1. CMA CGM to acquire one of the largest port terminals in the United States
The CMA CGM Group, a world leader in shipping and logistics, has signed an agreement to acquire 90% stake in the Fenix Marine Services (FMS) terminal in Los Angeles, currently held by EQT Infrastructure III, based on an enterprise value of USD 2.3 billion. Currently holding a 10% stake in the terminal, CMA CGM will become sole owner of the FMS facility post transaction closing. https://cyprusshippingnews.com/2021/11/03/cma-cgm-to-acquire-one-of-the-largest-port-terminals-in-the-united-states/
2. Volumes increase at the Port of Gothenburg as transport demand remains high
Freight volumes continue to increase at the Port of Gothenburg. This can be seen from newly published figures covering the period up to the end of September. On the container side, volumes rose by 16 per cent during the third quarter, despite continued disruption in global freight flows in the wake of the Covid-19 pandemic https://cyprusshippingnews.com/2021/11/03/volumes-increase-at-the-port-of-gothenburg-as-transport-demand-remains-high/
3. Crowley named top company for women in transportation
As an honoree, Crowley embodies characteristics that distinguish the award-winning companies: corporate cultures that foster gender diversity; competitive compensation and benefits; flexible hours and work requirements; professional development opportunities; and career advancement opportunities. https://cyprusshippingnews.com/2021/11/03/crowley-named-top-company-for-women-in-transportation/
4. UK P&I Club to partner with Thomas Miller specialty for fixed premium P&I
Thomas Miller Specialty, a global insurance provider across a number of sectors including Marine P&I and Offshore Marine and Energy, has announced that its three year close and collaborative partnership for fixed premium P&I with AIG will end with effect from 1st January 2022. This is a strategic move for both Thomas Miller Specialty and AIG with both parties looking forward to continuing their strong and supportive relationship in other business areas going forward. https://cyprusshippingnews.com/2021/11/03/uk-pi-club-to-partner-with-thomas-miller-specialty-for-fixed-premium-pi/
5. Shipping, aviation, steel, and trucking in Biden’s sights with launch of the First Movers Coalition at COP26
The First Movers Coalition, a partnership between the World Economic Forum and the US Office of the Special Presidential Envoy for Climate John Kerry will be officially launched today at COP26, the major climate summit taking place in Glasgow. The initiative will initially target four sectors — shipping, aviation, steel, and trucking — and ask participating companies to commit to buying low-carbon products by 2030 to help develop green supply chains and meet the world’s climate goals. https://splash247.com/shipping-aviation-steel-and-trucking-in-bidens-sights-with-launch-of-the-first-movers-coalition-at-cop26/
6. Lessor Haven
The global senior debt market funded by the usual shipping banks has shrunk by at least $100bn between 2008 and now whereas the demand for seaborne trade has continued to grow at 3.5% per year. A big part of this funding gap has been taken up by Chinese leasing companies, with many deciding Hong Kong is the best place to set up shop. https://splash247.com/lessor-haven/
7. Seaboard Marine expands fleet with three newbuildings
American carrier Seaboard Marine is expanding its fleet with three newbuildings expected to enter service in 2024. The ships are estimated to cost $60m each for a total cash outlay of approximately $180m in accordance with milestones achieved over the course of construction. The shipyard of choice has not been disclosed. https://splash247.com/seaboard-marine-expands-fleet-with-three-newbuildings/
8. Are Ship Backlogs Contributing to Higher Air Pollution Near Key U.S. Ports?
Congestion at the United States’ busiest ports has been blamed for everything from supply chain snarls to inflation and even an oil spill. Scientists say the backlogs may now also be causing higher air pollution. Atmospheric scientists have been analyzing air pollution data from satellites to find out whether the unusually high shipping activity over the last year and half has been impacting air quality near American ports. https://gcaptain.com/are-ship-backlogs-contributing-to-air-pollution-near-key-u-s-ports/
9. Baltic Index Drops To 5-Month Low As Vessel Rates Fall
The Baltic Exchange’s dry bulk sea freight index dropped to its lowest in five months on Wednesday, as rates across vessel segments fell. The overall index, which factors in rates for capesize, panamax and supramax vessels, fell by 295 points, or 9.3%, to 2,892, the lowest level since June 11. The capesize index fell 461 points, or 12.3%, to 3,275, its weakest since June 10. https://www.shippingtribune.com/news/shipping/Baltic+index+drops+to+5-month+low+as+vessel+rates+fall
10. Panama Canal Administrator On Global Supply Chain Issues, Record FY21 Traffic And Significant Investments Through 2030
The Panama Canal began its Fiscal Year 2022 (FY22) at the start of October, marking the end to a year of record-breaking traffic at the waterway and global supply chain disruptions worldwide. To mark the occasion, we held a Q&A with the leader of the Panama Canal, Administrator Ricaurte Vásquez Morales, to learn about the waterway’s performance in FY21, global supply chain constraints, carbon neutrality next steps and more. See his responses below. https://www.shippingtribune.com/news/shipping/Panama+Canal+Administrator+on+Global+Supply+Chain+Issues%2C+Record+FY21+Traffic+and+Significant+Investments+Through+2030
