach $7.8 billion by the end of the year. He added in televised statements that the number of ships that came from the south has raised more than last year’s numbers, especially since Europe is getting gas from the south instead of the north countries due to the Russian-Ukrainian war. The navigation movement in the Suez Canal recorded, Monday new and unprecedented records in terms of daily transit ...