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Monthly Archives: August 2016

DP World hits back in Port of Melbourne row

DP World said its level of rent was fair

DP World Australia has responded to criticism from a competitor in a public row over the level of rent it pays to operate the West Swanson Dock in Melbourne. In March 2015, the Port of Melbourne Corporation (POMC) proposed increasing the rent by 767%. After threats of legal action and public debate on the issue though, the POMC backed down in August ... Read More »

Maersk Line hit by US$151m loss

Maersk Line was the group's worst performing segment in Q2, 2016

Weak freight rates hurt Maersk Line badly in the second quarter of 2016, with the world’s largest carrier stumbling to a US$151m loss, in a market plagued by overcapacity. Average freight rates fell by 24% in the quarter to US$858/teu, causing revenue to plunge 19% to US$5.1bn. A company report noted that rates declined on all trades with North America ... Read More »

VICT hits out at Port of Melbourne Corporation

The CEO of Melbourne’s Victoria International Container Terminal (VICT), which is currently being built and will be operated by a consortium led by ICTSI, has strongly criticised decisions taken by the Port of Melbourne Corporation (POMC). Anders Dømmestrup said: “The circumstances in which VICT won the right to construct and operate a third terminal at the Port of Melbourne have ... Read More »

Australian competition regulator clears bids for Melbourne lease

The Australian Competition and Consumer Commission (ACCC) will not oppose two separate proposals by consortia to acquire the 50-year lease of the Port of Melbourne, following a review of potential cross-ownership interests and vertical relationships. The ACCC’s review of both the IFM Consortium and QIC Consortium proposals focused primarily on the cross-ownership interests in the Port of Melbourne, North South ... Read More »

Study finds US ports most at risk of losses

The Tianjin port explosions killed 173 people

Six of the top ten ports at risk for highest losses are in the US, an analysis by catastrophe risk modelling company RMS has revealed. The top ten ranking, which is based on a 500-year estimated catastrophe loss for earthquake, wind, and storm surge perils, showed that the riskiest two ports are Japan’s Nagoya, with an estimated marine cargo loss ... Read More »

New projects bolster ICTSI throughput but hit profit

Container volumes handled by International Container Terminal Services, Inc. (ICTSI) jumped by 10% in the first half of 2016 although this did not stop net income from falling 13%. The rise in volumes to 4.26m teu was mainly due to the continuing ramp-up at ICTSI Iraq and new shipping line customers and services at the firm’s terminals in Guayaquil, Manzanillo, ... Read More »

Hapag-Lloyd suffers US$111m loss

Transport volume went down by 2.7% year-on-year

Hapag-Lloyd has reported a €99.3m (US$111m) loss in the second quarter of 2016 as its revenue dropped by 21% year-on-year. The company’s loss in the three months ending on June 30, which compares to a €29m (US$32.4m) profit registered in the same period of 2015, lead to an overall US$142m loss in the first half of the year. In the ... Read More »

Yilport secures US$750m concession for Ecuador’s Puerto Bolívar

Puerto Bolívar in Ecuador

Yilport Holding has signed a 50-year concession to operate Puerto Bolívar in Machala City, Ecuador, which includes a commitment to invest US$750 in the port. The development will occur in five phases, creating Latin America’s largest container terminal with an annual capacity of 2.5m teu. Puerto Bolívar port is one of the world’s largest shipment points for fruits and seafood. ... Read More »

Regulators approve Konecranes acquisition of Terex MHPS

US and European regulators have both approved Konecranes purchase of Terex’s Material Handling and Port Solutions (MHPS) segment. On August 8, both the European Commission (EC) and the US Department of Justice announced their decisions. The US approval was unconditional but the EC made their approval was conditional on Konecranes divesting its Stahl Crane Systems business, which it had already ... Read More »