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25 March 2025
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Nasdaq-listed Greek tanker owner and operator Performance Shipping has nearly doubled its money by selling one of its aframaxes.
The Andreas Michalopoulos company has offloaded the 2011-built P Yanbu for $39m after picking up the 105,400 dwt vessel in late 2020 for $22m.
The Japanese-built unit has been delivered to its new undisclosed owner, delivering a profit to Performance Shipping of about $21.5m, excluding commissions and transaction-related costs.
Following the sale, the company’s fleet counts six aframax tankers, and three LR2s as well as one LR1 under construction in China. The LR2 deliveries are expected to bring the fleet’s average age to 10 years in 2026.
“The sale of this mid-aged vessel enables us to capture significant value amid appreciated tanker vessel values. With cash proceeds from this transaction, our cash balance is expected to increase in excess of $105m, representing more than twice our year-end debt balance of $47.7m,” noted Performance chief executive Michalopoulos.
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Shipping Corp Buys Two Vlgcs For $127 MillionShipping Corporation of India Ltd (SCI) has agreed to buy two second-hand very large gas carriers (VLGCs) for some $127 million, the carrier’s first ship purchase in eight years as it shrugs off a privatisation plan that has lost steam. The two VLGCs, each with a capacity to carry about 82,000 cubic metres (CBM) of liquefied petroleum gas (LPG), will add some ₹260 crore in annual revenue to the company at the prevailing time charter rate of about $41-42,000 a day for one-year charter, shipping industry sources said.
These two VLGCs are expected to be inducted into the SCI’s fleet during the current quarter of FY 2025–26,” Shipping Corporation said in a regulatory filing. It did not disclose the details of the ship acquisition, including the price.
However, shipbrokers said that the two VLGCs could be ‘Bu Sidra’ and ‘Lubara’ owned by Milaha VLGC Ltd, a unit of Qatar Navigation Q.P.S.C (Milaha). Both the ships were built in South Korea – ‘Bu Sidra’ in 2008 and ‘Lubara’ in 2009.
Second hand VLGCs are currently valued at some $60-65 million in the global market, almost at all-time highs. On June 13, the Reserve Bank of India (RBI) eased rules, allowing importers to make advance remittance for import of ships without a bank guarantee or an unconditional, irrevocable standby letter of credit for up to $50 million, from the earlier limit of $5 million.
Shipping Corporation is expected to deploy the two VLGCs with one of the state-run oil marketing companies after converting them to the Indian flag. India’s LPG demand is growing at 4-6 per cent per annum. This growth in consumption is met only by imports because local production is stagnant.
That means, this 4-6 per cent growth in consumption leads to about 8 per cent increase in imports. So, there is a requirement for more ships. “India’s LPG volumes are going to grow; so, there is definitely demand for VLGCs,” said a shipping industry source.
SCI will utilise the ₹133.85 crore left from the funds raised through a follow-on public offer (FPO) in December 2010, the proceeds from which were mainly intended to buy ships.
Shipping Corporation of India last expanded its fleet in FY2017 when it acquired four vessels – two platform supply vessels, one VLGC and one Suezmax tanker – all second-hand.
Historically, the carrier has acquired new ships by placing orders at shipyards. Like in FY17, this would be one of the rare instances where it has tapped the second-hand ship market to quickly bolster its fleet.
In December 2020, the Department of Investment and Public Asset Management (DIPAM), the government’s asset sale department, started the process of privatising Shipping Corporation of India, a so-called ‘navratna’ public sector undertaking, by selling the government’s 63.75 per cent stake to a strategic buyer. This put the brakes on the fleet expansion plan.
The sale process, though, is as good as abandoned now.
Shipping Corp is close to buying one container ship and one medium range oil tanker, both second-hand, following a due diligence currently underway, sources said.
SCI is India’s biggest shipping company by fleet size and is the country’s only shipping company that owns very large crude carriers or so-called oil supertankers. It runs 59 ships, including five VLCC’s.
