Svitzer to Deliver Two Tugs for Suez Canal
Svitzer, part of Denmark-based A.P. Moller - Maersk Group, has signed a 10-year agreement with the Suez Canal Authority wherein the company will provide two newbuild tugs to support operations.The the largest company globally within towage, salvage and related services said in a press release that per agreement, it has to provide two new azimuth stern drive (ASD) tugs for supporting the operations in Port Said and Suez Canal."After several stages of approval and multi-disciplinary approaches…
Moody's Upgrades Panama Canal Rating
Moody’s Investors Service upgraded the 20-year $450 million Senior Unsecured Bonds issued by the Panama Canal Authority (ACP) to A1 from A2, with a stable outlook, based on the waterway's strong performance since the expansion's inauguration.Moody's noted that the Expanded Canal has increased overall tonnage and attracted new market segments, contributing to the waterway's strong performance. According to Moody's, "stronger cash flow generation coupled with a relatively low leverage…
Suez Canal Extends Bulker Toll Discounts
The Suez Canal Authority (SCA) has extended discounts concerning dry bulk vessels operating between American and Asian ports after considering “new changes in the global shipping market and the world economy”."SCA pays more attention to its users best interest, and has recently taken steps towards being the safest, most secure, most reliable and most competitive compared to other routes," said a press release.It said that the rebate granted to (Laden/Ballast) Dry Bulk Vessels operating between Americas' ports and Asian ports…
Panama Canal Appoints New Administrator
The Panama Canal Board of Directors announced the appointment of Ricaurte Vasquez as the next Panama Canal Administrator.According to a press note from the artificial 82 km waterway in Panama that connects the Atlantic Ocean with the Pacific Ocean, Vasquez will take office on September 4, 2019, succeeding current Administrator Jorge L. Quijano, who concludes his seven-year term at the helm of the waterway.The decision was made by the Board of Directors in accordance to an independent…
Moody's Rated Panama Canal with Stable Outlook
Moody's Investors Service reaffirmed the Panama Canal Authority's (ACP) A2 long-term rating with a stable outlook, based on its distinctive position as an infrastructure asset with a unique geographic advantage and business model, and its strong historical operational and financial performance.According to Moody's, the ACP's strong financial performance has resulted in better than anticipated financial metrics, driven by the successful operations of the Expanded Panama Canal.
Brazil’s Itaqui Port and Panama Canal Sign MOU
The Panama Canal has signed a memorandum of understanding with the Port of Itaqui to promote the shipment of grains and other cargoes in the commercial route from Brazil through the Panama Canal to destinations located in the Pacific Ocean.Itaqui, located in São Luís, Maranhão, is the Brazilian port closest to the Panama Canal. It has the infrastructure and connectivity necessary to move these exports to markets in Asia."With this agreement, the Panama Canal looks to promote…
ITF Warns on Tug Captains Fatigue at Panama
The International Transport Workers' Federation (ITF) warns that a major accident on the Panama Canal could be imminent, highlighting the serious health and safety concerns related to the fatigue of tugboat captains.The new report takes the Panama Canal Authority (PCA) to task with tiredness, rather than the protocols in place for the physical transfer of vessels as was the case previously.Fatigue of Panama Canal tugboat poses a major threat to safety in the operation of the canal’s Neopanamax locks…
Egypt Cuts Fees for Ships Arriving at East Port Said
Egypt will reduce the tariffs on container ships and ferries coming from foreign ports to East Port Said for a period of one year, the Suez Canal Authority said in a statement on Thursday.A 30 percent discount on port, docking and guiding fees will apply for vessels carrying less than 80,000 tonnes while those carrying more than that will receive a 40 percent discount, the statement said.Vessels carrying more than 50 containers will be eligible for a discount of up to 60 percent, but both rates cannot be applied at the same time, it said.The Suez Canal is the fastest shipping route between Eur
Panama Canal Sets Record Annual Cargo Tonnage
The Panama Canal closed its 2018 fiscal year with a record tonnage of 442.1 million Panama Canal tons (PC/UMS), which represents a 9.5 percent increase from the previous year, the Panama Canal Authority reports.With this tonnage, the Panama Canal surpasses the cargo projections of 429.4 million PC/UMS tons for FY 2018, as well as the 403.8 million PC/UMS tons registered in FY 2017."The Panama Canal continues to exceed our expectations, reinforcing every day the importance of the waterway's expansion and its impact on global maritime trade," said Panama Canal Administrator Jorge L. Quijano.
