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Senate renews Ex-Im Bank charter
Wednesday, May 16, 2012
   The Senate voted 78-20 to pass a bill to renew the U.S. Export Import Bank's charter for another three years and raise its lending cap from $100 billion to $140 billion.    The Coalition for Employment through Exports (CEE) and National Foreign Trade Council applauded the passing of H.R. 2072 (Securing American Jobs Through Exports Act of 2011) reauthorizing the Ex-Im Bank.    John Hardy, president of CEE, said, “with the extension of the charter expiring at the end...
Colombia puts trade benefits on Web
Wednesday, May 16, 2012
   With the implementation of the U.S.-Colombia Free Trade Agreement, the Embassy of Colombia in Washington launched an updated version of its Website  to highlight the country’s history, culture, and past business and alliances with the United States.    Colombian Amb. Gabriel Silva said the goal was to make information more accessible, including a focus on U.S.-Colombia relations and trade opportunities.    The United States is Colombia’s largest tradin...
Ex-Im Bank to boost U.S. aircraft exports
Tuesday, May 15, 2012
   The U.S. Export-Import Bank announced Monday that U.S. business aircraft and helicopters manufacturers will benefit from a new process to assess credit risks and expedite foreign-buyer financing.    The bank hopes the new process will further facilitate the country’s exports of U.S.-made business aircraft.    “Ex-Im Bank understands that business-aircraft transactions require specialized knowledge and experience but has limited resources to meet the growing demand for ex...
K+N gets medical manufacturing license in Japan
Tuesday, May 15, 2012
   Kuehne + Nagel said a unit in Japan has been granted by the Chiba prefecture government a manufacturing license for packaging, labeling and storage of medical devices at its logistics facility in Ichikawa.    “The license is a huge step forward for Kuehne + Nagel to expand its position as a leading logistics provider to the pharmaceutical and healthcare industry,” said Tadhg Meaney, president of Kuehne + Nagel Japan, in a statement.
Acuitive adds spot quote portal
Monday, May 14, 2012
   Global air and ocean freight transportation management software and portal provider Acuitive Solutions has launched a new air cargo spot quote tool called Acuitive SpotManager.    SpotManager is an auction site where freight forwarders must be invited by an Acuitive customer on a shipment-by-shipment basis. When a customer selects carriers they wish to participate in the bidding process, an email alert for the available shipment is broadcast to the invited forwarders and cont...
Axway powers single window pilot
Thursday, May 10, 2012
   Axway, which develops cloud-based software, has announced Nathan Associates has picked the company’s business-to-business integration (B2Bi) service to run a single window pilot program.    The pilot is being put into place by the Association of Southeast Asian Nations (ASEAN). The goal of the single window is to reduce the time needed to process import and export documents, allowing businesses to operate more efficiently. ASEAN also said it expects the program to b...
ALAN adds targeted mapping tool
Wednesday, May 09, 2012
   The American Logistics Aid Network (ALAN) has launched a new capabilities mapping tool that will allow it to geographically target companies with the potential to provide resources during disasters.    The project is funded by grants from The UPS Foundation and the Regional Catastrophic Preparedness Grant Program, Project on Supply Chain Resilience.    The capabilities mapping tool is a geo-coding tool that will be populated with data on the member companies from ALAN's ...
Regal Logistics starts chassis pool service
Tuesday, May 08, 2012
   Using a newly purchased chassis pool, third-party logistics service provider Regal Logistics said it is now ready to meet demand requirements for on container transport service at piers in the U.S. Pacific Northwest, including the ports of Tacoma and Seattle.    The company said it is responding to a market vacuum as steamship lines eliminate chassis provisions at ports to cut costs, a trend it said is already affecting operations on the West coast.     “In mos...
Commercial ships could detect tsunamis
Monday, May 07, 2012
   According to the University of Hawaii at Manoa, future warnings of deadly and disruptive tsunamis may come from commercial vessels, especially those with newer tracking and navigation systems.    The discovery came from the university's research vessel, Kilo Moana , which found that ship GPS can be used to determine sea surface height changes.    On its way from Hawaii from Guam, the ship was traveling when a tsunami was generated by the 8.8 earthquak...
Google delves into big data analytics
Friday, May 04, 2012
   Google is starting to sell some of its analytics capabilities as an online service to compete with engines like Amazon Web Services for enterprise cloud computing.    The services these two offer lag behind many dedicated logistics service providers and trade management systems, but they may appeal to smaller companies that can't necessarily afford the higher-end software.    In specific, Google is selling access to what it calls BigQue...
