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ICTSI Looking to Invest in Two Philippine Ports | Brazil Modal

Illustration; Image Courtesy: ICTSI


In line with the future development needs of Iloilo and the Visayas, ICTSI submitted a Letter of Intent to modernize the infrastructure and superstructure at the Iloilo Port Complex and the Port of Dumangas, and to eventually manage and operate the two Iloilo ports.

The aim of the developments works is to upgrade the Philippine port network in an effort to facilitate inter-island and international cargo movement, according to ICTSI.

“ICTSI believes that the ports’ development will not only improve efficiency but will, more importantly, evolve the ports into becoming the Philippines’ Visayas hub that will improve connectivity for cargo movement within the country. Our vision is to ultimately turn these two ports into international gateways,” Christian R. Gonzalez, ICTSI global corporate head, said.

Over the life of the concession that would be agreed on with the PPA, ICTSI estimates that it would invest over PHP 5 billion to fully develop the Iloilo Port Complex. An integral part of this investment would include dredging and deepening of the port itself and the channel to allow the direct entry of new generation vessels.

New port equipment to be brought in during the first phase alone has been estimated to reach a price tag of PHP 1.35 billion, and would include modern quayside crane handling equipment. ICTSI is also offering to substantially invest in the development of the Port of Dumangas in order to handle the spill over from the city port.

Additionally, ICTSI plans to introduce new systems in operations, engineering and administration. The company informed that the introduction of automation would further promote efficiency and security.


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Cosco Shipping Q3 profit down | Brazil Modal

During the quarter under review, revenue jumped by over six times from S$7 million to S$42.15 million on the back of contributions of S$34.5 million from newly acquired logistics businesses.

Earnings per share for the quarter came to 0.09 Singapore cent, down from 1.10 cents a year ago.

Share of profit of an associated company of nearly $0.7 million was mainly due to share of profit from the newly acquired 40 per cent stake in PT Ocean Global Shipping.

 Source: The Business Times


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Georgia’s Foreign Trade in Jan-Oct 2018 –

External merchandise trade tendencies of Georgia in January-October 2013-2018. Source: Geostat

Georgia’s foreign trade turnover in the first ten months of 2018 increased by 20.5%, compared to the same period of last year, reaching USD 10.3 billion, according to the preliminary figures released by the State Statistics Office (Geostat) on November 13.

Geostat also reported that in January-October exports from Georgia increased by 24.5% year-on-year to USD 2.75 billion and imports were up by 19.2% y/y to USD 7.55 billion, with trade gap standing at USD 4.8 billion.

Geostat will release detailed figures of foreign trade for the reporting period next week.

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Höegh FSRU Starts Commissioning for China Ops | Brazil Modal

By courtesy of Höegh LNG


The vessel is currently serving a three-plus-one year FSRU/LNGC time charter with CNOOC Gas & Power Trading and Marketing Ltd.

Under the contract, Höegh Esperanza will be utilised in FSRU mode for a minimum period each year, with the balance of the year in LNG carrier mode and/or FSRU mode.

The company said that the rate structure corresponds to the mode of use, with an anticipated annualised EBITDA contribution when in FSRU mode of approximately USD 33 million.

Höegh Esperanza, which features a storage capacity of 170,000 cubic meters of LNG, was delivered from Hyundai Heavy Industries in April 2018 and entered the contract with CNOOC in June 2018.

“Combined with the sale-and-leaseback financing for FSRU #10 secured earlier this year, this FSRU/LNGC contract for Höegh Esperanza with CNOOC reflects Höegh LNG’s commitment to the Chinese market, and our ambition to remain the preferred partner for future LNG import expansions,” Sveinung J.S. Støhle, CEO & President of Höegh LNG, said.


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A low-key meeting in 1991 gave rise to the ASEAN Free Trade Area

In late 2015, ASEAN took another step toward regional economic integration with the ASEAN Economic Community (AEC). With no prospect of …


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Ship Finance Fetches USD 400 Mn to Finance Boxship Quartet | Brazil Modal

Illustration. Image Courtesy: Pixabay under CC0 Creative Commons license


The boxships, which were acquired in May 2018, are employed under long term time charters to Taiwan’s Evergreen Marine Corporation until 2024, with options to extend the charters by 18 additional months.

Secured with an Asian-based institution, each financing has a term of nearly nine years, with an option to purchase the vessel back after six years, around expiry of the firm period of the charters to Evergreen.

A portion of the proceeds from the financings would be used to refinance the USD 320 million unsecured loan facility arranged at the vessels’ delivery in May. Lease financings for three of the vessels have already been finalized, and the last vessel is expected to close within the next two weeks.

Ship Finance said that the interest rate of the financings “are very attractive,” and the transactions free up USD 80 million of investment capacity, which is expected to be deployed in new investments.

“These financing transactions demonstrate our continued ability to attract highly competitive capital,” Ole B. Hjertaker, CEO of Ship Finance Management AS, said.


