LOCAL PORT NEWS

  • Norfolk Southern to relocate 500 Roanoke employees

    NORFOLKFive hundred employees in Norfolk Southern Corp.’s Roanoke office are being asked to relocate either to Norfolk or Atlanta, the railroad announced Tuesday.

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  • Port turned another profit in December, sixth in a row

    NORFOLKThe port generated an operating income of $631,114 in December while reporting another month of strong container volume as well, Gov. Terry McAuliffe announced this morning.

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  • Norfolk Southern reports flat fourth-quarter earnings

    Norfolk Southern Corp.'s profit for the fourth quarter was flat compared with the same period a year ago, the company reported Monday.Softness in its coal segment, a big part of its business, was a factor.Net income for the Norfolk-based railroad totaled $511 million, or $1.64 a share, for the quarter, virtually unchanged from $513 million in the fourth quarter of 2013.

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  • Maritime industry officials talk about congestion

    NORFOLKFor the second time in nearly three months, maritime stakeholders gathered on Friday to try to get a handle on the congestion affecting cargo movement at the port.The follow-up to a "Port Productivity Summit" held in late October, the more than three-hour session drew about 50 people to the Half Moone Cruise and Celebration Center.

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  • Virginia Port Authority seeks expanded police power

    RICHMONDA bill that would expand the police powers of the Virginia Port Authority and another that would let the authority move more rapidly on small real estate purchases are pending in the General Assembly.Both bills - SB1358 and SB1359 - were introduced by Sen. Jeff McWaters, R-Virginia Beach.

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US & INTERNATIONAL

  • Survey finds rail service improving for US grain exporters

    The JOC reports that the recent energy boom has meant grain handlers are facing stiff competition for rail service with the crude oil sector. Excerpts from the Journal of Commerce: Steenhoek could think of a few factors contributing to improved rail service. In the first place, he said, 2014 saw a longer harvest, giving [...]

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  • Bulk carrier detained in Australia; ITF alleges seafarers were forced to unlash containers at sea

    ”In this instance they were lucky there was no major incident,” International Transport Workers’ Federation Australia coordinator Dean Summers said. ”In a worst-case scenario, the shifting cargo could have caused the ship to sink by compromising its stability.” VesselTracker photo.A Hong Kong-based bulk carrier has been detained in Newcastle following allegations that its crew [...]

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  • Japan’s Marubeni halves profit outlook on oil price slide, Gavilon

    Japanese trading house Marubeni Corp halved its annual profit forecast on Monday after plunging oil, copper and coal prices weighed on its resource assets and it booked an impairment charge for its grains unit Gavilon. Like international oil majors and mining companies, Japan’s trading companies have been caught flat-footed by the rout in commodities, with [...]

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  • Trans-Pacific Partnership (TPP): Fast Track not a done deal, the people will stop it

    From Truth-Out: The corporate media are reporting that since the Republican leadership and President Obama support Fast Track trade authority, it is a done deal. And that message, also heard by countries negotiating the Trans-Pacific Partnership (TPP), is driving the race to finalize that agreement. The truth is: Fast Track is not a done deal. [...]

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  • ICTSI shores up $300m perpetual bond

    International Container Terminal Services (ICTSI) sold a $300 million hybrid note callable in year 4.25 on Thursday evening, the company’s maiden senior perpetual offering and also Asia’s first this year. The Philippine port operator — controlled by billionaire Enrique Razon — priced the offering at a yield of 6.375%, which is around 12.5bp tighter than [...]

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