To achieve the objective of ‘Atmanirbhar Bharat’, the Union Cabinet approved a scheme in 2021 to provide ₹1,624 crore as subsidy over a period of five years to Indian shipping companies in global tenders floated by ministries, departments and Central Public Sector Enterprises (CPSEs) for importing government cargo.
The Cabinet has considered crude, liquefied petroleum gas (LPG), coal and fertiliser cargo only for disbursement of subsidy. Of the ₹1,624 crore budgeted, ₹931.46 crore has been earmarked for crude while ₹520.76 has been set aside for LPG shipments. For coal, the subsidy is ₹155.61 crore while for fertilisers, it is ₹16.23 crore.
Under the RoFR rules, local shipping companies get a right to match the lowest rate offered by a foreign flag vessel in tenders issued by state-run firms. If Indian shipping companies decline, then only the foreign flag ship that had quoted the lowest rate is allowed to carry the cargo. The RoFR policy will be triggered only when the rate quoted by the Indian participants in a tender is within the 20 per cent range of the lowest bid offered by a foreign ship owner, per the purchase price preference given by the government to Indian entities.
Maritime Gateway
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07 July 20254 min readShipping Corp Buys Two Vlgcs For $127 Million
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07 July 2025
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Ports Of Seattle, Tacoma Drive $55 Billion Output In 2023Collectively, the three port authorities contributed $17.7 billion in wages and benefits and $55 billion in total business output last year.
The NWSA handled nearly 3 million TEUs in 2023, supporting 52,100 jobs, including 18,000 directly tied to marine cargo, and generating $4.4 billion in wages and $14 billion in business output.
The Port of Tacoma, through both NWSA’s South Harbor and independent port activity, contributed to 41,000 jobs, $3.4 billion in wages, and $10.8 billion in output.
READ: NWSA March TEUs grow 18 per cent
John McCarthy, NWSA Co-Chair and Port of Tacoma Commission President, said: “We aren’t just dependent on trade, we excel at it. That trade excellence also serves the rest of the country. We serve a role of national importance and impact.”
While aviation remains the Port of Seattle’s largest business segment, its maritime sectors—including cargo handling, cruise, commercial fishing, and real estate—made significant contributions.
Combined, these supported 10 of thousands of jobs and billions in economic output.
The study provides the first integrated view of the Seattle–Tacoma gateway’s full economic footprint across all port-related sectors, reinforcing its strategic importance to both regional and national trade.
Last month, NWSA recorded a 21.2 per cent decline in full international imports in May 2025 compared to the same month last year. The fall is partly attributed to shipping decisions impacted by ongoing tariff uncertainty, as full international exports also dropped by 10.7 per cent.
Port Technology International
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04 July 20252 min readPorts Of Seattle, Tacoma Drive $55 Billion Output In 2023
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04 July 2025
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Ukraine’S Naftogaz To Buy 140 Million Cubic Metres Of Us Lng From OrlenUkraine’s state energy firm Naftogaz has signed a contract to buy 140 million cubic metres (mcm) of U.S. LNG from Poland’s Orlen PKN, Naftogaz said on Wednesday.
Ukraine needs to import large volumes of gas ahead of the 2025/26 heating season after Russian shelling left its storage sites almost empty.
“Naftogaz is diversifying its sources and routes of gas supply. This enhances Ukraine’s energy security and resilience amid the ongoing full-scale war with Russia,” Naftogaz CEO Sergii Koretskyi said in a statement.
Naftogaz said that it had already contracted a total of 440 mcm of LNG from Orlen.
The company added that the gas would be regasified at the LNG terminal in Świnoujście in Poland or the Klaipėda terminal in Lithuania and transported to Ukraine via the Polish gas transmission system.
A previous contract with Orlen for 100 mcm was signed in April.
Ukrainian energy minister German Galushchenko said last month that Ukraine needed to import at least 4.6 bcm of gas for the 2025/26 winter heating season.
Analysis firm ExPro said this week that gas reserves in Ukrainian storage facilities exceeded 8 billion cubic metres (bcm) as of June 28 but remain at their lowest level in the last 11 years.
