Author: Waldo Hoyos

Los Angeles & Long Beach Ports to Propose Clean Air Plan in November

The Clean Air Action Plan (CAAP), whose purpose will be to seek zero, or near-zero, emissions from the largest U.S. port complex will be presented on November 2nd by the Ports of Los Angeles and Long Beach. This final draft presented by a joint session of their harbor commissions has a date set to fulfill its purpose by no later than 2035. This plan is also called the CAAP 3.0, drafted over the past three months after more than 70 meetings with community stakeholders, industry, and regulatory representatives. There are 15 specific strategies to reduce health-risk pollution and greenhouse...

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China Secures Port Deal With Sri Lanka

Sri Lanka’s government has come to a $1.1 billion-dollar agreement with China Merchants Port Holding Company. The deal grants the Chinese firm majority operation control of Sri Lanka’s newly-constructed Hambantota port. Despite wide opposition, protests from trade unions, and security concerns, Sri Lanka’s Port Authority has agreed to sell a 70 percent stake in the Hambantota port to China Merchants Ports Holdings. This agreement is set for a 99-year lease and gives China majority ownership of the newly-constructed Hambantota port, based in the southeast of the country. The Cabinet approved the agreement almost six months after the initial framework...

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Qatar Ban Results in Suspended Bookings

Steamship lines are declining to accept any cargo bookings to and from Qatar, after the Persian Gulf state leapt into a diplomatic row with some of its Arab neighbors that have terminated land, sea, and air ties to the country. Carriers did not obtain any notice in regards to the shut down, and are now scrambling to find ways to mitigate the impact of a complete break in transport ties between Qatar and Saudi Arabia, the United Arab Emirates (UAE), Bahrain, Egypt, and the Maldives. Maersk Line stated it was affected by Arab countries terminating diplomatic ties with Qatar,...

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Yang Ming Lines Reports Losses Doubled in 2016

Yang Ming Lines, a Taiwanese-origin ocean carrier, almost doubled its losses between 2015 and 2016, reporting a $493.6 million loss last year on reduced revenue due to frailer pricing. The statement of deep losses comes as the Taiwanese government burdens the carrier to reform or face a significant disturbance. Yang Ming Lines is not the only ocean carrier facing losses in 2016, after Maersk Line, CMA-CGM, Hapag Lloyd, and OOCL reported a total loss of $1 billion. The company’s revenue fell 9.5 percent year-over-year in 2016 to $3.8 billion. Turnover was also insufficient in covering Yang Ming’s operating expenditures of...

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