LOCAL PORT NEWS

  • Maritime leaders brainstorm port congestion in Norfolk

    Representatives from across the local maritime industry huddled in Norfolk on Tuesday to brainstorm possible solutions to port congestion.

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  • Jury faults Virginia International Terminals in port suit

    NORFOLKIn a case awaiting a judge's final order, a jury last week found that Virginia International Terminals, which runs the port's container facilities, conspired with a trusted employee of a family-owned company to divert business to him and another firm. The owners have claimed that VIT's actions cost them hundreds of thousands of dollars and wiped out their savings.

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  • Norfolk Southern focuses on improving service

    It’s business as usual lately for Norfolk Southern Corp. to report sterling quarterly earnings.Last week, the Norfolk-based railroad did it again, announcing record third-quarter profit of $559 million, a 16 percent gain from the same quarter a year ago.

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  • Profits up as Norfolk Southern labors to stay on track

    NORFOLKNorfolk Southern Corp. on Wednesday reported the highest third-quarter profit in its 32-year history - another sign that the nation's economic recovery remains on track.But analysts had expected more profit from the Norfolk-based railroad. Norfolk Southern's own statistics showed it struggled to keep up with a surge in shipments, especially of crude oil.

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  • Norfolk Southern CEO says rail mergers won't work

    OMAHA, Neb.Norfolk Southern Corp.'s CEO doesn't think railroad mergers are a good idea even if regulators might approve one.CEO Wick Moorman said Wednesday during a conference call on Norfolk's Southern's quarterly results that he doesn't think railroad mergers "make sense at this time."

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US & INTERNATIONAL

  • Louis Dreyfus Canadian canola plant offline indefinitely after fire

    Louis Dreyfus fire, Yorkton, SaskatchewanA canola-crushing plant owned by the Canadian unit of global grain trader Louis Dreyfus Corp will be offline indefinitely after an explosion and fire on Friday, the company said. Firefighters are investigating the cause of the blast at the Yorkton, Saskatchewan, plant, and an assessment of the structural condition of [...]

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  • Currency exchange gain lifts Hanjin Shipping to Q3 profit

    From SeaTrade Global: South Korea’s Hanjin Shipping has generated a profit in the third quarter of 2014, reversing from a loss-making position a year ago, due mainly to a one-time gain on foreign currency translation. Net profit in the quarter ended 30 September 2014 was registered at KRW39.8bn ($37.3m) as against a deficit of KRW317.7bn [...]

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  • Maersk doubles Manila port congestion surcharge

    Maersk line on Friday doubled its congestion surcharge for shipments from the U.S. and Canada to Manila, citing a slowdown in port operations, increasing vessel turn times and higher operating costs. The congestion seen at Manila since early this year, which is some of the worst congestion seen at any major container port this year, [...]

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  • Who pays for the ‘disadvantages of scale’ from mega-vessels and mega-alliances?

    From Loadstar: The quantum leap in container vessel sizes over the last decade has left the logistics industry searching for answers about who really wins with the introduction of mega-vessels, mega-alliances and their much-lauded economies of scale. As the supply chain is being re-shaped to accommodate 18,000teu vessels and the world’s largest shipping lines stretch, [...]

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  • Longer gate hours, extra labor fail to ease LA-LB jam

    Excerpts from the Journal of Commerce: Congestion continues to plague Los Angeles-Long Beach despite efforts by terminal operators to remain open longer and use all longshore labor at their disposal. “They’re showing up to work,” said Jim McKenna, president of the Pacific Maritime Association, the employers’ organization that negotiates and administers the International Longshore and [...]

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