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Friday, April 19, 2019

Gross Domestic Product News

Allard Castelein, CEO. Photo: Port of Rotterdam Authority

Rotterdam Port Invests in Expansion

The Port of Rotterdam Authority said that its gross investments increased 91% to EUR408.1 million (USD461Mln) in 2018, the highest level since the construction of Maasvlakte 2.By far the largest part of this amount was used to further improve the logistical accessibility of the port of Rotterdam, for example by starting construction of the Container Exchange Route and building the Princess Amalia Viaduct, said a press release from the largest port in Europe, located in the city of Rotterdam…

Securing, Enhancing America’s Ports & Supply Chain

The American Association of Port Authorities and its membership recently looked ahead at the challenges and opportunities facing the Port Security Grant Program.In its annual “State of Freight” series, AAPA has highlighted the transportation infrastructure needs of U.S. ports, state transportation agencies and multimodal projects. In this final report in the State of Freight series, AAPA turns to the vital role that security infrastructure plays in moving goods.In 2002, Congress…

Pic: International Maritime Organization

BIMCO to IMO: "Use Real Data"

BIMCO, the largest of the international shipping associations representing shipowners, has proposed that the Fourth International Maritime Organization (IMO) Greenhouse Gas Study does not include unrealistically high gross domestic product (GDP) growth projections to predict future transport demand - and thereby emissions - of the shipping industry.“It is imperative that the industry – and the world – base discussions and actions to reduce emissions from shipping on credible and realistic projections.

Pic: Maritime and Port Authority of Singapore

Singapore: Container Throughput Grew by 8.7% in 2018

The Port of Singapore maintained a stable performance in 2018. Container throughput grew by 8.7 per cent to 36.6 million twenty-foot equivalent units (TEUs), and total cargo throughput remained stable at 630 million tonnes.Singapore also retained its position as the world’s leading bunkering port, said a press release from Maritime and Port Authority of Singapore (MPA).Singapore continues to be home to a diverse range of maritime businesses, with more than 5,000 maritime establishments in Singapore generating over 170…

Image: Port of Rotterdam

Rotterdam Port Contributes USD 51.86 billion to Netherlands

USD 51.86 billion (EUR 45.6 billion) or 6.2% of the added value of the Netherlands is due to the Port of Rotterdam. This emerged in ‘The Rotterdam effect - Impact of Mainport Rotterdam on the Dutch economy’ study conducted by Erasmus University Rotterdam (EUR), commissioned by the Port Authority.Port of Rotterdam pointed out that it contributes twice as much to the gross domestic product than previously calculated. Traditionally, when determining the economic significance of the port, only direct employment and added value were measured, including the so-called backwards indirect effects.

Photo: NIMASA

ICPC Advocates Joint Vessel Inspection

The Acting Chairman of the Independent Corrupt Practices and Other Related Offences Commission (ICPC), Dr. Musa Usman Abubakar has stressed the need for all government agencies in the maritime sector to carry out joint inspection of vessels at the ports in order to fully actualize the Ease of Doing Business initiative of the Federal Government.Dr. Abubakar who made this known when he led a joint team from the Nigerian Shippers Council (NSC) and the Commission on a courtesy visit…

 Photo: Vinalines

Vinalines Mulls USD 210mln IPO

Vietnam’s government is targeting to raise VND4.89 trillion ($210 million) from an initial public offering (IPO) of Vietnam National Shipping Lines (Vinalines) scheduled on September 5, 2018.According to an official release on Hanoi Stock Exchange (HNX), Vinalines will auction 488.82 million shares, or a 34.8 per cent stake at the price of VND10,000 ($0.4) apiece at the HNX. Its charter capital is estimated at approximately VND14 trillion ($616.7 million).The IPO is part of Vietnam’s broader privatisation programme to increase the efficiency and performance of state-owned firms…

© khunkorn / Adobe Stock

NRF: Tariffs Against China Would Destroy 134,000 US Jobs

The Trump administration’s proposed tariffs on $50 billion of Chinese imports, coupled with retaliation promised by China, would reduce U.S. gross domestic product by nearly $3 billion and destroy 134,000 American jobs, according to a new study released today by the National Retail Federation and the Consumer Technology Association. The report finds that four jobs would be lost for every job gained. “As administration officials prepare to head to China for trade talks, the livelihoods of American workers hang in the balance,” NRF President and CEO Matthew Shay said.

Maritime Administrator Mark H. Buzby

U.S. DOT: Funding Available for Small Shipyards

The U.S. Department of Transportation’s (USDOT) Maritime Administration (MARAD) announced the availability of $19.6 million in federal funding to support capital improvements and employee training at small U.S. shipyards. The grants are provided through the Small Shipyard Grant Program, and help eligible shipyards modernize operations, increase efficiency and reap the benefits of increased productivity. In 2013, U.S. shipbuilders directly employed 110,000 Americans and produced $37.3 billion in Gross Domestic Product (GDP). Available to U.S.