Panama Canal Modifies Reservation System
The Panama Canal will implement, from October 1, changes in the transit reservation system for the new neopanamax locks, which includes a restructuring of payment fees for the natural gas segment liquefied (LNG), in order to optimize the use of the interoceanic route.A press release from Panama Canal Administration (ACP) said that the modifications "are a positive step for the neopanamax locks", and take into account the lifting of certain rules of navigation to LNG ships, as well as the comments of customers.In order to maximize the benefits of these new navigation rules…
S&P Upgrades Panama Canal's Outlook
Two years after the inauguration of the Expanded Panama Canal, Standard & Poor's (S&P) Global Ratings revised its outlook on the Panama Canal from ‘stable’ to ‘positive’ – demonstrating the global impact of the historic waterway. The rating agency also affirmed its 'A-' rating for the Panama Canal, ranking the ACP two notches above that of the sovereign foreign currency rating. The Panama Canal's outlook indicates the rating agency's expectation that it will generate relatively stable annual earnings before interest…
Egypt Denies Suez Canal Seeks 300 mln Euro Loan
Egypt's government denied in a statement on Thursday that the Suez Canal Authority was seeking a 300 million euro loan from Gulf lenders. Three senior banking sources that did not wish to be named had told Reuters last week that the authority requested a loan from Gulf banks in order to purchase two dredgers. "The Suez Canal has not borrowed any money from any foreign banks, and everything that had been mentioned about this issue is nothing but baseless rumours," the government statement said.
Suez Canal Seeks 300 mln euro Loan
Egypt's Suez Canal Authority is seeking a 300 million euro ($350.19 million) loan from Gulf banks, three senior banking sources told Reuters on Tuesday. The loan will be used to finance the purchase of two new dredgers, the sources said. The authority had signed a contract with Dutch firm Royal IHC for the equipment last year but failed to secure funding from local banks. The sources provided no further details and the Canal authority could not be immediately reached for comment. Reporting by Ehab Farouk
Panama Canal Sets Monthly Tonnage Record
Yesterday, for the third time since the inauguration of the Expanded Canal, the Panama Canal set a new monthly tonnage record of 38.1 million tons (PC/UMS) after facilitating the transit of 1,231 vessels in May 2018.The previous record was established in January 2017, when 1,260 vessels transited 36.1 million tons (PC/UMS) through the waterway, just a month after setting the record with 35.4 million tons (PC/UMS) transited by 1,166 vessels in December 2016.The containership segment contributed highest tonnage (36 percent)…
DP World to Develop Egypt Port Terminal
A Memorandum of Understanding (MoU) agreed by DP World, Egypt’s Holding Company for Maritime and Land Transport and the Suez Canal Authority is aiming to develop a new Inland Container Depot (ICD) in Egypt’s 6th of October City, a satellite town in the Giza Governorate and part of the urban area of Cairo. The three partners will bid for the government contract for the project later this year. The proposed ICD will increase the flow of cargo between ships and major land transportation networks in the country, creating a central distribution point.
DP World, Egypt & Suez Canal Authority To Develop Infrastructure
MOU has been signed to collaborate on development of new inland container terminal, promoting Egypt's sustainable economic growth. The three partners will bid for a government contract for the project, later this year. The proposed inland container depot (ICD) will increase the flow of cargo between ships and major land transportation networks in the country, creating a central distribution point. Under the terms of the MOU, DP World will lead and represent the alliance in the bidding process and become the ICD operator, if the tender is won. source: Reuters
MLC Enters New Chapter’ for Seafarers' Rights
The ITF has welcomed the positive outcome of the third meeting of the Special Tripartite Committee of the ILO (International Labor Organization) in Geneva. The STC has agreed on a new amendment to the Maritime Labor Convention (MLC) 2006 and will now be submitted to the next session of the International Labor Conference for adoption.The amendment, when it enters into force, will address a potential contractual gap for those seafarers who unfortunately fall victim and are held…
Panama Canal LNG Volume Soars as Global Demand Grows
The Panama Canal may carry five times as much liquefied natural gas (LNG) in 2020 as it did last year as production of the fuel expands in the United States and Asian import demand rises, the head of the canal's governing agency told Reuters.LNG volumes traversing the Canal could hit 30 million tonnes a year before the end of 2020, said Jorge Quijano, who leads the Panama Canal Authority, up from 6 million tonnes last year.Demand for LNG has risen significantly in the last three years as the increase of supply…
How Ports Can Help to Cut Shipping CO2
Ports play an important role in reducing the global carbon footprint of maritime shipping, says a new report by the International Transport Forum at the OECD. Greenhouse gas emissions from shipping currently represent around 2.6% of total global emissions. Without reduction measures, this share could more than triple by 2050. The International Maritime Organization (IMO) last week set a target of reducing shipping CO2 emissions by “at least” 50 percent by 2050 compared to 2008 levels. To achieve this, stringent measures now need to be put into place.
