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CMA CGM acquires GCT terminal assets in New York

CMA CGM acquires GCT terminal assets in New York

Global Container Terminals Inc. (GCT) has announced that it has entered into an agreement to sell its US-based terminal assets to French container shipping company CMA CGM Group. GCT currently operates two terminals in the United States, GCT New York on Staten Island, New York and GCT Bayonne in Bayonne, New Jersey, in the Port of New York and New…

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US This Year’s Holiday Spending Likely to Set New Record

US This Year’s Holiday Spending Likely to Set New Record

The National Retail Federation is forecasting that US This Year’s Holiday spending will be healthy this year despite inflationary challenges and consumers shifting back to services from goods. The NRF estimates that holiday retail sales are actually expected to grow in November and December at between 6% and 8% over 2021, to reach between $942.6 billion and $960.4 billion. Last…

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MSC’s new service directly connects Port Everglades with Far East Asia

MSC’s new service directly connects Port Everglades with Far East Asia

The 4,675 TEU container vessel MSC Rochelle called Port Everglades on 30 September, marking the connection of the major port in Florida with the Far East via a direct container service for the first time since 2011. The world’s largest box line Mediterranean Shipping Company (MSC) launched its new Zephyr service this summer with direct weekly connections from northern China and South…

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Inflation Concerns and High Interest Rates Haven’t Stopped U.S. Consumers from Spending

Inflation Concerns and High Interest Rates Haven’t Stopped U.S. Consumers from Spending

Consumers in the United States are shrugging off concerns about high inflation and interest rate hikes and continuing to spend, the National Retail Federation said Monday. Despite lower consumer confidence, spending held up better than expected in August as overall retail sales reported by the U.S. Census Bureau grew 0.3% from July and 9.1% compared to last year. While year-over-year…

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SeaPort Manatee receives US$12 million grant to upgrade container yard facilities

SeaPort Manatee receives US$12 million grant to upgrade container yard facilities

SeaPort Manatee, one of Florida’s largest deepwater seaports, has been awarded a federal grant of nearly US$12 million to advance a 67,000m² expansion of container yard facilities at Florida Gulf Coast trade gateway. The upgraded infrastructure of SeaPort Manatee is one of 26 projects for which a total of US$1.5 billion in Infrastructure for Rebuilding America (INFRA) grant funding was…

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Yang Ming chairman: Market correction is “temporary”

Yang Ming chairman: Market correction is “temporary”

Yang Ming Marine Transport chairman Cheng Cheng-mount has asserted that the ongoing correction in container freight rates is just a blip and the market should not be worried that the segment could return to its pre-pandemic struggles. At an investment seminar organised by Taiwan Stock Exchange on 12 September, Cheng said that China’s Covid-19-related lockdowns had caused the decline in…

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PhilaPort welcomes new Wan Hai Lines East Asia service

PhilaPort welcomes new Wan Hai Lines East Asia service

PhilaPort welcomed the arrival of the vessel Wan Hai 315 to the Packer Avenue Marine Terminal this week. The weekly Asia – America 9 (AA9) Service makes calls to Haiphong, Vietnam; Shekou (Shenzhen), Shanghai, and Qingdao, China; Kaohsiung, Taiwan; and Balboa, Panama on its way to Philadelphia. “The arrival of Wan Hai Lines’ AA9 Service gives shippers a better alternative for…

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