New way to gauge New York's pulse
Friday, May 04, 2012
   The Port Authority of New York and New Jersey has begun publishing " PA Pulse ," monthly indexes of passenger and freight volumes.     The agency says while "the indices do not precisely account for every passenger or every dollar worth of freight that passes through port authority facilities, they approximate those quantities closely using observed data."     The port authority said the indexes will track the rise and fall of...
Solar industry forms global trade group
Thursday, May 03, 2012
   Seven chief executives from the solar power industry on Wednesday announced the formation of an association to expand global trade in their companies' products.    Global Solar Council members will engage policymakers worldwide to demonstrate the importance of a supportive policy and trade environment, which will enable the ongoing development of competitively‐priced solar energy, driving job creation and economic growth.    “Through its members, the Global Solar Council ...
Zepol launches import compliance tool
Wednesday, May 02, 2012
   Zepol Corp., a trade intelligence company based in Edina, Minn., has released its newest trade data tool, ComplianceIQ, to help U.S. importers comply with government import regulations.    The tool bridges multiple import-compliance datasets in a unified interface in hopes of bringing as much information to the customer as possible for specific Harmonized Tariff Schedule codes.    Zepol said users can view product classifications, search by binding rulings...
QuikQ, EFueling team on RF-based fueling
Tuesday, May 01, 2012
   Austin, Texas-based fleet management technology provider EFueling Technologies has reportedly signed a confidential deal with QuikQ to begin work on a fueling system that is entirely based on radio frequency technology like RFID chips and readers.     QuikQ, headquartered in Franklin, Tenn., develops new technologies to improve the trucking industry's control of diesel fuel transactions.    The companies aim to make fueling an entirely cardless system where an ...
Ex-Im Bank renews Africa insurance program
Monday, April 30, 2012
   The U.S. Export-Import Bank on Friday announced a three-year renewal of its Short-Term Africa Initiative (STAI) that provides export-credit insurance for U.S. exporters selling to 18 countries in sub-Saharan Africa, up to a program limit of $100 million.    The initiative is renewed through March 31, 2015.    The bank also anticipates expanding the availability of its export financing in three sub-Saharan African countries: Cameroon, Ethiopia and Tanzania. Ex-Im Bank's b...
Descartes launches mobile Android solution
Monday, April 30, 2012
   Descartes Systems Group, a worldwide provider of logistics services, has announced that its MobileLink GPS-based solution for managing mobile workers is now available for the Android operating system.    The MobileLink service is already being used to manage thousands of drivers and mobile workers, said Sergio Torres, Descartes’ vice president of product management. Torres said the expansion to the Android platform is to expand the mobile service to more customers as Android has b...
Pregis app fixes packing problems
Thursday, April 26, 2012
   Pregis Corp., which develops protective packaging to minimize environmental impact, has launched a new “On Point” iPad app to help logistics personnel make protective packaging decisions around individual product requirements.    The app also allows customers to contact Pregis’ staff and distribution partners for assistance in acquiring needed materials.    The assessment checklist service collects data around packaging categories – cushioning, v...
Intelleflex, DeltaTRAK partner on monitoring
Thursday, April 26, 2012
   Intelleflex and DeltaTRAK have announced a partnership to broaden the use of Intelleflex’s RFID-based readers and data services as well as DeltaTRAK’s line of environmental monitoring products.    Intelleflex, whose on-demand data visibility services are largely used to monitor the freshness of perishable foods and pharmaceuticals, said the partnership will expand DeltaTRAK’s cold chain solutions to its RFID tags. The Intelleflex XC3 Technology-based tags and readers will also be o...
Mild hurricane season forecast for Atlantic
Thursday, April 26, 2012
   The Weather Channel this week said it expects the Atlantic hurricane season in 2012 to be milder than in recent years.    “This preseason forecast calls for 11 named storms, six hurricanes and two major hurricanes (category three or higher on the Saffir-Simpson Hurricane Wind Scale),” the channel said. “These forecast numbers are below the long-term average from 1950-2011 (12 named storms, seven hurricanes, and three major hurricanes) and well below the averages for the curre...
