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AAPA in favour of new North American trade agreement

The American Association of Port Authorities (AAPA) endorsed congressional approval of the United States-Mexico-Canada Agreement (USMCA), the White House’s negotiated modification of the North American Free Trade Agreement (NAFTA). 

PSA closes 2018 with a slight decrease

Singapore-based port operator PSA experienced a slight decrease in its full-year net profit for 2018, despite the overall challenging market conditions. PSA’s net profit achieved the SGD 1.25 billion (USD 925.36 million) in 2018, compared to SGD 1.29 billion (USD 954.97 million) seen a year earlier, representing a drop of 3.2%.

Italian Port of Trieste partners with China’s CCCC

Italia Port of Trieste signed an agreement with China Communications Construction Company (CCCC) that will enable Italian products from small and medium companies to access Chinese markets as well as facilitate infrastructure development in central Europe.

Yilport discusses with COSCO for Long Beach Terminal

Turkey’s Yilport Holdins SA is under discussion to purchase a container terminal in Long Beach, California. The discussions are between Yilport’s businessman, Robert Yuksel Yildirim, and terminal owner Cosco Holdings Co. Yet, the discussions weren’t exclusive as there were at least two more bidders.

Fearnleys: VLCC activity ‘far disappointing’ last week

In its weekly report for 12-20 March, Fearnleys said that VLCC activity has been far disappointing, the market for Aframaxes trading in the North Sea and Baltic came off significantly, while for the Suezmax type, continued sparse activity in the West has allowed Charterers to pull rates even further down. 

ITF reviews competition exemptions for liner shipping

Liner shipping companies gain advantages from an exemption from EU competition law, which enables them to collaborate. The exemption called ‘The Consortia Block Exemption Regulation’ is to expire on April 25, 2020. In light of its expiry, ITF gathered stakeholders from the containerised maritime supply chain for a Stakeholder Meeting, on 8 February 2019 in Paris, France, for further review.

Vale ordered to halt operations at two more dams

A Brazilian court has ordered Vale SA, the world’s largest iron ore miner, to suspend operations at two more dams. The court demanded the company to prove the structures are stable, following an accident in the Vale’s facilities in January that killed about 300 people.

Norden expands operations to Africa

Norden, Danish shipping company, is expanding operations to Africa where it plans to open an office by the end of the year. The new location in Abidjan, Ivory Coast, will be the company’s eleventh office, joining those already established in the US, Brazil, Australia, China, Singapore and India.

US, EU and Canada impose sanctions on Russia

The US in coordination with Canada and the EU imposed sanctions to six Russian companies, including shipbuilders and marine equipment manufacturers. The sanctions were announced on March 15 in response to Russia’s continued and ongoing aggression in Ukraine. 

Poll

The sulphur cap is less than a year away and with most vessels choosing compliant fuel, do you expect to see a spike in incidents and accidents related to the switch over?

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