Ukrainian energy officials have said the country needs to accumulate around 13 bcm of gas for the new heating season.
The data of Ukraine’s gas transmission operator showed that the country would import about 26.4 mcm of gas on Wednesday versus 26.5 mcm on Tuesday. Gas would come from Poland – 8.2 mcm, Hungary – 9.6 mcm and Slovakia – 6.8 mcm.
Ukrainian underground gas storage facilities are the largest in Europe and the third largest in the world and can store around 30 bcm of gas.
Source: Reuters
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03 July 20252 min readUkraine’S Naftogaz To Buy 140 Million Cubic Metres Of Us Lng From Orlen
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03 July 2025
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Tti Algeciras Submits €150 Million Expansion Plan To ApbaThe proposed development covers an additional 160,000 square metres and represents a planned investment of €150 million ($177 million).
This expansion will enable the terminal to increase its annual throughput by up to 500,000 TEU, raising its total handling capacity to 2.1 million TEU.
The investment will also extend the terminal’s concession period until 2065, reinforcing the company’s long-term commitment to the port.
READ: AllRead deploys artificial solution at Port of Algeciras
Since welcoming its first vessel on 5 May 2010 and becoming the first semi-automated terminal in the Mediterranean and Southern Europe, TTI Algeciras has handled nearly 18 million TEU, a milestone expected to be surpassed this year.
This growth has helped establish the Port of Algeciras as a leading transhipment hub in Southern Europe and a vital gateway for import and export flows across mainland Spain.
Situated on the European shore of the Strait of Gibraltar, TTI Algeciras is a strategic terminal for its main shareholders: South Korean shipping line HMM (holding 50 per cent plus one share) and, since February 2021, the CMA CGM Group (holding 50 per cent minus one share), a global player in sea, land, air, and logistics solutions.
READ: COSCO SHANGHAI joins CMA CGM’s Transatlantic service
CMA CGM is also historically a major customer of the terminal.
Each week, TTI Algeciras receives some of the world’s largest container vessels, including the HMM Algeciras (23,964 TEU) and CMA CGM’s 23,000 TEU LNG-powered ships, such as the CMA CGM Jacques Saadé.
Alonso Luque, CEO of TTI Algeciras, commented: “This expansion is the natural evolution of more than a decade of steady growth with operational and commercial excellence.
“The project not only adds much-needed physical capacity but also positions us to take on new service opportunities and larger vessels, while maintaining the flexibility and efficiency that have defined our terminal from the beginning.”
Earlier in April, the Port of Algeciras marked a milestone as the site of Axpo’s first LNG ship-to-ship delivery, expanding the Swiss energy producer’s bunkering operations to a second Spanish port. During the operation, the 7,500-cubic-metre (cbm) vessel Avenir Aspiration supplied approximately 5,000 cbm of LNG to the MSC Mariacristina.
Port Technology International
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03 July 20252 min readTti Algeciras Submits €150 Million Expansion Plan To Apba
Port Technology International
03 July 2025
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Uae Ship Arrives At Ashdod Port With 2500 Tonnes Of Aid For PalestiniansThe UAE sent a ship with aid and essential supplies for the people of Gaza.
The vessel docked at Ashdod Port before the 2500 tonnes of cargo were unloaded to be sent to the people via trucks.
The shipment included food packages, flour, milk, tea, dates, etc, aimed to support the people and alleviate their suffering so they can atleast withstand the famine which threatens their lives, per Wam.
Thousands of Palestinians have died, and many have been displaced, torn apart from family members or buried alive after debris from Israeli missiles fell on their homes. Not to forget the food and water shortage, a collapse of the basic living conditions.
The aid was delivered under the UAE’s Operation Chivalrous Knight 3 project, launched in 2023 by President Sheikh Mohamed and is carried out in cooperation with Emirates Red Crescent and other charitable organisations in the UAE.
Disclaimer : The information contained in this website is for general information purposes only. While we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.