Dubai’s Calogi expands air cargo, insurance
Wednesday, April 25, 2012
   Calogi, a Dubai-based Internet service portal offering global air cargo services, recently launched a new third-party logistics named c-Plus and a separate insurance offering.    c-Plus offers services to both 3PLs and their users by allowing customers to book and pay for transportation, warehousing, customs brokerage, insurance, road feeder, and packaging services in a single interface. Calogi said 3PLs can also set up products, services, and rates through a set of flexible,...
iCargo launches EU-funded framework
Wednesday, April 25, 2012
   iCargo, a pan-European cargo and logistics project partly funded by the European Union, has officially launched its three-and-a-half-year framework program with the first focus on reducing emissions and facilitating load combining.    The “Intelligent Cargo in Efficient and Sustainable Global Logistics Operations” project has a goal of improving real-world logistics operations and problem resolution with a focus on the EU, though systems and recommendations can be easily applied el...
EPA offers $20 million to combat diesel emissions
Tuesday, April 24, 2012
   States, local governments and non-profit organizations can apply for up to $20 million worth of grants from the U.S. Environmental Protection Agency to help programs aimed at replacing older diesel engines with cleaner alternatives.    The EPA on Friday opened the fiscal year 2012 application process for the Diesel Emission Reduction Program (DERA). Another $9 million in funding will be available through state environmental programs, it said.    Late-model diesel en...
Stifel: Ocean freight steadily stabilizing
Tuesday, April 24, 2012
   Ocean freight levels have remained “soft” through April, though they're stronger than in March, according to the latest Stifel Nicolaus Logistics Confidence Index.    The index is a partnership between Stifel Nicolaus and U.K.-based Transport Intelligence and is based on a monthly survey of international shippers and forwarders to gauge the level of freight activity in several European-based international trade lanes.    “All trade lanes showed sequential improvement over...
$360 million in financing for Navistar’s suppliers
Tuesday, April 24, 2012
   The U.S. Export-Import Bank approved $360 million in supply chain financing to benefit suppliers – many of them small businesses – of Navistar International Corp.    Lisle, Ill.-based Navistar is a manufacturer and marketer of medium and heavy trucks and mid-range diesel engines.    “Ex-Im Bank’s supply chain financing benefits Navistar’s small business suppliers by ensuring that they are paid more quickly,” said Fred P. Hochberg, Ex-Im Bank’s chairman and president, in ...
U.S. State Dept. funds IPR training programs
Monday, April 23, 2012
   The U.S. Department of State on Thursday announced $2.6 million in funding to help train foreign governments on investigating and prosecuting intellectual property rights crimes in Asia, Latin America and sub-Saharan Africa.    Workshops and training seminars will be conducted for customs authorities, judges, prosecutors, police, and other enforcement officials in Mexico, Chile, and Colombia    A dozen projects were selected for training and technical assistance with inp...
Accellos' cloud managed 3PL service
Monday, April 23, 2012
   Accellos Inc., a provider of supply chain software based in Colorado Springs, Colo., has launched a cloud-managed service for its existing AccellosOne Enterprise 3PL product.    The service will be offered to both existing and new customers running Accellos’ third-party logistics management software. It will include the provisioning of the computing infrastructure required to run the system with its database, as well as administrative and technical support services.   &n...
RFID to surpass $70 billion through 2017
Monday, April 23, 2012
   The market for RFID transponders, readers, software and services will create more than $70.5 billion from the beginning of this year through the end of 2017, according to research from ABI Research.    The market experienced growth of $900 million in 2011 and is expected to expand 20 percent year annually through 2017. The biggest drivers for RFID will be increased use in government, retail, and transportation and logistics services. These sectors will account for at leas...
CUSTOMS Info offers mobile app to forwarders
Friday, April 20, 2012
   CUSTOMS Info (CI) has made a version of its CI Mobile app available to freight forwarders, allowing them to provide trade information to their clients for free.    The information sent from the app, including details on duties, taxes and denied party lists, will be branded with the forwarder’s contact information.    The app is available for the Apple iPhone and iPad, plus all Android phones and tablets.    CI and its sister company Global Data Mining...
Shippers gain lower cargo insurance prices
Wednesday, April 18, 2012
   Willis Global Marine, part of Willis Group Holdings, had good news for shippers as it released its Marine Market Review Wednesday.    "Cargo insurance buyers continue to enjoy the benefits of a soft market this year, achieving reductions in both premium and deductibles, as well as increases in limits, at little or no additional cost. Despite ever-dwindling returns to insurers, competition for business remains fierce with a flurry of new entrants creating excess capacity,...
HK cargo handler adds IATA training center
Wednesday, April 18, 2012
   Hong Kong Air Cargo Terminals Ltd. (Hactl), the biggest air cargo handler at the world’s largest air cargo hub, said Wednesday it has set up the first International Air Transport Association (IATA) Authorised Training Center (ATC) for cargo in Hong Kong.    The goal of the center is to increase competency levels for air cargo practitioners in the industry. The training institute will provide distance learning and e-learning modules for those wanting to upgrade their know...
