Fitch Assigns 'AA' to Massport Bonds
Fitch Ratings has assigned a 'AA' rating to the Massachusetts Port Authority's (Massport) approximately $460 million series 2019-B and C senior lien revenue bonds. The Rating Outlook is Stable. Key Rating DriversThe 'AA' revenue bond rating reflects a very strong revenue risk profile anchored by the solid Boston service area, which has supported Logan Airport's (the airport) large, resilient traffic base of over 19 million enplanements and the Port of Boston's (the port) stable container and cruise activity.
Shipbuilding: Rewriting the Book
As maritime digests a number of historical changes, Norway’s Fjellstrand shipyard wants to put aside the rule book and look at the whole process in a new way, reducing engineering costs up to 70% and production costs up to 20%.The process of designing and building a ship, even in today’s highly standardized mass manufacturing environment, remains largely a one-off, one-of-a-kind design and build. Ships are most often built to a shipowner’s or operator’s specific requirements, which are often based on fixed parameters such as speed…
DFDS CEO Steps Down
Danish international shipping and logistics company DFDS said that Niels Smedegaard, longtime CEO, will step down by the end of April. Current CFO Torben Carlsen will take over as new CEO.In close partnership with Niels Smedegaard, Torben Carlsen has been in-strumental in making DFDS a larger, stronger and more profitable company and will thus contribute to ensuring continuity in the development and op-eration of the company.Niels Smedegaard has been CEO of DFDS since 1 January 2007.Niels said: “My time at DFDS has been a fantastic journey…
Fitch Affirms Port of Oakland at 'A+'
Fitch Affirms Port of Oakland, CA's Sr. Revs, Intermediate Revs and Bank Bonds Underlying CP Notes.Fitch Ratings has affirmed the following Port of Oakland, CA bonds:$637 million of senior lien revenue bonds at 'A+';$218 million of intermediate lien revenue bonds at 'A';Underlying bank bonds for the port's commercial paper (CP) notes at 'A'.The Rating Outlook on all of the bonds is Stable.Key Rating DriversThe ratings reflect diverse revenues from the port's aviation, maritime, and Commercial Real Estate (CRE) operations.
Former U.S. Navy Captain Pleads Guilty in Corruption, Fraud Probe
A retired U.S. Navy captain pleaded guilty to criminal conflict of interest charges and a former U.S. Navy master chief was sentenced to 17 months in prison today on corruption charges. The defendants are among the latest U.S. Navy officials to plead guilty and be sentenced in the expansive corruption and fraud investigation involving foreign defense contractor Leonard Glenn Francis and his Singapore-based ship husbanding company, Glenn Defense Marine Asia (GDMA).Assistant Attorney General Brian A. Benczkowski of the Justice Department’s Criminal Division, U.S. Attorney Adam L.
Damen Takes Second in Maritime & Aviation Sector in MT500 Rankings
Damen Shipyards Group has achieved second place in the maritime & aviation sector in this year’s MT500 rankings of the top 500 companies and institutions in the Netherlands. It also came twentieth out of 500 in the overall ranking, its best ever result.In the ratings breakdown, Damen achieved the full five stars for product leadership and employment practises. The winner in the maritime & aviation category was national airline KLM, with the Port of Rotterdam coming third.The MT500…
Twill Realigns Under Maersk Brand
Digital freight forwarder Twill has switched its brand affiliation from Damco to Maersk. The realigning of the brand will make it possible to offer Twill to all Maersk customers, in line with the A.P. Moller – Maersk strategy to become a global integrator of container logistics offering end-to-end solutions.Launched in April 2017, Twill was created as a Damco innovation and operated as a partner with the freight forwarder and supply chain management company, which is part of A.P.
