Tag: US

The U.S. International Development Finance Corporation (DFC) is investing over half a billion dollars into a container terminal in the Port of Colombo, Sri Lanka.

Due to the ambiguity surrounding the contractual implications of the US Carriage of Goods by Sea Act (COGSA) and the Harter Act, the UK P&I Club presents FAQ on the subject, updated by Freehill Hogan and Mahar LLP.

In this week’s “Shipping Number of the Week” from BIMCO, Chief Shipping Analyst, Niels Rasmussen, looks at the fact that despite a 70-80% fall in freight rates, and worsening of the supply/demand balance, liner operators have been able to keep rates higher than pre-pandemic levels.

According to EIA, U.S. natural gas production grew by 4% (4.9 billion cubic feet per day ) in 2022, averaging 119 Bcf/d. Three regions, Appalachia, Permian, and Haynesville, accounted for 60% of all U.S. production in 2022, similar to the proportion in 2021.

According to EIA, U.S. crude oil exports hit a record high in 2022 as releases from the Strategic Petroleum Reserve (SPR). U.S. crude oil exports averaged a record 3.6 million barrels per day (b/d) in 2022, a 22% increase (640,000 b/d) from 2021.

Three G7 countries – the United States, Canada and the United Kingdom – confirmed their multi-year commitment to building ocean resilience through the Ocean Risk and Resilience Action Alliance (ORRAA) amounting to USD$22 million.

California’s Port of Oakland, the fifth busiest container port in the US, in order to reduce emissions for onshore operations, approved on Thursday March 9 an enviromental ordinance requiring operators to develop zero-emission plans.

DP World is planning to invest US $35 million in 2023 to expand and modernise its facilities located on the left bank of Brazil’s Port of Santos. The port is one of the largest and most modern private multi-purpose port terminals in the country.

According to ING, markets, economies and central banks are still searching for a new balance, a new equilibrium, of structural transition and cyclical developments, higher inflation and interest rates, stricter monetary policy and loose fiscal policy.

In effort, Biden-Harris administration to grow America’s clean energy economy, the Department of the Interior announced the the first-ever offshore wind lease sale in the Gulf of Mexico.