Finance

  • Ports in Southern California expect another boom...

    What began as a crippling year as trade tariffs and the COVID-19 pandemic torpedoed imports and exports through the Port of Long Beach (POLB) and the Port of Los Angeles (POLA), the twin ports of San Pedro Bay, California, turned out to be a record-breaker by year’s end with another boom fiscal year expected to follow in 2021.

     

  • Cadeler spends $651M for two of the largest wind...

    The growing number of offshore wind power projects and an increase in the size of the projects and the turbines is building demand for a new generation of larger and more powerful installation vessels. Denmark’s Cadeler, an installation and services company backed by the BW Group, announced plans to invest $651 million to build two of the largest installation vessels, which when introduced will also give the company the largest installation fleet in service.

     

  • Nation’s shipyards contribute $42 billion to...

    The United States' private shipyards contribute over $42 billion annually to the nation’s gross domestic product (GDP), according to a new report released by the U.S. Department of Transportation’s Maritime Administration (MARAD). The report was released in support of a proposal by the Biden administration to include significant investments in the maritime industry as part of President Joe Biden’s proposed infrastructure investment legislation.

     

  • Chinese firm launches 110-mln-USD expansion...

    Chinese construction firm, China Civil Engineering Construction Corporation (CCECC), on Thursday launched the construction of a 110 million U.S. dollars Modjo dry port expansion project in central Ethiopia.

     

  • Shipping Industry Pushes for $5B Decarbonization...

    Shipowning organizations from the Group of Seven (G7) nations have vowed to spearhead the establishment of a $5 billion research and development (R&D) decarbonization fund, and have called for contributions from governments.

     

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Bouchard Transportation’s Tugs and Barges Auctioned Off

The auction of the assets of Bouchard Transportation Company proceeded on July 18 under the process approved by the bankruptcy court. Before the auction, the reorganization officer for the oil barge transport company had selected an initial bid of $110 million for assets, which included 12 barges and 17 tugboats. Reports indicate, however, that the initial bidder selected by the company was outbid during the auction.

 
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