THE Indian government will establish a INR100 billion (US$2.1 billion) fund to extend low-cost credit to shipping companies to buy new ships.
Shipowners in the subcontinent have been severely hit by the lack of ship finance for vessel acquisitions, and the fund is expected to tide the shipping industry over the liquidity crisis.
Most ship financing firms and banks in the west have shut their books for the year since September and many Indian shipowners depend upon European banks for low-cost credit, Lloyds Lists reported.

Posted by: Admin on Monday, December 29, 2008 - 08:28 AM
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GEODIS, the main unit of France's SNCF Transport and Logistics Division, the fourth biggest European logistics supplier, has acquired IBM's internal global logistics business for an undisclosed sum, said a Geodis statement.
Pending regulatory approval, Geodis will be the chief logistics provider for IBM, managing EUR1 billion (US$1.4 billion) in IBM's logistics a year, supporting asset recovery services, service parts logistics and flow management of hardware and software worldwide.

Posted by: Admin on Monday, December 29, 2008 - 08:21 AM
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NEW YORK listed Ryder System, a provider of supply chain, warehousing and transportation management services, has announced that it has acquired Transpacific Container Terminal Ltd (TCTL) and CRSA Logistics Ltd (CRSA) in Canada, as well as CRSA Logistics operations in Hong Kong and Shanghai.
The companies will now operate as Ryder Transpacific Container Terminal (Ryder TCTL) and Ryder CRSA Logistics. TCTL president Doug Stewart and CRSA Logistics, vice president David Seath will continue to run Canadian and Chinese operations.

Posted by: Admin on Monday, December 29, 2008 - 08:17 AM
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VANCOUVER truckers have joined British Columbia dockers in threatening to shut down the port of Vancouver and Prince Rupert over separate issues.
Truckers object to independent operators emerging as employees of licensed corporate entities to evade rules restricting port access to employee drivers as well as undercutting on contracted freight rates, reports Newark's Journal of Commerce
Separately, contract talks between longshore foremen and employers at western Canadian ports are breaking down and the shipping community is bracing for a strike or lock-out as early as January.

Posted by: Admin on Monday, December 29, 2008 - 08:07 AM
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THE operator the second largest port in Greece, the Thessaloniki Port Authority (OLTH), has announced that Hong Kong's Hutchison Port Holdings (HPH), together with its joint venture partner, Greek pharma giant Alapis, have withdrawn from a container-terminal concession for which they had successfully tendered.
Although no reason was given in the statement to the Athens stock exchange, by the port authority, market sources said a dispute had erupted between Hutchison and Alapis, according to Ekonomist Media Group in Belgrade.

Posted by: Admin on Monday, December 29, 2008 - 08:04 AM
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