Finalized in the state budget at the end of June, the port and freight infrastructure program aims to make long-term upgrades that will increase the capacity to move goods throughout the state while lessening environmental impacts on neighboring communities.
 

Grindrod Shipping Holdings Ltd. , a global provider of maritime transportation services predominantly in the drybulk sector, today announced that we have entered into a transaction implementation agreement (the “Implementation Agreement”), dated October 11, 2022, among the Company, Taylor Maritime Investments Limited (“TMI”) and Good Falkirk (MI) Limited, a wholly-owned subsidiary of TMI (the “Offeror”), providing for a voluntary conditional cash offer (the “Offer”) to be made by the Offeror for all of the issued ordinary shares (the “Shares”) in the capital of the Company (other than Shares held by the Offeror and Shares held in treasury) (the “Offer Shares”).

The U.S. Department of Transportation’s Maritime Administration (MARAD) awarded nearly $39 million in grants to 12 marine highway projects across the Nation under the America’s Marine Highway Program (AMHP). The funding will help expand marine highway services on the United States’ navigable waterways to reduce congestion, alleviate supply chain bottlenecks, and move goods more quickly from ships to shelves.

As European nations push to secure natural gas supplies ahead of the winter heating season, Atlantic basin day rates for LNG carriers have soared to record levels. Shipowners lucky enough to be in the LNG sector can hope for spot rates pushing the $400,000 mark, a price bracket usually reserved for the ultradeepwater drillship sector on its best days.  

Indian billionaire Gautam Adani and his family are in early discussions with investors, including Singapore investment firms Temasek and GIC, to raise at least $10 billion to fund its expansion into clean energy, ports and cement businesses, Mint newspaper reported on Monday.

Stolt-Nielsen Limited yesterday reported unaudited results for the third quarter and first nine months of 2022. The Company reported a third-quarter net profit of $74.7 million, with revenue of $744.0 million, compared with a net profit of $58.6 million, with revenue of $689.1 million, in the second quarter. The net profit for the first nine months of 2022 was $185.6 million, with revenue of $2,039.3 million, compared with a net profit of $43.8 million, with revenue of $1,588.0 million, in the first nine months of 2021.

On Wednesday, the U.S. Coast Guard awarded Birdon America the contract for the detail design and construction of its next generation of river buoy and inland construction tenders.

Hapag-Lloyd AG and SM SAAM have signed a binding agreement under which Hapag-Lloyd will acquire 100 % of the shares of SAAM Ports S.A. and SAAM Logistics S.A. and thereby the entire company’s terminal business and associated logistics services.

The U.S. Economic Development Administration (EDA) earlier this month awarded a $50 million federal grant to H2theFuture, a 25-organization partnership aiming to develop a new energy cluster in South Louisiana, spanning the clean hydrogen life cycle, from R&D at Louisiana universities, to an end-use project at the Port of South Louisiana.

A preliminary deal has been struck for the Korea Development Bank to sell two-thirds of its investment in Daewoo Shipbuilding & Marine Engineering (DSME) in a transaction that would recapitalize the financially troubled shipyard with new private investors and management. KDB, which had previously said it was making it a priority to sell Korea’s third largest shipbuilder to private investors, has selected a technique typically used in bankruptcies announcing an initial accepted bid and tomorrow will commence a month-long bidding process for a 49.3 percent stake in DSME.