Disclaimer : The information contained in this website is for general information purposes only. While we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
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03 July 20252 min readUae Ship Arrives At Ashdod Port With 2500 Tonnes Of Aid For Palestinians
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03 July 2025
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Pakistan Eyes $700 Million In Freight Earnings By Expanding Shipping Fleet — Maritime Ministryin International Shipping News
01/07/2025
The state-run Pakistan National Shipping Corporation (PNSC) is set to buy at least 24 more vessels in the next three years to generate an estimated $700 million in freight earnings, the maritime ministry said on Friday.
Pakistan currently owns 10 ships including five double-hull Aframax oil tankers and as many Supramax and Panamax bulk carriers.
“The national carrier is now targeting to increase its cargo handling to 52 percent by volume and 43 percent by value (excluding containerized cargo) within three years,” the ministry said in a statement.
Federal Minister for Maritime Affairs Muhammad Junaid Anwar Chaudhry announced the three-year plan in a meeting held in Islamabad to discuss the government’s business strategy to revitalize the maritime and logistics sectors.
The move is part of Prime Minister Shehbaz Sharif’s strategy to renew and expand Pakistan’s aging shipping fleet in a phased manner to enhance cargo capacity, fuel efficiency and compliance with International Maritime Organization standards, including those governing carbon emissions and ballast water management.
The plan, if implemented, would boost the revenues of the national flag-carrier, whose income from shipping business declined 18 percent to Rs25 billion ($88.5 million) in July–March this year compared to the previous one, according to PNSC’s financial results posted on the Pakistan Stock Exchange website.
Muhammad Arshad, the ministry spokesman, told Arab News that Pakistan’s current fleet will be more than doubled with the induction of 13 vessels in the first year.
Eight vessels will be bought in the second year and three in the third, which would take the total to 34 vessels in Pakistan’s fleet by 2028.
“PNSC currently manages approximately 11 percent of the country’s cargo by volume and 4 percent by value,” the ministry said.
During the meeting, the minister proposed deepening collaboration between the PNSC, Karachi Shipyard & Engineering Works and local industries for the local manufacturing of modern cargo vessels, oil tankers and container carriers.
“This initiative is expected to create skilled employment, strengthen local supply chains, boost industrial activity and rejuvenate Pakistan’s shipbuilding sector, positioning the country as a regional maritime hub,” it said.
The cash-strapped country plans to finance its modernization efforts without burdening the treasury through leveraging public-private partnerships, maritime leasing models and tapping into global green shipping funds.
The government is trying to revive Pakistan’s debt-ridden economy with the help of the International Monetary Fund and has set a tax revenue target of Rs14.3 trillion ($50 billion) for the next financial year starting July.
Last week, the prime minister directed the authorities to lease new vessels to expand the PNSC’s fleet with an aim to reduce the $4 billion annual foreign exchange burden on sea-based trade.
Pakistan looks to bolster its maritime trade capacity and reduce reliance on foreign shipping lines, which officials say significantly contributes to the country’s widening trade deficit and puts pressure on foreign exchange reserves.
Source: Arab News
Hellenic Shipping News
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01 July 20253 min readPakistan Eyes $700 Million In Freight Earnings By Expanding Shipping Fleet — Maritime Ministry
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01 July 2025
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U.K Seizes 2.4 Tonnes Of Cocaine Worth $132 Million From A Ship Arriving From PanamaThe U.K.’s border authorities have confiscated cocaine worth $132 million from a ship that came from Panama.
The haul of 2.4 tonnes of the drug seized at the London Gateway Port close to the capital was one of the biggest of its kind, said Border Force Maritime director Charlie Eastaugh.
The drug was found under the containers on the ship and is said to be the 6th largest cocaine seizure.
Specialist officers had found the shipment earlier this month after they carried out an intelligence-led operation and moved 37 containers to get at the stash.
The U.K is one of the largest European markets for cocaine, per the National Crime Agency. The U.K Government says that the cocaine linked deaths in Wales and England increased by 31% between 2022 and 2023.