© Stockninja / Adobe Stock

US Core Capital Goods Orders, Shipments Jump in February

New orders for key U.S.-made capital goods rebounded more than expected in February after two straight monthly declines and shipments surged, which could temper expectations of a sharp slowdown in business spending on equipment in the first quarter. The Commerce Department’s report on Friday could prompt economists to raise their economic growth estimates for the first three months of the year. They were slashed last week after data showed retail sales fell in February for the third month in a row.

NATO Secretary General Jens Stoltenberg, left, and Defense Secretary James N. Mattis speak following a bilateral meeting at NATO headquarters in Brussels, February 14, 2018. (Photo: NATO)

Proposed NATO Logistics Command Will Be Based in Ulm

A proposed new NATO logistics command aimed at deterring Russia would be based in the southern German city of Ulm, the German Defence Ministry told lawmakers on Tuesday. It said a broad plan for the new Joint Support and Enabling Command (JSEC) would be completed by mid-April, with a formal decision by NATO expected at a meeting of alliance defense ministers from June 7-8. “As a framework nation for the JSEC, we can make a significant contribution to burden-sharing in the alliance,” state secretary in the Defence Ministry Peter Tauber told lawmakers in a letter.

(Credit: GLDD)

US Dredging: An Advocate for Ports, Waterways & Coastal Protection

U.S. dredging companies are unlocking the potential of U.S. Ports. These companies build their equipment in U.S. shipyards, are owned by U.S. companies and staff their ships and projects with hardworking Americans. U.S.-based Dredgers build to suit the needs of the United States. We all know that it takes a significant amount of time to complete an environmental analysis before a dredging project can commence. This usually means that an environmental impact statement (EIS) under the National Environmental Policy Act of 1969 (NEPA) must be undertaken.

Photo: Hapag-Lloyd

Hapag-Lloyd Opens Ghana Office

German-based Hapag-Lloyd opened a new office in the Ghana port city Tema, on February 1, 2018. Effective immediately, the company will be represented at the local level by its own customer service staff. “Africa is strongly developing just now. To benefit from this growth, it’s important for us to strengthen our presence in Ghana with our own office – and to get even closer to our local customers,” said Lars Christiansen, Senior Managing Director of Hapag-Lloyd’s Region Middle East.

Dr Lam Pin Min, SMS, Ministry of Transport and Ministry of Health, at the PSA ‘Intelligent Port of the Future’ Exhibition showcasing the transformation of port operations through technology and innovation. Photo:  Maritime and Port Authority of Singapore

Road Map to Boost Singapore Maritime Industry

Dr Lam Pin Min, Senior Minister of State (SMS) for Ministry of Transport and Ministry of Health, launched the Sea Transport Industry Transformation Map (ITM) at the annual Singapore Maritime Foundation New Year Cocktail Reception. Developed by the Maritime and Port Authority of Singapore (MPA) in partnership with the industry, unions and other government agencies, the Sea Transport ITM builds on MPA’s strategic long term plans to develop Singapore’s next-generation port and strengthen our international maritime centre (IMC).

© Sandra / Adobe Stock

US Trade Deficit Rises to Near Six-year High

The U.S. trade deficit increased more than expected in November as imports of goods surged to a record high amid strong domestic demand, making it likely that trade will subtract from economic growth in the fourth quarter. The Commerce Department said on Friday the trade gap widened 3.2 percent to $50.5 billion. That was the highest level since January 2012 and followed an upwardly revised $48.9 billion shortfall in October. Economists polled by Reuters had forecast the trade deficit increasing to $49.5 billion in November after a previously reported $48.7 billion deficit in the prior month.

© Chepe Nicoli / Adobe Stock

China's Exports to Cuba Slump as Island's Cash Crunch Deepens

Chinese exports to Cuba have plunged this year in the latest sign of a worsening in the Communist-run island's financial situation, which began in 2015 with the economic crisis in its top trading partner Venezuela. Chinese exports to Cuba slumped 29.8 percent to $1 billion from January through October compared with the same period last year, according to Chinese customs. Chinese exports peaked at a record $1.9 billion in 2015, nearly 60 percent above the annual average of the previous decade. They slipped slightly last year to $1.8 billion.

© Nataliya Hora / Adobe Stock

US Trade Deficit Narrows as Exports Hit Two-year High

The U.S. trade deficit fell in May as exports increased to their highest level in just over two years, but trade could still weigh on economic growth in the second quarter. The Commerce Department said on Thursday the trade gap decreased 2.3 percent to $46.5 billion. April's trade deficit was unrevised at $47.6 billion. Economists polled by Reuters had forecast the trade gap falling to $46.2 billion in May. When adjusted for inflation, the trade deficit narrowed to $62.8 billion from $63.8 billion in April.

