Zim agrees to restructuring
Financial Times and others report that Zim (the Israeli container shipping line) has agreed to
debt restructuring. It's owner (Israel Corp), will hand over 2/3's of Zim to creditors.
The Load Star has an interesting article questioning the future of the carrier.
Labels: Israel corp., Zim
Will Hapag Lloyd find a partner?
Hapag Lloyd has been looking for a partner for a few years. The latest is a deal with CSAV.
Some say Hapag Lloyd will buy CSAV. Others say...
The current deal on the table is for a 70/30 split, with CSAV taking a
30% stake in the resultant company, but according to a WSJ source some
Hapag-Lloyd shareholders are pushing for 73%.
It also remains uncertain whether the Chileans' 54 vessels will be
part of the deal, or just leased to Hapag-Lloyd. If an agreement is
reached, the merged entity will be the fourth largest container line in
From Seatrade Global
Labels: CSAV, Hapag-Lloyd
Logistics IS Important
Part of shipping involves shipments going to the wrong place. For instance, Portland, Maine, USA, instead
of Portland, Oregon, USA. (3200 Miles, 5150 KG, apart)
But when the drug smugglers make a mistake, and the crates of bananas with cocaine end
up in the grocery store, prior to the cocaine being removed....well, heads will probably roll
From FOX News
BERLIN – Police in Germany say
they have seized a large haul of cocaine after smugglers apparently made
a mistake that sent the drug to supermarkets.
at five stores in and around Berlin were surprised to find cocaine
packed into crates of bananas on Monday — a total of 140 kilograms (309
The head of Berlin's anti-drugs squad said
Tuesday that the crates had come from Colombia via the German port of
Hamburg and the discovery was "pure chance."
German news agency dpa quoted Olaf Schremm as saying that the smugglers had probably made "a logistical mistake."
It's estimated that the drugs would have had a street value of about 6 million euros ($8.2 million).
Labels: bananas, drug smuggling
Ship to Cuba from the U.S.
I didn't realize Crowley has offered service from the U.S. to Cuba for several years.
This from their web-site
Crowley was the first U.S. carrier to obtain a license from the Office
of Foreign Assets Control (OFAC) of the United States Department of the
Treasury in Washington, D.C., to provide regularly scheduled common
carrier services for licensed cargo from the United States to the
Republic of Cuba. Crowley launched its Cuba service in December 2001,
becoming the first U.S. carrier to re-enter Cuba in nearly 40 years, and
has maintained a regularly scheduled service ever since.
The opportunity to participate in the trade was made possible by the
"Trade Sanctions Reform and Export Enhancement Act of 2000" signed into
law on October 28, 2000 by William J. Clinton, President of the United
States of America. The "Trade Sanctions Reform and Export Enhancement
Act of 2000," authorizes OFAC to license the transport of agricultural
commodities, medicine, medical devices or other products directly from
the United States to the Republic of Cuba.
Labels: Crowley, Cuba
Chinese Blocks U.S. GMO Corn
I guess I missed this when it was reported by Bloomberg in mid-December, 2013.
Dec 18, 2013 6:36 PM ET Bloomberg News click here
Who’s afraid of a little genetically engineered American corn?
Chinese quarantine officers apparently. They’ve recently blocked at least six batches (more than 180,000 tons) of American corn from entering China,
citing the presence of genetically-modified strain of the grain that
the Chinese government hasn’t (yet) approved for import. The impact has
been notable: In recent days U.S. corn futures fell, in part out of fear of further Chinese enforcement action.
Mexican port contolled by drug cartel
We have all heard of the problems in Mexico with the drug cartels. Now it appears they
are branching into iron ore production and transportation.
According to a report by Reuters, the pacific port of Lazaro Cardenas is now controlled
by a drug cartel..
The Knights Templar cartel, steadily diversifying into other businesses, became so successful at exporting iron ore to China
that the Mexican Navy in November had to move in and take over the port
in Lazaro Cardenas, a city that has become one of the gang's main cash
steelmaking center, drug smuggling hot spot and home of a rapidly
growing container port in the western state of Michoacan occupies a
strategic position on the Pacific coast, making it a natural gateway for
burgeoning trade with China.
Cardenas opened to container traffic just a decade ago, and with a
harbor deep enough to berth the world's largest ships, it already aims
to compete with Los Angeles to handle Asian goods bound for the U.S.
But that future is
in doubt unless the government can restore order and win its struggle
with the Knights Templar, who took their name from a medieval military
protected Christian pilgrims during the Crusades.
Mexico's biggest producer of iron ore, Michoacan state is a magnet for Chinese traders feeding demand for steel
in their homeland. But the mines also created an opportunity for
criminal gangs, such as the Knights Templar, looking to broaden their
revenue base into more legitimate businesses.
mines were mercilessly exploited, and the ore was leaving. But not in
rafts or launches - it was going via the port, through customs, on
ships," said Michoachan's governor, Fausto Vallejo, soon after the Navy
occupied the port on November 4.
a thriving criminal enterprise adept at corrupting local officials and
squeezing payments from businesses, developers and farmers, the Knights
took to mining with aplomb, according to entrepreneurs and miners
working around the port.
for link to complete article
Labels: iron ore, Lazaro Cardenas, Mexican drug cartel, Mexico
Reporting the price of oil
The Financial Times has a great article about how the price of oil is determined.
However, after it became known the Libor interest rate was being manipulated by
the banks, now everyone is wondering if the same thing has been going on
with oil prices.
Labels: forecast oil prices, Platts, WTI