Panama Canal announces second set of restriction easing in June. Through an Advisory to Shipping, the Panama Canal has announced that, effective June 26, the maximum authorised draught was raised to 14.33 metres (from 46 to 47 feet), and on July 11 will increase to 14.63 metres (48 feet). Additionally, a new booking slot for the Neopanamax locks will be [...]
30/06/2024
India to create $9bn mega port Near Mumbai. KUCHING: A joint venture (JV) between Malaysian and Chinese companies has been awarded a RM208.9mil contract to dredge the access shipping channel to Miri Port terminal and construct training bunds in the Batang Baram Delta. Rimbun Prima Sdn Bhd and China Communications Con-struction Company (M) Sdn Bhd joint venture (JV) had signed [...]
30/06/2024
Maritime shipping still on troubled waters Ocean spot rates hit 2-year highs. Spot rates for shipping forty-foot equivalent containers over the ocean from China to North America hit their highest levels since the summer of 2022 and are still climbing. Supply chain disruption has returned to the maritime industry, but how does it compare to the pandemic era and is [...]
30/06/2024
Loke: MOT supports Westports Malaysia 2 expansion project. KUALA LUMPUR (June 22): The Ministry of Transport (MOT) fully supports Westports Holdings Bhd’s (KL:WPRTS) expansion project in Port Klang known as Westports Malaysia 2. Transport Minister Anthony Loke Siew Fook said a new concession agreement for Westports had been approved by the Cabinet, following an evaluation by the Public Private Partnership Unit [...]
23/06/2024
India to create $9bn mega port Near Mumbai. The Indian government has approved the development of a new deep-water port, Vadhavan, on the country’s western coast. Located about 150 kms from Mumbai, Vadhavan is part of a strategic initiative to establish sea and rail links connecting India with Europe through the Middle East. The port’s construction, with an estimated [...]
23/06/2024
Container rates rise again with more to come. The latest container rate updates show Asia-Europe leading a continuing rise in box rates, with congestion in Asia expected to bring further increases. Drewry’s World Container Index (WCI) for 20 June showed a 7% increase on-week in its composite index to $5,117 per feu. Putting the recent rate rises in context, the [...]
23/06/2024
Targeted diesel subsidies can boost Malaysia’s credit rating, says economist. PETALING JAYA: The targeted diesel subsidy rollout could lead to an upgrade in Malaysia’s sovereign credit rating as it shows the government is serious about economic reforms and fiscal consolidation, said an economist. Prime Minister Anwar Ibrahim aims to replace broad subsidies, which cost the country RM81 billion last year, [...]
17/06/2024
Diesel subsidy not abolished, govt still bears RM7bil in subsidies, says PM Anwar. KUALA LUMPUR: The government still bears around RM7bil in subsidies related to diesel in Peninsular Malaysia, says Prime Minister Datuk Seri Anwar Ibrahim. He explained that subsidies have not been abolished. The diesel subsidy rationalisation aims to ensure more efficient management of subsidies, preventing misuse and ensuring [...]
17/06/2024
Malaysia to build port near Kuala Lumpur amid supply chain shift. Developer Tanco teams up with a Chinese company on AI-driven facility KUALA LUMPUR -- Malaysia will build a new container port along the western coast of the Malay Peninsula facing the Malacca Strait, one of the world's busiest sea lanes, as the country prepares to capture logistics demand created [...]
17/06/2024
Yangshan and Salalah top container port efficiency index. Malaysia’s Port of Tanjung Pelepas (PTP) is a new entrant in the top five of the latest Container Port Performance Index (CPPI) 2023, while Cartagena has moved up to number three. The CPPI report by the World Bank and S&P Global Market Intelligence ranks ports by efficiency, focusing on the duration of [...]
09/06/2024
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