Dubai’s DP World to Buy Prince Rupert Terminal – Dubai based DP World is set to purchase Fairview Terminal in Price Rupert for $580 million. Its current owner, Deutsche Bank, had been seeking buyers since last year after originally acquiring the asset in 2007. DP...
Analysts See Chinese Yuan Joining Elite Currency Group – Analysts at Bank of America Merrill Lynch believe that the International Monetary Fund (IMF) will vote to include China’s yuan (CNY) as one of the currencies in their Special Drawing Right (SDR) group. ...
LA/Long Beach Ports See Double Digit Drop – The Port of Los Angeles and Long Beach experienced a 10.2% drop in cargo volume in February compared to the same month last year. Long Beach saw an even steeper drop of 20.1% during the same time period. This is the second...
Oakland Terminal Closes Over Labor Dispute – The Port of Oakland’s largest container terminal was shut down Wednesday after the ILWU Local 10 tried to impose its own staffing requirements. These requirements were discussed during the ILWU-PMA contract negotiations...
Tentative Port Agreement Reached – A tentative contract agreement was reach between the ILWU and PMA last Friday evening. Although this is important step toward recovery, it will likely take months before U.S. West Coast ports return to “normal” operations. ...
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