Business
The Georgia Ports Authority saw record volumes through its Port of Brunswick, while a flurry of investments should yield stronger container volumes at the Port of Savannah in 2024.The Port of Brunswick handled a record 775,565 units of autos and machinery in the port’s 2023 calendar year, an increase of 15.6 percent over 2022.“GPA is firing on all cylinders,” said GPA Chairman Kent Fountain, as the port authority’s investments of ...
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BIMCO, one of the largest international shipping association for shipowners, has established a subcommittee to work on a global standard contract for the transport and installation of offshore wind turbines.The project aims to support the offshore wind industry as global demand for renewable sources of ...
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BIMCO expects the dry bulk market to remain steady through 2025, according to the shipping association’s January Dry Bulk Shipping Market Overview and Outlook.The dry bulk market will look much like 2023 in each of the next two years, BIMCO said. Supply is expected to ...
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Multipurpose vessel operator Swire Shipping said Westwood Shipping Lines, a niche vessel operator acquired in June 2022, has integrated and has taken on the Swire Shipping name.Westwood Shipping operates between the Pacific Northwest and Northeast Asia, and Swire Shipping’s acquisition was part of the Singapore-based ...
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Ocean freight shipping rates are expected to increase further in February amid the ongoing Red Sea crisis, according to data from Xeneta, the ocean freight rate benchmarking platform.However, there are signs that rates could begin to fall again following the Lunar New Year peak, the ...
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Singapore-based shipping line Ocean Network Express, or ONE, reported a sharp downturn in revenue, earnings and profit for the most recent quarter.The shipping line saw a third-quarter loss of US$83 million, a significant decrease from the year-earlier quarter’s profit of US$2.79 billion. Revenue fell 46 ...
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Liner carrier Hapag-Lloyd, which recently announced the Gemini Cooperative with A.P. Moller - Maersk, reported a significant decrease in earnings in its 2023 financial year.Group EBITDA was US$4.8 billion, compared with US$19.4 billion for fiscal 2022, which the company attributed to lower freight rates due ...
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The U.S. Department of Transportation said it will distribute more than US$728 million for 37 projects that aim to bolster the nation’s freight infrastructure.The funds are available under the Bipartisan Infrastructure Law’s Mega Program and the Infrastructure for Rebuilding America Grant Program.The Mega Program, known ...
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Cargotec’s Board of Directors have approved a demerger plan, announced in April 2023, for all assets, debts and liabilities related to the Kalmar business.Cargotec’s board said separating the entities “could unlock shareholder value by allowing both businesses to pursue sustainable profitable growth opportunities independently.”Kalmar is ...
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Despite a strong December, container volumes handled at Port Houston in 2023 fell 4 percent to 3.8 million TEUs, short of the port’s record-setting year in 2022.The decrease was attributed to a large drop in empty repositioning volumes, the port said, while its strong exports ...
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