CargoWise pushes into Canada
Tuesday, April 17, 2012
   CargoWise, a technology service developer for logistics services providers (LSPs), is continuing its march north into Canada by expanding its ediEnterprise application for Canada’s C.S World Cargo 2000 Ltd. and CAN ASL.    The company said its expansion in the Canadian market is focused first on providing tailored services to the country’s LSPs, with an initial emphasis on customs brokerage.      CargoWise has previously operated in Canada through its mult...
Infor, Oak Barrel partner on supply chain
Tuesday, April 17, 2012
   Infor, a provider of business applications software, has announced a partnership with Oak Barrel Software to enhance its Infor10 PLM Process (Optiva) for manufacturers by adding new modules for document management, product management, and supplier collaboration.    The companies hope the enhancements will improve supply chain collaboration and document control among partners, which they believe will speed up the time-to-market and improve the accuracy of product developm...
Drewry, CargoSmart partner on carrier KPIs
Tuesday, April 17, 2012
   Drewry Maritime Research and CargoSmart said Tuesday they have entered into a cooperative agreement to track container shipping key performance indicators (KPIs) to help importers and exporters benchmark their carriers’ service levels.    London-based Drewry will incorporate the additional KPIs into a new quarterly report, the details of which will be announced later this month.    “The new container KPIs will add value as they will measure performance at the box-level, ...
Newgistics expands delivery/return service to Canada
Tuesday, April 17, 2012
   Newgistics, a provider of small parcel delivery and freight shipping services, announced it will offer a delivery and return service to and from the United States and Canada for U.S.-based retailers and e-commerce merchants.    It has partnered with Canadian parcel distributor Landmark Global to use its brokerage services, logistics knowledge, and existing partnership with Canada Post.    Newgistics said its model aims to reduce or eliminate the concerns a...
Argentine logistics park receives overseas financing
Monday, April 16, 2012
   The Inter-American Development Bank last month finalized a $20 million loan to Plaza Logistica SRL for construction of two logistics parks outside Buenos Aires, Argentina, according to the multilateral bank's Website .      It is the first time the IDB has ever approved a private sector loan to finance a logistics project in Latin American and the Caribbean.    The logistics parks in Escobar and Pilar will have a combined 85,000 square meters of warehouse space for ...
Digital CargoHandbook goes live
Monday, April 16, 2012
   A newly launched Website, CargoHandbook.com , provides transportation details related to more than 750 commodities.    The Website also offers definitions and restrictions related to the products, with the goal of reducing cargo-related incidents and claims.    In addition, it provides an alphabetical list of cargo items and is built on the same structure as sites like Wikipedia for easy searches. Users can also submit information which ...
Singapore, Dutch strike up anti-piracy deal
Monday, April 09, 2012
   The Singapore Armed Forces has agreed to a deal to allow the Dutch military to store small arms and ammunition at its outpost, according to a report in Singapore’s Straits Times .    “The arms will be used by Dutch military teams who sail on board Dutch-flagged merchant vessels, which pass through the piracy-infested waters off the Somali Coast and the Gulf of Aden,” the report said. “These military teams - known as vessel protection detachments (VPD) - are deployed on b...
BIS offers online tool for STA
Friday, April 06, 2012
  The U.S. Commerce Department’s Bureau of Industry and Security has posted an online tool this week to help exporters determine if they are eligible and in compliance with the License Exception Strategic Trade Authorization (STA).   The tool can be found in the "On-Line Training Room" of the new BIS Website . It can also be located on the Export Control Reform Website  underneath the left sidebar item “For Exporters.”   “This tool is purely voluntary and ser...
Thailand industry seeks better rail
Monday, April 02, 2012
   Thailand is seeing its logistics costs remain high as the country struggles with transporting goods around its geography. The nation is now looking to rail as a way to address costs and shipments. The nation currently sees 83 percent of moves delivered within the country while rail accounts for only 2 percent.    The country’s National Economic and Social Development Board recently gave a seminar on data for logistics development where its deputy secretary-general Arkhom Termp...
Vista expands base in Indiana
Friday, March 30, 2012
   enVista, a supply chain consulting firm, will expand its headquarters in Carmel, Ind., by investing $1.2 million to add 10,000 square feet to its offices.      The expansion is expected to create up to 96 new jobs by 2016, according to the Indiana Economic Development Corporation (IEDC), a board headed by Gov. Mitch Daniels.    enVista, which focuses on the retail, automotive and health care industries, said it will also buy new hardware and software ...
