CIT Group Inc. (NYSE: CIT) today announced that its Maritime Finance business served as sole lead arranger on $26.5 million in senior secured financing on behalf of Queen Esther Shipping Limited.

Florida has become the latest in a series of regional ports in the U.S. seeking to highlight availability as an alternative to the congestion and backlogs at the primary seaports in California and now increasingly also the U.S. East Coast. In an aggressive campaign, the Florida Ports Council is promoting Florida’s fifteen public seaports as an answer to the global supply chain crisis providing an opportunity to save time and money for shippers.

HFW is advising KiwiRail on a secured NZ$350m pre- and post-delivery loan facility for its purchase of two newbuilding Interislander rail-enabled ferries to be constructed in Korea.

A.P. Moller – Maersk is selling its container manufacturing operation to China International Marine Containers Ltd. in a transaction designed to support both company’s long-term strategic plans. Maersk is focusing on its transportation and logistics business, while China is consolidating its lead as the sole manufacturer of cargo containers.

The government of Thailand confirmed that it plans to move forward with efforts to re-establish a national shipping company to help grow the struggling country’s economy. The effort is also seen as a novel response to the current global shortage of cargo ship capacity, which Thai officials cited as contributing to higher costs and hindering trade.

The rush to build new containerships is continuing with orders poised to set a record for the total orderbook before the end of 2021. With its new ultra-large containership, the Ever Ace, still on its maiden voyage, Evergreen Marine confirmed that it placed an order valued at nearly $1.1 billion for feeder ships as the Taiwanese carrier continues the rapid buildout of its fleet.  

The Government of Greece with the support of the European Union is launching a $1.2 billion program designed to upgrade and enhance maritime operations in Greece. The projects will focus both on enhancement and repairs to the country’s ports as well as efforts to improve ferry service both inter-island and from the mainland.

Demand for container shipping is likely to rise in the second half of the year as the gradual recovery of the world’s economy leads to more global trade, China Merchants Port Holdings Co.

Cargo handling activities at Karachi Port Trust (KPT) and Port Qasim Authority (PQA) recorded an impressive growth of 25 per cent and 13.72pc in FY21 owing to 18pc and 26pc rise in the country’s exports and imports, respectively.

The bankruptcy judge hearing the case of Bouchard Transportation approved the bankruptcy plan which will see the company’s assets divided off to two buyers with partial recovery for the creditors. Efforts to develop an alternate plan that would have seen Bouchard retain some of its assets failed to materialize.