US cargo ports continue to see strong revenue performance as a result of sustained congestion and record volume, Fitch Ratings says. However, maintaining operational efficiency is an increasing challenge as bottlenecks have not yet resolved due to disrupted supply chains, mismatched rolling stock, capacity-strained logistics networks and ongoing labor shortages. Ports are now expected to see congestion pressures persist through the holiday season, with throughput patterns not expected to normalize until early 2022.

In the lead-up to the COP26 climate conference, the U.K. is seeking to demonstrate its commitment to renewable energy. Among the projects is a commitment from Scottish Power, the subsidiary of Spanish energy major Iberdola to nearly double its investment in U.K. offshore wind. This came as Prime Minister Boris Johnson mapped out a sweeping program of investment by the government to deliver on its commitment to reach net-zero emissions by 2050.

DP World has announced the creation of a new investment partnership for African seaports, supported by the UK development finance institution and impact investor CDC Group (CDC).

America's stored natural gas reserves are lower than normal headed into the winter heating season, and gas prices have increased by about 150 percent compared to last year. A boom in LNG exports is part of the reason: thanks to years of investment in new liquefaction infrastructure, about 10 percent of the nation's natural gas production is now exported in the form of liquefied natural gas (LNG) - primarily to Asia. Spot prices in the western Pacific are running at record highs of up to $56 per million BTU; in the U.S., that gas costs about $5.50 today, and the price difference in between leaves ample room for profit margins. 

CIT Group Inc. (NYSE: CIT) today announced that its Maritime Finance business served as sole lead arranger on $26.5 million in senior secured financing on behalf of Queen Esther Shipping Limited.

Florida has become the latest in a series of regional ports in the U.S. seeking to highlight availability as an alternative to the congestion and backlogs at the primary seaports in California and now increasingly also the U.S. East Coast. In an aggressive campaign, the Florida Ports Council is promoting Florida’s fifteen public seaports as an answer to the global supply chain crisis providing an opportunity to save time and money for shippers.

HFW is advising KiwiRail on a secured NZ$350m pre- and post-delivery loan facility for its purchase of two newbuilding Interislander rail-enabled ferries to be constructed in Korea.

A.P. Moller – Maersk is selling its container manufacturing operation to China International Marine Containers Ltd. in a transaction designed to support both company’s long-term strategic plans. Maersk is focusing on its transportation and logistics business, while China is consolidating its lead as the sole manufacturer of cargo containers.

The government of Thailand confirmed that it plans to move forward with efforts to re-establish a national shipping company to help grow the struggling country’s economy. The effort is also seen as a novel response to the current global shortage of cargo ship capacity, which Thai officials cited as contributing to higher costs and hindering trade.

The rush to build new containerships is continuing with orders poised to set a record for the total orderbook before the end of 2021. With its new ultra-large containership, the Ever Ace, still on its maiden voyage, Evergreen Marine confirmed that it placed an order valued at nearly $1.1 billion for feeder ships as the Taiwanese carrier continues the rapid buildout of its fleet.