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Friday, December 6, 2019

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  • Martin Rushmere (221) (X)

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New TransPac Services Add Fuel to the Fire

Posted to Martin Rushmere (by Martin Rushmere) on September 10, 2010

A curious concoction is fermenting around the West Coast. The Containership Company (TCC), nominally based in Denmark, is pleased with results so far, a $3 million net loss on $21 million in revenue during the first half of its first year. Then we have Hainan PO Shipping…

Hail the New Trading Era

Posted to Martin Rushmere (by Martin Rushmere) on September 2, 2010

Maersk, the Wal Mart of the ocean, has been at the forefront of critics of the fledgling container derivatives market. (In March, boss Eivind Kolding called the business "a casino.") This week a UK retailer sued Maersk for alleged breaches of contract on price and services.

A Welcome Act of Public Regard

Posted to Martin Rushmere (by Martin Rushmere) on August 27, 2010

When ports refuse wage rises, more people should take notice. Seattle has provided a model answer to other sectors of the economy with boss Tay Yoshitani turning down a 4 percent pay hike on top of his $330,000 a year. Some investment bankers…

Port and City Dispute Gets Nasty

Posted to Martin Rushmere (by Martin Rushmere) on August 19, 2010

Long Beach port commissioners are fighting for their turf and showing valiant colors in fighting off City Hall. Despite some heavy pressure from the city's mayor and colleagues over changes to the amount of money the city can take from the port each year, commissioners stuck to their guns.

More Detail on Port Investment Ratings

Posted to Martin Rushmere (by Martin Rushmere) on August 12, 2010

More details have become available about Moody's rating agency's take on the soundness of 18 US ports plus two intermodal corridors. "Negative credit pressures remain as ports recover from revenue and cargo losses that fell to levels well below earlier expectations…

Is Maritime Security too Important to be Left to Professionals?

Posted to Martin Rushmere (by Martin Rushmere) on August 5, 2010

And so it goes, with politicians second guessing maritime professionals. This week's example is brought by House members Bennie Thompson, chairman of the House Homeland Security Committee, Edward Markey and Jerrold Nadler, who are not exactly…

Ports Turn Into Cash Cows

Posted to Martin Rushmere (by Martin Rushmere) on July 29, 2010

It was probably inevitable, but Long Beach city council is setting the way and opening up new, unfriendly dimensions (for ports and shipping lines at least) with its treatment of the city's port. Though a final vote has still to be taken, the city wants to take 5 percent of GROSS REVENUE…

Port Investment Ratings Get Shakier

Posted to Martin Rushmere (by Martin Rushmere) on July 21, 2010

In March (this blog March 4), Fitch's was pretty confident that LA/Long Beach was leading the pack in assuring a stable and financially viable environment. Although taking a cautious view in some respects, notably the Panama Canal effect, Fitch's reckoned that a smooth ride was ahead.

Long Beach Blows a Raspberry at Local Politicians

Posted to Martin Rushmere (by Martin Rushmere) on July 15, 2010

The principle of "One hand washing the other" might apply to Washington bureaucrats and politicians, but Long Beach port authorities are having none of it. The angst over the LB city council demanding an extra dollop of cash from the port for the Tidelands fund continues…

Officialdom Interferes with Ports Again

Posted to Martin Rushmere (by Martin Rushmere) on July 8, 2010

State and city officialdom continues to rule the waves in California's ports when it comes to public funds. And the motives behind the decisions appear to have little to do with serving the people. At Long Beach, the city council is demanding…

Change of Course in US Commercial Thinking

Posted to Martin Rushmere (by Martin Rushmere) on July 1, 2010

The industry in the US is always keen to accept, if not develop, technological advances, but is slow to adapt its thinking and management style. Recent events, not least the recent Great Recession, have forced a change of outlook and brought about fresh ideas.

Ports Turn Mountains into Molehills

Posted to Martin Rushmere (by Martin Rushmere) on June 23, 2010

"Wot, me worry?" could perhaps become the motto for Western Seaboard ports. Despite  warning signals getting bigger and louder, port authorities  pretend that problems are insignificant. The latest warning has come from Pacific Merchant Shipping Association President John McLaurin…

Politicians Squawk over Pacific Antitrust Immunity

Posted to Martin Rushmere (by Martin Rushmere) on June 17, 2010

The Transpacific Stabilization Agreement, the carriers' carrier, is like a bus. Never there when you need one and then three press releases come along at the same time. Right now is just the moment for a news bulletin to be issued, to give another angle to the thorny topic of antitrust immunity.

West Coast Deepens as East Coast Looks Elsewhere

Posted to Martin Rushmere (by Martin Rushmere) on June 10, 2010

Channel deepening is all the rage among ports, with Long Beach officially starting a $40 million project to dig out 1.5 million cubic feet of material to extend the main channel to 76 feet. “We’re sending a message to our customers. We want your discretionary cargo to come back…

San Francisco Wrestles with its own Shipyard Problems

Posted to Martin Rushmere (by Martin Rushmere) on June 2, 2010

San Francisco has its own method of dealing with unwanted shipyards by turning them into shopping malls .At least that's what Flower Power city has done with the Candlestick Point/Hunters Point yard. The shopping mall, officially termed "commercial…

The LA Shipyard Wrangle is About to Hit the Bumpers

Posted to Martin Rushmere (by Martin Rushmere) on May 27, 2010

A costly, unsatisfactory compromise is likely in the unsettling wrangle over the largely defunct Southwest Marine shipyard, now owned by Gambol Industries, in Los Angeles. The year's deadline is but a month away for a plan to be produced over…

Old Salts Need to Broaden Their Vision

Posted to Martin Rushmere (by Martin Rushmere) on May 20, 2010

This month 150 Old Salts plus advisors berthed for the first time at the Capitol to tell Congress their thoughts on the future of US merchant marine policy and ways to keep maritime commerce healthy. Dubbed the "Maritime Congressional Sail-In"…

Magic Pipe Murkiness Surfaces Again

Posted to Martin Rushmere (by Martin Rushmere) on May 6, 2010

Masters of foreign carriers have lost a couple of their worry lines following a "not guilty" verdict in Houston for the master of the Georgios M. He was nabbed under the "magic pipe" law, but the jury disbelieved the crewmembers who claimed to have seen the master use the pipe.

Jones Act Gets in the Way of Efficient Service

Posted to Martin Rushmere (by Martin Rushmere) on April 29, 2010

Horizon Lines could be on the way to becoming a maritime version of Detroit's carmakers, following its dismal results for the first quarter. Boss Chuck Raymond calls the $13 million loss (up from $10 million the previous year) "a slow start" but expects some improvement later…

Full Speed Ahead for Anguish on the Fast Boat to China

Posted to Martin Rushmere (by Martin Rushmere) on April 22, 2010

Too much attention is being paid to rates and (lack of) capacity on the trans Pacific route and not enough to the intriguing possibilities, and perhaps tussle, being opened up between two new entrants on the route, The Container Company (TCC) and Horizon Lines.