Twill Replaces Damco with Maersk
Twill, a digital freight forwarder designed to make shipping simple, has announced a change in its brand affiliation from Damco to Maersk.Launched in April 2017, Twill was created as a ‘Damco innovation’ and operated as a partner with the freight forwarder and supply chain management company, which is part of A.P. Moller - Maersk.The realigning of the brand will make it possible to offer Twill to all Maersk customers, in line with the A.P. Moller - Maersk strategy to become a…
Evergreen Group Celebrates 50th Anniversary
Evergreen Group celebrated its 50th Anniversary at the Chang Yung-Fa Foundation, home of the charity set-up by Evergreen Group Founder and Chairman Dr. Y.F. Chang, said a press release from the company.In addition to senior executives and employees of the Group’s businesses, the event was also attended by public officials, customers and business agents from both the shipping and airline industries as well as representatives of supply chain partners from more than fifty countries.The…
Container Overbooking Causing Delays for Brazil Exports -Maersk
Brazilian exporters are facing delays shipping goods transported in containers, including coffee and cotton, due to overbooking, the world's largest container shipping company, A.P. Moller-Maersk A/S, said on Monday.In a report on its operations in Brazil, Maersk said exports fell for the second quarter in a row, citing the practice of some exporters reserving more space in ships than they need, leaving other companies failing to find room for their cargo."Exporters are hurting each other when they book space they end up not using…
Turi Fiorito to Become New EFIP Director
Turi Fiorito has been appointed as new Director of the European Federation of Inland Ports (EFIP). He will take up his function on 20 August, 2018. Turi Fiorito comes with a solid background in EU policy making and transport, having worked as Transport Policy Advisor for a Dutch Member of the European Parliament, Wim van de Camp. In that capacity, Turi has been working on different port (Port Services Regulation), rail (4th railway package) and inland waterway issues for a number of years.
SWIVEL unveils a Logistics Control Tower
SWIVEL Software announced, at the 3PL Value Creation Asia Summit in Hong Kong, the launch of SWIVEL 360, a Logistics Control Tower that can provide both visibility and transparency between all parties in the supply chain. With SWIVEL 360, all parties can get real time alerts and search the status of a shipment based on SKU or item code, purchase order, bill of lading, container, or customer. The collaboration portal also allows simple tasks as searching airline and sailing schedules, communication with factories overseas, booking freight to logistics partners/carriers, and much more.
Repatriating Sick and Injured Seafarers
Following a recent roundtable with Rowland Raikes, Medical Rescue International, Markus McMillin, Claims Executive at UK P&I Club, discusses the varying circumstances surrounding medical repatriation of seafarers, and the related challenges and associated costs. Medical repatriation is the transportation, home or to another medical facility, of a seafarer following an accident or illness when medical personnel and/or equipment are required for the journey. The two main themes…
A.P. Moller-Maersk Elects New Chairman to Steer Digital Transformation
A.P. Moller-Maersk's new chairman committed to automating its systems as the oil and shipping group steps up its drive to become more efficient and save costs at a time of low oil prices and declining freight rates. The more than 100-year-old conglomerate's digital push will mean that in theory, it should be as easy to book a container as booking an airline ticket, Chairman Jim Hagemann Snabe told Reuters shortly after he was elected. "We transport goods in the physical world and that won't change as we won't start beaming things around the world…
While much of the maritime world slumps, the cruise sector is enjoying its most vibrant growth in a generation. Carnival Corporation, in particular, is doing very well as its financial performance is stronger than ever, with 2016 delivering the best year of earnings in company history. The company’s adjusted earnings for 2016 of $2.6 billion is the best annual financial performance in its 44-year history. With that, Hans Hederstrom, Managing Director give overview of CSMART, one of the newest and richly appointed simulation centers on the planet.
Seattle Kicks Off Its Biggest Cruise Season
The Port of Seattle has kicked off its biggest cruise season yet with more than one million revenue passengers on 218 vessels, making Seattle the biggest cruise port on the West Coast. The cruise industry in Seattle is responsible for over $500 million in economic impact to the region, providing more than 4,000 jobs and $18.9 million in state and local taxes, with each homeported vessel generating $2.7 million to the local economy. “A record number of cruise passengers this season means local agriculture and food companies…
Port of Long Beach: The Green Port
There are two kinds of green. At Long Beach, the commitment to environmental progress remains at the forefront of the port’s business plan. That’s just smart business. A March 2017 visit to the Port of Long Beach provided a close-up view of one of America’s premier seaports. Most stakeholders already know that the port is a major gateway for containerized traffic and a host of other goods and commodities on the U.S. West Coast. That’s not news. Neither is the fact that $180 billion in total trade annually moves through the nation’s second-busiest seaport.
River Thames Simulation Supports Safer Navigation
The Thames Tideway Tunnel project, London’s new ‘super sewer’, which will upgrade the city’s 19th century sewerage system for today’s eight million plus inhabitants, requires excavation on an enormous scale. Creating a tunnel 25 kilometers in length, and running up to 65 meters beneath the River Thames, will generate immense volumes of spoil, right in the heart of London. To minimize the impact of transporting this on the capital’s roads, Tideway plans to transport around 4 million metric tons of this material by river.