Less Software adds Avalara tax support
Thursday, March 29, 2012
   Los Angeles-based Less Software, a supply chain management service provider, has joined Avalara’s list of certified original equipment manufacturers (OEMs) and will now integrate Avalara’s Software-as-a-Service platform for sales tax management into its own applications.    Avalara said that its OEM partners, which in this case are software publishers and providers, typically offer the Avalara tax service under their own names.     Less Software Chief Execu...
SATO buys Argentina’s Achernar
Monday, March 26, 2012
   SATO, a provider of barcode printing, labeling, and radio frequency identification device technologies, will acquire Achernar, a privately held firm based in Buenos Aires.    Achernar, founded in 1971, is one the region’s largest providers of adhesive labeling services to industries including food, cosmetics, electronics and postal services.    SATO said the acquisition is part of a larger plan to expand its offerings and coverage in So...
AgTC draws Korea ag origin certificate
Friday, March 23, 2012
   The Agriculture Transportation Coalition (AgTC) said Thursday it has prepared a certificate of origin for agriculture products for use on shipments to South Korea now that a free trade agreement between the United States and South Korea has kicked in.    Under the agreement, which became effective March 15, South Korean import duties on U.S. agriculture and forest products have been reduced, and in some cases eliminated. For exports to qualify, they must show that the product's cou...
New thinking urged for infrastructure financing
Thursday, March 22, 2012
   A new study by the nonprofit research organization RAND Corp. argues that traditional revenue sources are not sufficient to address the United States’ infrastructure shortcomings and their effects on U.S. supply chains.    The report, A Federal Role in Freight Planning and Finance , takes the approach that several key elements of many widely discussed freight infrastructure financing proposals are off the mark.    “The authors reject the notion that the federal governmen...
Cloud-given voice in the warehouse
Wednesday, March 14, 2012
   Vangard Voice Systems and BellHawk Systems Corp. have announced a joint collaboration effort to create a set of voice-directed productivity enhancements to cloud-based warehouse management systems, manufacturing and supply chain management solutions.    The partnership will focus on Vangard’s cloud-based mobile voice service built for hands-free voice productivity to mid-sized industrial organizations such as manufacturers and food processors.    The WMS service, built on...
Supply chain risk handbook published
Wednesday, March 14, 2012
    Research and Markets  has added John Wiley and Sons’ Handbook of Integrated Risk Management in Global Supply Chains to its offering.    The book aims to be a primary reference for research on integrated risk management, modern applications, and management best practices.     “The set of the normal business risks is expanded as firms are now often facing unfamiliar and uncertain demand and supply markets, and unanticipated commodity price shocks a...
Obama offers manufacturing resources with job rise
Monday, March 12, 2012
   The U.S. economy added 227,000 jobs in February, the Labor Department reported Friday, but the leap in job creation did not alter the 8.3 percent unemployment rate because people who gave up looking for work are actively seeking jobs again, analysts said.    The stronger-than-expected increase was below the gain of 284,000 jobs in January, but is further sign that the U.S. economy is gradually recovering as companies hire to meet growing consumer demand. The manufacturing sec...
PrimeRevenue picks new technology chief
Monday, March 12, 2012
   Atlanta-based PrimeRevenue, which provides a software-as-a-service (SaaS) platform for global supply chain finance, has selected Raghu Rajah as its new chief technology officer.    Before joining PrimeRevenue, Rajah founded a social media startup called KissRocket that provided a production platform to entertainment companies. Prior to that, he was vice president of product development and engineering for S1 Corp.
DHL recycles electronics in Australia
Wednesday, March 07, 2012
   DHL has received approval from the Australian government to collect and recycle products on behalf of television and computer importers and domestic manufacturers.    Australia’s National Television and Computer Recycling Scheme aims to reduce the number of electronic products ending up in landfills, and will boost the recycling rate for these products from 17 percent in 2010 to 80 percent by 2021.    DHL’s service is on track to start in mid-2012, with access to service...
STTAS names Romano deputy COO
Tuesday, February 28, 2012
   Sandler & Travis Trade Advisory Services (STTAS) said Gianluca Romano, senior vice president, will take on the additional role of deputy chief operating officer.     In this new position, Romano will supervise the STTAS information technology group and share management responsibility for all STTAS commercial operations with Alfred J. D’Amico, the firm’s COO and executive vice president for commercial and advisory services.    Romano has expanded the firm’s overs...