The United Nations Office on Drugs and Crime’s (UNODC) annual World Drug Report stated that cocaine was the world’s fastest-growing illegal drug market.
The production of the drug in Colombia has soared as the demand for it has increased rapidly in Europe and South America.
The number of cocaine users in the world has kept increasing, reaching 25 million people in 2023, up from 17 million a decade ago.
Minister for Migration and Citizenship Seema Malhotra said that drug gangs try to import illegal substances into the U.K and cause death, misery and addiction to the youth.
References: Al Jazeera, World Cargo News
Disclaimer : The information contained in this website is for general information purposes only. While we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.
Disclaimer : The information contained in this website is for general information purposes only. While we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
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01 July 20253 min readU.K Seizes 2.4 Tonnes Of Cocaine Worth $132 Million From A Ship Arriving From Panama
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01 July 2025
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Guinea Exports Record 48.6 Million Tons Of BauxiteJune 30, 2025
Guinea's exports of bauxite, a feedstock for aluminium, surged 39% to a record 48.6 million metric tons in the first quarter though regulatory crackdowns sidelined major operators, official data obtained by Reuters showed.
Most of this bauxite was shipped to China, where aluminium production has recovered. In the first five months of the year, China produced 18.59 million tons, a rise of 4.0% from the same period last year, data from its National Bureau of Statistics showed.
Guinea, the world's second-largest bauxite producer, shipped 312 vessels compared to 225 ships carrying 34.9 million tons in Q1, 2024, according to Guinea's Ministry of Mines and Geology.
Shipments from Guinea soared even as an export ban on Emirates Global Aluminium's local unit - which shipped 3.6 million tons in Q1, 2024 - remained in effect, while a regulatory cleanup curtailed exports from other key operators including China Hongqiao's subsidiary AGB2A/SDM.
Current weekly exports of 3.7 million tons point to an annualized rate of 199 million tons in 2025, up from 146 million tons last year, said Bernabe Sanchez, an independent mineral economist focused on Guinea.
This underscores the sector's resilience amid continuing strong Chinese demand from the military-ruled West African nation since 2016, said Sanchez.
Chinese-controlled companies dominated the Q1 export boom, with Société Minière de Boké (SMB) leading at 18.4 million tons, up 41% from 13.1 million tons in Q1 2024.
China’s state-owned Chalco increased shipments by 35% to 5.1 million tons from 3.8 million tons, while AGB2A/SDM exported eight million tons despite regulatory challenges.
The data further underscores China's tightening grip on Guinea's bauxite resources as Beijing ramps up aluminum production.
China imported 158.7 million tons of bauxite in 2024, with Guinea accounting for almost 70% of supplies.
Guinea, which supplies around half the world's bauxite, has expanded port infrastructure to handle surging bauxite demand.
(Reuters)
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30 June 20252 min readGuinea Exports Record 48.6 Million Tons Of Bauxite
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30 June 2025
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Golar Lng Limited Announces Proposed Offering Of $500 Million Of Convertible Senior Notes Due 2030Golar LNG Limited announces today that it intends to offer, subject to market and other conditions, $500 million aggregate principal amount of Convertible Senior Notes due 2030 (the “Notes”) in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). The Company also intends to grant the initial purchasers of the Notes a 30-day option to purchase up to an additional $75 million aggregate principal amount of the Notes in connection with the offering.
In connection with the offering of the Notes, certain of the Company’s directors and officers have provided an indication of interest to purchase the Company’s common shares from investors in the offering of the Notes, and certain entities controlled by or affiliated with the Company’s directors have provided an indication of interest to purchase Notes at the initial offering price.
The Notes will be senior, unsecured obligations of the Company, pay interest semiannually in arrears on June 15 and December 15, mature on December 15, 2030, and be convertible into the Company’s common shares, cash, or a combination of shares and cash, at the Company’s election.