Peel Ports Applies Air Traffic Systems for Marine Ops
Air traffic control technology is to be applied to a commercial port group in the UK for the first time. Peel Ports Group, the UK’s second biggest port operator, is investing £2.7m ($3.5m) across its network of seven Statutory Harbor Authorities to streamline marine operations. The package of technologies includes vessel identification and tracking, solid-state radar and weather stations. It will be complemented by a new online booking system for its customers and a comprehensive people development program.
Seaway Shipping Unveils 2018 Government Wish List
Chamber of Marine Commerce President Bruce Burrows today unveiled a 2018 wish list for legislative and policy makers to build on the economic momentum of Great Lakes-St. Lawrence and coastal shipping in Canada and the U.S. “2017 was a year of significant cargo increases fueled by global economic recovery and new business wins by our members. But the difficult season closing as ships struggled to move through ice after an Arctic-like cold snap reminded us that challenges can arise even in the good years,” said Mr. Burrows.
Korean Air to Loan Hanjin Shipping $54m
The board of Korean Air Lines , the largest shareholder of collapsed Hanjin Shipping Co Ltd, has approved lending 60 billion won ($53.96 million) to the container carrier, using Hanjin's accounts receivable as collateral, a spokesman for the airline said on Wednesday. The spokesman said the funds would be used to help to offload cargo that has been stranded on Hanjin ships. Last month, South Korea-based Hanjin filed for court receivership with roughly 6 trillion won in debt. (Reporting by Joyce Lee)
CEVA Logistics Appoints Waller as CFO
CEVA Logistics, supply chain management companies, has announced the appointment of Peter Waller as Chief Finance Officer and member of the Executive Board with immediate effect. Waller brings experience in the travel, logistics, business services and internet/e-commerce industries. He has previously been Group CFO at Eurofins Scientific and spent over eight years with the Thomas Cook Group in London and Frankfurt where he held roles including CFO of its online division, as Investor Relations Director and as Group Financial Controller for its German airline subsidiary Condor.
AWI to Track Carbon Particles in the Arctic
On 15 March, the AWI research aeroplane Polar 5 will depart for Greenland. Concentrating on the furthest northeast region of the island, an international team of researchers will spend the next four weeks studying how the Arctic is changing. In the course of the PAMARCMiP campaign they will measure the sea ice and the atmosphere between Greenland and Svalbard – on the ground, using a tethered balloon, and from the air. Their primary target: carbon particles. Historically, Greenland isn’t exactly considered to be prone to wildfires.
Changes, Challenges Are Tough on the World's Ship Masters
Bullying, micro-management of his activities and the threat of going to jail while doing his job, remain major pressures for the Masters of merchant ships - and the situation is getting worse. ‘Masters Under Attack – Authority and Responsibility in an Age of Instant Access’ was the topic discussed by an expert panel at the Cadwallader Debate, organized by the London Shipping Law Center (LSLC), at Drapers’ Hall, London. The panel, chaired by Lord Clarke of Stone-cum-Ebony, consisted of Debate Moderator Captain Kuba Szymanski…
Weinberg Elected Chairman of Canaveral Port Authority
During the November Commission meeting, Board members unanimously selected Tom Weinberg to serve as Chairman of the Canaveral Port Authority after newly elected Micah Loyd and Bob Harvey formally were sworn in to begin their terms. Elected in 2010 and reelected in 2014, Chairman Weinberg is a fourth-generation Brevardian elected from District 5. His career included positions as Chief of Staff for former U.S. Senator Mel Martinez and Deputy County Administrator for Orange County, Fla. Currently, he is a Director of Fidelity Bank of Florida headquartered in Merritt Island.
DP World Sets Its Sights on Hyperloop Cargo Shipping
Dubai-based port operator DP World has partnered with Sir Richard Branson’s Virgin Hyperloop One to create a new venture that aims to provide hyperloop-enabled cargo systems.DP World and the U.S.-based Virgin Hyperloop One introduced their vision for “the future of on-demand freight transportation” at an event on April 29 at the historic vessel Queen Elizabeth 2.The joint venture, called DP World Cargospeed, will set out to be the world’s first to ship cargo with hyperloop technology.