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Citi has $280 mln in loans in China ports at center of metals probe

Reuters | July 21, 2014 | Ports & Terminals

Citigroup Inc has about $280 million in loans tied to commodities in two Chinese ports which are at the center of a probe into possible fraud, a senior executive said on Friday, becoming the first U.S. bank to disclose its potential exposure. Read More »

Goldman in preliminary deal to buy 30 pct of Turkey’s Petlim port

Reuters | July 21, 2014 | Ports & Terminals

Goldman Sachs has signed a preliminary agreement with Socar’s Turkey unit to buy a 30 percent stake in the country’s largest integrated port for $250 million, the port’s operator said in a statement. Read More »

Massport approves purchase of new ship detection system

AJOT | July 18, 2014 | Air Cargo

The Massachusetts Port Authority (Massport) has voted to approve a second ship radar to monitor the boating channel under the final approach to Logan’s Runway 27. The airport currently has a ship detection system for the Runway 4R approach. Read More »

Maersk Line aims to raise freight rates from Asia to Europe

Reuters | July 18, 2014 | Liner Shipping

The world’s biggest container shipping company Maersk Line, a unit of A.P. Moller-Maersk, said it planned to raise freight rates on routes from Asia to northern Europe by $450 per 20-foot container (TEU). Read More »

Indonesia resumes metal concentrate exports after 6-month halt

Reuters | July 18, 2014 | International Trade

Indonesia has resumed exports of metal ore concentrates, a mining ministry official said, ending a six-month stoppage resulting from a new policy to improve returns on resources shipped out of southeast Asia’s largest economy. Read More »

American Fast Freight, Inc. Hires Debra L. Lorge As VP, CFO and Treasurer

PR Newswire | July 18, 2014 | Intermodal

American Fast Freight, Inc. (“AFF” or the “Company”) announced today that Debra L. Lorge will join the Company as a Vice President, Chief Financial Officer and Treasurer. Read More »

Cargotec’s orders beats expectations, profit disappoints

Reuters | July 18, 2014 | Ports & Terminals

Finnish cargo-handling equipment maker Cargotec said new orders in the second quarter were well above analysts’ expectations, while its adjusted operating profit came in below forecasts. Read More »

South Korea to scrap rice import caps, farmers stage protest

Reuters | July 18, 2014 | International Trade

South Korea will scrap caps on rice imports from 2015, potentially opening up the politically sensitive market to more imports from countries such as the United States and China, in a move that has been fiercely resisted by many farmers. Read More »

Australia’s Asciano says in talks to sell stake in ports and logistics arm

Reuters | July 17, 2014 | Transport Intermediaries

Australia’s Asciano Ltd said it is in talks to sell a stake in its ports and logistics business, with media reporting state-run China Merchants Group Ltd is interested and that a deal may be worth up to A$1.1 billion ($1 billion). Read More »

Lawsuit Against Walmart Puts Focus Back on Lenient Trucking Regulations

PR Newswire | July 17, 2014 | Intermodal

Tracy Morgan isn't taking the accident he endured last month lightly. The comedian and several other passengers were severely injured and fellow comedian James McNair was killed, when an allegedly drowsy Walmart truck driver crashed into Morgan's limousine on the New Jersey Turnpike. Read More »

CP Rail sees more growth as 2nd quarter tops forecasts

Reuters | July 17, 2014 | Intermodal

Canadian Pacific Railway Ltd reported stronger-than-expected results on Thursday, and said rising freight volumes and prices should push already record results to new highs later this year. Read More »

Strikes halt grains exports from Argentina’s Rosario hub

Reuters | July 17, 2014 | Ports & Terminals

Multiple strikes paralysed all grains exports from Argentina’s pivotal Rosario export hub on Thursday, a local business chamber said, disrupting shipping at a busy time in the harvest cycle. Read More »

Ukraine says Malaysian airliner shot down, 295 reported dead

Reuters | July 17, 2014 | Air Cargo

Ukraine says Malaysian airliner shot down, 295 reported dead

A Malaysian airliner was shot down over eastern Ukraine by militants on Thursday, killing all 295 people aboard, a Ukrainian interior ministry official was quoted as saying by Interfax-Ukraine news agency. Read More »

ATA Announces Senior Staff Promotions

PR Newswire | July 17, 2014 | Intermodal

ATA Announces Senior Staff Promotions

American Trucking Associations President and CEO Bill Graves announced several promotions of key professionals to the Association's Senior Staff team. These promotions will strengthen ATA and build upon the association's effectiveness in representing the interests of the trucking industry across the country. Read More »

Algoma Central Corporation Christens Environmentally Advanced Vessel in the Great Lakes

PR Newswire | July 17, 2014 | Liner Shipping

Algoma Central Corporation Christens Environmentally Advanced Vessel in the Great Lakes

Algoma Central Corporation is pleased to announce the arrival in Canada and the christening of its second Equinox Class bulk cargo vessel, the Algoma Harvester. Read More »

China, Brazil close plane, finance, infrastructure deals

Reuters | July 17, 2014 | International Trade

China and Brazil sealed their expanding commercial partnership on Thursday with a $5 billion credit line for Brazilian miner Vale and the purchase of 60 passenger jets from Brazilian planemaker Embraer. Read More »

Brazil’s Embraer sees China demand for executive jets recovering

Reuters | July 17, 2014 | International Trade

China’s demand for executive jets is stabilizing after it weakened earlier in the year and should recover with more force in the future, the chief executive officer of Brazilian planemaker Embraer said on Thursday. Read More »

CP Rail beats expectations as profit, revenue rise

Reuters | July 17, 2014 | Intermodal

Canadian Pacific Railway Ltd on Thursday reported second-quarter results that were slightly ahead of expectations as the rail operator worked to recover from massive backlogs and an unusually harsh winter. Read More »

Israeli shipper Zim completes $3.4 bln debt restructuring

Reuters | July 17, 2014 | Liner Shipping

Israel’s biggest shipping firm Zim said it completed a more than $3 billion debt restructuring that will allow the company to capitalise on the recovery in global trade. Read More »

S.Korea to scrap rice import caps from start of next year

Reuters | July 17, 2014 | Breakbulk & Projects

South Korea will on Friday announce plans to scrap caps on rice imports from the start of 2015, instead managing shipments into the country using a system of steep tariffs, domestic media outlets including the Yonhap news agency reported on Thursday. Read More »

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