The Company intends to use the net proceeds from the sale of the Notes (including any Notes sold pursuant to the initial purchasers’ option to purchase additional Notes, if exercised) to repurchase up to 2.5 million of the Company’s common shares in connection with the offering of the Notes and for general corporate purposes, which may include, among other things, future growth investments including a contemplated fourth FLNG unit, MKII FLNG conversion costs, FLNG Hilli redeployment costs, repaying indebtedness, and funding working capital and capital expenditures.
IMPORTANT INFORMATION
This press release does not constitute an offer to sell or the solicitation of an offer to buy the Notes, nor shall there be any sale of the Notes in any jurisdiction in which, or to any person to whom, such an offer, solicitation or sale would be unlawful. Any offer of the Notes will be made only by means of a private offering memorandum.
The Notes and the shares of common stock issuable upon conversion of the Notes have not been, and will not be, registered under the Securities Act or the securities laws of any other jurisdiction and may not be offered or sold absent registration or an applicable exemption from registration requirements under the Securities Act and applicable state securities laws.
This announcement contains information about a pending transaction and there can be no assurance that this transaction will be completed.
Source: Golar LNG
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27 June 20253 min readGolar Lng Limited Announces Proposed Offering Of $500 Million Of Convertible Senior Notes Due 2030
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27 June 2025
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Port Of Long Beach Approves $833 Million BudgetThe Long Beach Board of Harbor Commissioners has approved an $833 million budget for fiscal year 2026, nearly half of which will go toward infrastructure projects that reinforce the port’s leadership in sustainable, efficient cargo movement.
The budget will be submitted to the Long Beach City Council later this year for final approval.
Key highlights include a $405.4 million capital improvement allocation, representing 48.7% of total spending. Of this, $208.8 million is earmarked for the Pier B On-Dock Rail Support Facility, a transformative project aimed at shifting more cargo to rail, reducing truck traffic, and lowering emissions.
The Pier B project, which broke ground in July 2024, is scheduled for completion in 2032.
The budget also includes a $25.3 million transfer to the City’s Tidelands Operating Fund, which supports community and environmental enhancements along the city’s 7-mile coastline, such as shoreline safety, water quality, and public facilities.
Despite global trade uncertainties and a conservative 1.9% projected drop in operating revenue, the port is maintaining a strong financial position.
The 9.5% year-over-year increase in budgeted spending reflects the port’s continued commitment to modernization and sustainability, including support for the Zero Emissions, Energy Resilient Operations Policy, which advances the use of zero-emissions equipment and vehicles.
The Port of Long Beach plans to invest $3.2 billion in infrastructure improvements over the next decade, supporting both growth and environmental stewardship.
Additionally, the Board approved an increase in its scholarship fund, raising the annual allocation from $350,000 to $400,000, reinforcing its commitment to education and workforce development in the region.
Container News
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25 June 20252 min readPort Of Long Beach Approves $833 Million Budget
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25 June 2025
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Cargo Throughput Going Through Three Gorges Dam Ship Lock Reaches 2.24 Billion TonsThe cumulative cargo throughput of the ship locks of the Three Gorges Dam, part of the world’s largest hydropower project, has reached 2.24 billion tons, a milestone in China’s inland waterway transportation, according to data on Wednesday.
Since its opening to navigation in 2003, the Three Gorges Dam ship locks have operated safely and efficiently, improving navigation on the Yangtze River. Over the past 22 years, they have recorded a cumulative freight volume of 2.24 billion tons, 215,000 lock operations, more than 1.074 million cargo vessels, and more than 12.291 million passengers, according to data from the Three Gorges Navigation Authority.
These achievements demonstrate the efficiency of the ship locks and highlight their vital role in maximizing the economic benefits of the Yangtze River’s “golden waterway,” CCTV News reported.
The ship locks are part of the Three Gorges project, a multi-functional water control system located on the Yangtze River, the country’s longest waterway, according to the Xinhua News Agency.
Over the past two decades, the ship locks have continuously broken records in cargo throughput.