File photo: Port of Los Angeles

US Retail Imports to Grow through Summer

Imports at the United States’ major retail container ports are expected to see steady increases through the summer and into the fall, according to the monthly Global Port Tracker report released by the National Retail Federation (NRF) and Hackett Associates. “Regardless of whether the sales come in their stores or through their websites, retailers see that consumers are buying more this year and they’re importing the goods needed to meet the demand,” said Jon Gold, NRF vice president for supply chain and customs policy.

Pic: Maritime and Port Authority of Singapore

Port of Singapore Sustained its Performance in 2016

The Port of Singapore sustained its performance in 2016, amidst weaker-than-expected global economic conditions and significant structural changes in the maritime industry. Annual vessel arrival tonnage increased by 6.3 per cent in 2016 compared to 2015, reaching 2.66 billion gross tonnes (GT). Container ships, bulk carriers and tankers were the top contributors, each accounting for around 30 per cent of total vessel arrival tonnage. Singapore remained the world’s top bunkering port in 2016.

© cvalle / Adobe Stock

US Imports Up as Holiday Shopping Continues

Imports at the United States’ major retail container ports are expected to be up 3.2 percent this month over the same time last year as stores bring in the last of the merchandise for the holiday season, according to the monthly Global Port Tracker report released today by the National Retail Federation and Hackett Associates. “There’s still shopping to be done, and retailers are making sure the gifts that need to be under a tree are waiting on the shelves,” NRF Vice President for Supply Chain and Customs Policy Jonathan Gold said.

Photos: Official Twitter account of the Panama Canal

Panama Canal Officially Opens $5.25Bln Expansion

A 984-foot Chinese container ship was greeted with fireworks and cheers from a crowd that had gathered, when it made an inaugural passage through the newly expanded Panama Canal on Sunday, formally launching the Central American nation's multibillion-dollar newly-enlarged Panama Canal. The country’s president was among the dignitaries present to celebrate the event. The colorful ceremony celebrating the culmination of this $5 billion project has featured dancing flowers, dragons and a marching band.

Courtesy American Association of Port Authorities

U.S. Ports Plan Big Investments in Capital Projects - Survey

Survey Shows U.S. Ports Plan Big Investments In Capital Projects. In its just-released 2016-2020 Port Planned Infrastructure Investment Survey, the American Association of Port Authorities (AAPA) – the unified and recognized voice of seaports in the Americas – asked its U.S. member ports how much they and their private-sector partners plan to spend on port-related freight and passenger infrastructure over the next five years. The answer was a whopping $154.8 billion. AAPA then…

Photo: Port of Houston Authority

US Ports Planning Big Investments -Survey

Survey shows U.S. In its just-released 2016-2020 Port Planned Infrastructure Investment Survey, the American Association of Port Authorities (AAPA) asked its U.S. member ports how much they and their private-sector partners plan to spend on port-related freight and passenger infrastructure over the next five years. The answer was a whopping $154.8 billion. AAPA then contrasted that number with what it believes is the “best-case” scenario for investments by the federal government into U.S. ports, including their land- and water-side connections, through 2020.

Example of the nationally flagged fleet for Marshall Islands. The Marshall Islands are one of the fastest growing open registries. A large share of its fleet are oil tankers and dry bulk carriers. Image: United Nations Conference on Trade and Development

UNCTAD Launches Novel Maritime Country Profiles

A maritime country profile provides a basic snapshot of a country's situation regarding maritime transport and international trade, facilitating convenient cross-country comparisons. The Maritime Country Profiles will be updated regularly as new data becomes available. Throughout most of history, “maritime nations” had their own national fleets, which were built, owned, operated, and manned by nationals of the same country whose flag the ship flew. Today, different countries mostly participate in different maritime businesses.

Photo: Maher Terminals

New York Area Ports Shut Down after Dock Workers Walk Out

New York and New Jersey's cargo terminals shut down on Friday after more than a thousand longshoremen walked off the job, shuttering one of the country's busiest port networks. The employees stopped working around 11 a.m. (1600 GMT). It was not immediately clear what had prompted the walkout. "To run a picket you need a permit and there wasn't one issued by the Port Authority," said one Port Authority official who requested anonymity. The walkout came as a surprise because "there were no major issues that we knew of to precipitate this…

Image: National Maritime Museum of China

China's Maritime Economy Approaches $1 Trillion

Total maritime output or maritime economy of China  is expected to generate nearly 6.5 trillion yuan (988.79 billion U.S. dollar) in 2015, about 7 percent more than 2014, reports Xinhua. State Oceanic Administration (SOA) said that the total production value last year is expected to account for 9.6 percent of the total gross domestic product (GDP). The maritime economy has become an important boost to the national economy, with its total production value growing by an average 8.1 percent annually from 2011 to 2015.