Brazilian Grain Producers Explore Increased Use of Panama Canal
Brazilian farmers in top soy state Mato Grosso signed a memorandum of understanding with the Panama Canal Authority to evaluate ways to cut transportation costs and boost Brazilian grain volumes using the waterway, the authority's chief administrator said. The canal's administration is looking to increase its participation in rising Brazilian grain exports, since a large part of grain trade expansion in Brazil is via new terminals in the northern part of the country, which are closer to the canal.
DP World Moves Ahead with Suez Canal Industrial Zone
Dubai-based ports operator DP World has inked an agreement with the Suez Canal Authority and the Suez Canal Economic Zone (SCZone) to launch the first phase of an integrated industrial and residential zone in Sokhna. The framework agreement, which establishes a clear timetable of actions required to execute the first phase of the project spanning 30 square kilometres, was signed by Sultan Ahmed Bin Sulayem, Group Chairman and CEO of DP World and Admiral Mohab Mamish, Chairman of the Suez Canal Authority and the Suez Canal Economic Zone (SCZone).
Panama Canal Expects LNG Tanker Traffic to Rise 50%
The number of liquefied natural gas (LNG) tankers traversing the Panama Canal is expected to jump 50 percent by September due to rising exports of the fuel from the United States, the head of the canal's governing agency told Reuters. After adding a third set of locks in 2016, the Panama Canal Authority expects that growing global demand for LNG will boost transit through the waterway, said Jorge Quijano, head of the authority. Demand for LNG has taken off in recent years because of abundant supplies of natural gas…
Suez Canal Revenues Rise to $5.3 Bln
Egypt's Suez Canal revenues rose to $5.3 bln in 2017 from $5 bln in 2016, a statement by the Canal authority said on Thursday. The canal is the fastest shipping route between Europe and Asia and one of the Egyptian government's main sources of foreign currency. Its revenues were at $462.7 million in Nov. 2017. Reporting by Youssri Ahmed; Writing by Nadine Awadalla
FMC's Doyle to Exit Commission in January, 2018
Today, the Office of Commissioner William P. Doyle of the U.S. “Last week, I notified The President of the United States Donald J. Trump of my intention to leave the Federal Maritime Commission effective January 3, 2017. It has been an honor and a privilege to continue serving in the Trump Administration. I thank President Barack Obama for nominating and appointing me twice as a Commissioner. “I am proud to have worked alongside my fellow Commissioners and with such a dedicated and hardworking Commission staff.
Suez Canal Revenues Fall
Suez Canal revenues fell 2.2% month-on-month in September 2017, according to official data. Revenues amounted to $459.8 million in September 2017, versus $470.6 million in August 2017, the data showed. However, Suez Canal Authority (SCA)'s revenues raised by 3.4 per cent within the period from January-October 2017, increasing to $US4.3 billion up from $US4.2 billion in 2016. The chairman of SCA and SCZone (Suez Canal Economic Zone) Mohab Mamish said that that the number of ships crossing the canal waterway increased by 2.9 per cent…
TMG Delivers Panama Canal Study
The Maritime Group (TMG) carried out a pivotal assessment review of the tugboat operations in the new third set of NeoPanamax locks of the $5.25 billion Expanded Panama Canal and made other operational observations. TMG was intructed by Autoridad del Canal de Panama (Panama Canal Authority – ACP) with a brief to focus on Health, Safety, Environment and Quality (HSEQ) procedures. "ACP accepted our findings in early September 2017 and is now considering any modifications to its procedures and the optimization of its schedules," says a press release.