From 2022 to 2024, the annual volume of the Three Gorges ship locks surpassed 150 million metric tons each year. Annual cargo throughput soared from 34 million tons at the beginning of its operation to a peak of 169 million tons. Designed with a one-way annual capacity of 50 million tons, the locks have greatly exceeded expectations, highlighting their key role in the high-quality development of the Yangtze River’s waterway, according to another CCTV News report in March.
Li Ran, director of the Navigation Engineering Technology Center of the Three Gorges Navigation Authority, said that the construction of the Three Gorges project has significantly improved the navigation conditions of the upstream reservoir area. The natural advantages of water transport such as low costs and environmental benefits have led to a constant increase in shipping demand, exceeding the ship locks’ original designed capacity.
The Three Gorges Dam ship locks are the world’s most technologically complex inland river locks, spanning a total length of 6.4 kilometers. This includes a 1.66-kilometer main lock structure and a 4.8-kilometer approach channel.
Unlike the Panama Canal locks, which are shorter and mainly serve international shipping, the Three Gorges ship locks are designed to serve both domestic and international vessels. Their main focus is on optimizing the efficiency of China’s inland waterway transportation system, Ye Yong, general manager of the Tourism Development Division at the Three Gorges Tourism Group, told the Global Times on Wednesday.
According to Li, cargo demand has surged following the completion of the Three Gorges project, driven by the lower costs and environmental advantages of water transport.
“To improve passage efficiency, my technical team and I sought a solution,” Li said, adding that the ship locks are set to receive upgrades driven by artificial intelligence. Using big data and machine learning, the locks are expected to further optimize task scheduling, allowing vessels to receive real-time transit estimates from departure to destination.
Source: Global Times
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20 June 20253 min readCargo Throughput Going Through Three Gorges Dam Ship Lock Reaches 2.24 Billion Tons
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20 June 2025
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South Korean Shipyard Accuses Russia’S Zvezda Of Illegally Cancelling $3.54 Billion DealOne of the world’s largest shipbuilders, Samsung Heavy Industries has announced that it will take legal action against Russia’s largest shipyard, Zvezda, after the cancellation of two major shipbuilding equipment supply contracts worth a total of 4.85 trillion Korean won (around $3.54 billion).
The South Korean shipbuilder is also seeking damages through international arbitration.
According to Samsung, the contracts were unilaterally cancelled by Zvezda in June 2024. The Russian shipyard informed Samsung of the termination and requested the return of the advance payments made under the agreement.
In response, Samsung filed for arbitration in Singapore in July 2024, challenging the legality of Zvezda’s termination and aiming to confirm that the decision was not valid under the agreed terms.
The now-cancelled deals were signed in 2020 and 2021 and involved the supply of parts and steel hull blocks for 10 icebreaking liquefied natural gas (LNG) carriers and 7 icebreaking shuttle tankers. These specialised ships were meant to support Russia’s Arctic energy transportation routes.
However, complications began after Russia’s invasion of Ukraine in 2022. Following the war, the United States imposed sanctions on several Russian entities, including Zvezda. This significantly affected the execution of international contracts.
Samsung and Zvezda had reportedly been in discussions to resolve the issue as the geopolitical situation worsened.
Despite the talks, Samsung said Zvezda suddenly claimed that the Korean shipbuilder had defaulted on its contractual obligations and decided to cancel the agreement without mutual consent.
Samsung, on its part, rejected this claim and withheld about $800 million in advance payments, citing its right to protect company interests.
As the war continued and uncertainties around the contracts continued to grow, Samsung eventually decided to terminate the agreement from its end and proceed with a lawsuit and arbitration to claim damages.
The company said the decision was necessary due to rising concerns over the feasibility of carrying out the project and to defend its legal and financial interests.
The shipbuilder made the announcement in a regulatory filing on June 18, emphasising that Zvezda’s actions were an illegal breach of contract.
Reference: Reuters
Disclaimer : The information contained in this website is for general information purposes only. While we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
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Disclaimer : The information contained in this website is for general information purposes only. While we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
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20 June 20253 min readSouth Korean Shipyard Accuses Russia’S Zvezda Of Illegally Cancelling $3.54 Billion Deal
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20 June 2025
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