A DP World executive said the global financial crisis could convince port authorities in the United States to re-think their current model that limits marine terminal development to shipping lines and domestically-based investor groups.The credit crunch could force U.S. ports to open up investment opportunities to global, foreign-based terminal operators such as DP World of Dubai, Hong Kong's Hutchison Port Holdings and PSA International of Singapore, said Dave Sanborn, senior vice president and managing director for the Americas at DP World.

Posted by: Admin on Thursday, November 20, 2008 - 09:06 AM
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South African ports could see a growth in business from ships re-routing via the Cape of Good Hope to avoid pirate attacks off the Somali coast, according to South Africa's National Ports Authority (NPA).NPA Spokesperson Koen Birkenstock said the risk of attack, together with the drop in the price of bunker fuel, was encouraging operators to sail via the southern tip of Africa rather than the Suez Canal and the Gulf of Aden.

Posted by: Admin on Thursday, November 20, 2008 - 09:05 AM
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The South Korean Government and creditor banks are to carry out a pre-emptive restructuring for smaller Korean shipyards, as they are at risk of folding in the current global financial crisis. Unlike yards such as DSME, SHI and HHI, smaller shipbuilders are less likely to secure loans from financial institutions, and may be unable to build vessels.

Posted by: Admin on Thursday, November 20, 2008 - 09:04 AM
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Maersk Line has indicated it will "very likely" lay up container ships in 2009 to counter the deepest market downturn in three decades. The vessels likely would be withdrawn from the market in the first half of 2009, Maersk Line Chief Executive Eivind Kolding was quoted as saying this week in Copenhagen. He added that his expectations for growth of the global container shipping market next year to be zero compared to its 10% annual growth over the past 30 years.Maersk suspended one of its 10 Asia-Europe services for an indefinite period earlier this month.

Posted by: Admin on Thursday, November 20, 2008 - 09:03 AM
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Egypt's revenues from the Suez Canal reached $467.5 million in October, down from $469.6 million in September but up from $422.6 million in October 2007, the government said on Wednesday. The canal is an important source of foreign currency for Egypt, along with tourism, oil and gas exports and remittances from Egyptians living abroad. Piracy off Somalia has plagued the shipping lane linking the Middle East and Asia to Europe and beyond through the Suez Canal.

Posted by: Admin on Thursday, November 20, 2008 - 09:01 AM
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