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Georgia Foreign-Trade Zone Recognized as Top Zone in U.S. for Second Consecutive Year

Georgia Foreign-Trade Zone announced that it was  awarded the “Top Free Zones Award” by Site Selection magazine for the second consecutive year. GFTZ, which is consistently increasing its client base, was chosen for this recognition following a confidential global survey of more than 1,000 supply chain executives and site selection consultants.

“This recognition is particularly gratifying because of the professionals involved in the selection process. GFTZ and its board of directors works extremely hard to grow the foreign-trade zone program in Georgia by finding ways to bring additional value,” said President and CEO Julie Brown. “Our national network of leading trade experts helps to keep the businesses in our community well-informed on shifts in trade policy with insights and recommendations on how to maximize their savings and efficiencies. It’s our goal to be the best partner that our clients have to optimize the receipt of merchandise from a global supply chain.”

“The businesses that we work with are leaders in our state’s economy and the FTZ program is a key ingredient in their success. By reducing the cost of doing business for job creators in our economy we’re supporting job growth, wage growth and productivity. This is an important program and I’m proud of the work that we’re doing to keep Georgia moving,” said GFTZ Board Chairman Joe Bankoff.

Site Selection’s survey respondents voted on the top foreign-trade zones based on proven track record of success with investors; ease-of-access to necessary information; assistance to current and prospective investors; knowledgeable staff; professionality of communications; ability to cater to customers who speak different languages; and the quality of their web presence.


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Matson Delivers Stronger Earnings, Raises 2018 Outlook | Brazil Modal

Illustration. Image Courtesy: Pxhere under CC0 Creative Commons license


The company’s net income for the third quarter increased to USD 41.6 million, compared to USD 34.1 million reported in the same period a year earlier. Consolidated revenue was USD 589.4 million, up from USD 543.9 million seen in the third quarter of 2017.

For the nine months ended September 30, 2018, Matson reported a net income of USD 88.4 million, compared with USD 65.1 million in 2017, while revenue increased to USD 1.65 billion from USD 1.53 billion reported a year before.

“Our performance in the quarter was in line with our expectations with Ocean Transportation results approaching the level achieved last year and continued strong execution across all service lines in Logistics,” Matt Cox, Matson’s Chairman and Chief Executive Officer,

For the quarter within Ocean Transportation, the company saw a favorable rate environment in China and continued strong performance from SSAT, but also faced unfavorable timing in fuel surcharge collections relative to fuel cost increases and lower volume in Alaska primarily due to a weaker-than-expected seafood season.

The company’s container volume in the Hawaii service in the third quarter 2018 was 1.1 percent lower year-over-year primarily due to one less sailing. In China, the company’s container volume in the third quarter 2018 was 3.3 percent lower year-over-year largely due to a dry-dock return sailing in the year ago period.

Guam container volume was flat on a year-over-year and sequential basis, while in Alaska, the company’s container volume was 2 percent lower year-over-year, primarily due to lower southbound volume as a result of a weaker-than-expected seafood season.

“We expect our businesses to continue to perform well in the fourth quarter,” Cox said, adding that the company is therefore raising its outlook for Ocean Transportation. For the full year 2018, Matson expects Ocean Transportation operating income to be modestly higher than the level achieved in 2017.


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China COSCO Shipping Group News Minister of Foreign Trade of Costa Rica Visited COSCO …

On the morning of 7th November, Madam Dyala Jimenez Figueres, Minister of Foreign Trade of Costa Rica visited COSCO SHIPPING. Mr. Yu …


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Port of Hueneme hits an all-time record | Brazil Modal

Oxnard Harbor District President, Mary Anne Rooney announced the record year at the Board of Commissioners public meeting on Monday evening stating, “This has been a tremendous year for our Port community, with more cargo than ever before passing through our seaport. This is a testament to the collaboration between our customers, community partners, and stakeholders to move cargo in the most efficient ways possible.” With the Port’s strategic location of being only 60 miles north of the San Pedro Bay ports, customers enjoy an uncongested harbor with efficient access to both the Southern and Northern California markets. On average, the Port saves its customers 10% of operation costs to process their cargo through Hueneme.


This new cargo record resulted from increases in nearly all areas of cargo imports and exports. Pineapples and melons rose a staggering 50%. Banana imports increased by 5%. “A 5% increase in banana imports may not sound like a big deal, but when you take into account that we import over 3.3 billion bananas a year, that percentage increase can make a significant impact on our overall cargo tonnage,” explained Oxnard Harbor District Commissioner Jason Hodge. “And we’ve done this all while leading the industry in environmental initiatives and being named the Greenest Port in the United States.” The Port serves as the West Coast hub for the Chiquita, Del Monte and One Banana brands, along with exporting produce from several California grown companies.

Since 2012, the Port’s cargo volume has increased by 23%, and an impressive 44% since the Great Recession in 2009. “This new cargo record is a result of our customer’s commitment to send their products through Hueneme, to the hard work of our dedicated longshore men and women who handle the cargo efficiently and safely, and to the willingness of our community stakeholders to work with us in moving cargo to the marketplace,” said CEO & Port Director Kristin Decas. “Every spoke in the wheel is necessary to move this amount of cargo and achieve this type of unprecedented growth.”


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