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The Georgia Ports Authority board approved expenditures of up to $12.6 million for the third phase of Savannah's yard crane electrification and a project to refurbish the concrete wharf at the Port of Brunswick's Mayor's Point Terminal at a meeting Monday.
Rickmers-Linie, Schneider and U.S. Bank Corporate Payment Systems name chief officers, while NYK Ports and ABP appoint business directors.
Dry bulk and container shipping sectors are those most likely at risk of damage from the economic slowdown in China, while the tanker industry should prove to be resilient, according to a new report from Fitch Ratings.
The Israeli ocean carrier recently returned to the black, posting adjusted net profits of $23 million in the second quarter of 2015 compared with a net loss of $50 million the previous year.
With more tonnage to be delivered next year, London-based shipping consultant Drewry says "the overhang of excess capacity [in the ocean freight industry] will be even greater than that experienced in 2009."
Capacity growth was relatively stagnant across the three major east-west trades in the third quarter of 2015, as slowing global trade and an economic recession in China caused volumes to remain weak even during the summer peak shipping season.