U.S. offers Website for small exporters
Thursday, February 23, 2012
     The Obama administration has launched a new online platform, BusinessUSA , to provide small businesses and exporters with a single source of pertitent information about federal programs available to them.    Karen Mills, head of the Small Business Administration, said the Website is currently in “beta” testing and houses information and services from 10 federal agencies. She also said these agencies' resources were being combined through a sing...
Ex-Im Bank offers credit pilot to small exporters
Wednesday, February 22, 2012
     The U.S. Export-Import Bank will provide small exporters with revolving credit through a new product called Global Credit Express (GCE).    "This new product will provide additional liquidity for eligible American exporters and access to financing at a reasonable cost," said Bank Chairman Fred P. Hochberg, in a statement.    Through GCE, small business exporters may be eligible for a revolving line of credit of up to $500,000 for 6 to 12 months. During t...
Motorola radios highlight device trends
Monday, February 20, 2012
     Motorola Solutions unveiled its SL Series portable radio and its new XPR 5000 mobile radio to address new issues in the modern logistics environment.    The two devices fall under its MOTOTRBO umbrella that focuses on voice quality, extended battery life, and a large application developer program aimed at increased productivity and enhanced worker safety.    The SL Series weighs less than the average smartphone, and Motorola said it's aimed the slim design at...
Analyst: $13.1 billion for smart transport
Friday, February 17, 2012
     A study by Pike Research, a market research and consulting firm, found that intelligent transportation systems (ITS) will continue to see increased investment worldwide despite tightening purse strings.    Pike estimates global investments in smart transport technology will reach $13.1 billion from 2011 through 2017.    ITS, also called smart transportation systems, includes electric vehicles, vehicles with advanced telematics systems, new and ...
Imperial, GIBS partner on supply chain program
Friday, February 17, 2012
   The Johannesburg, South Africa-based Gordon Institute of Business Science (GIBS) and Imperial Logistics, a logistics services provider, have launched a Supply Chain and Logistics Program to provide teaching and research in the fields of logistics, supply chain management, and transportation management.    The goal of the program is to raise awareness of supply chain management systems for firms in the Southern and greater Africa regions, and also create supply chain ...
iGPS names Neizer COO
Friday, February 10, 2012
     Intelligent Global Pooling Systems (iGPS), a provider of plastic pallets with embedded radio frequency identification (RFID) tags, appointed Meredith Neizer to chief operating officer.    She brings more than 30 years of experience in the supply industry to iGPS.    Neizer joins iGPS from US Foods where she was senior vice president of operations. She has also held senior positions at Martin-Brower, a foodservice distribution company, and at liner carrier Maersk L...
Ryder app locates trucks, fuel, and help
Thursday, February 09, 2012
     Ryder System, a transportation and supply chain management company, has launched its new mobile application, Ryder Locator, to help customers find the nearest Ryder truck rental, maintenance, or fueling location in the United States and Canada.    The app, free and available to iPhone, BlackBerry, and Android users, shows the specific services offered at each location.
Moody's downgrades NYK and MOL
Monday, February 06, 2012
     The ratings agency Moody’s has downgraded its ratings of Japanese ocean carriers NYK Line and MOL.    NYK’s rating dropped from Baa1 to Baa2, while MOL’s dropped from A3 to Baa1 because of “the unfavorable state of the ocean shipping market, given the continued over-capacity in vessels.”    In September, Moody’s downgraded NYK and MOL from stable to negative, but didn’t alter its ratings for the lines.    “NYK's dry bulker and tanker segments face the ch...
Ship financier scales vessel lending
Wednesday, February 01, 2012
     One of the world’s top shipping financiers said this week it plans to scale back its ship financing operations, according to a Reuters report Tuesday.    UniCredit, Italy’s largest bank by assets, told the news agency it plans to sell some of its shipping portfolio and reduce its exposure to the industry by renewing loans very selectively.    France's two biggest listed banks, Societe Generale and BNP Paribas, also plan to exit or shrink non-core businesses such a...
Trade finance dwindles in 2012
Friday, January 20, 2012
     New research by the International Chamber of Commerce and International Monetary Fund has revealed a pessimistic outlook for demand for trade finance products like letters of credit in 2012, with the euro crisis largely to blame.    Based on input from 337 financial institutions responding to a joint ICC-IMF survey , the findings show emerging Asia has the strongest outlook globally while the euro area is the weakest. Results of the survey were released Thursday by the U.S....