Under fire from importers and exporters for service cutbacks and from rail employees for lay-offs and followed by a seven-day rail service suspension from West Coast ports in July, Union Pacific disclosed that it has accumulated approximately $7 billion for “share repurchases.”
In May, the Port of Plaquemines (located South of New Orleans) and APM Terminals (APMT) announced a plan to locate and build a state-of-the-art container terminal that can handle the largest container ships.
Since first conceived, the Oakland A’s plan to build condominiums and a new ballpark at the Port of Oakland’s Howard Terminal has sounded alarms for import/export stakeholders at the West Coast’s third-busiest port.
The decision by the Union Pacific (UP) railroad to suspend service from West Coast ports to Chicago for one week could be positive, according to Noel Hacegaba, deputy executive director, Port of Long Beach.
On Wednesday 14 July the European Commission published the Fit for 55 package reshaping the European emissions trading landscape. The proposal covers all aspects of the existing system, including the overall amount of allowances supplied into the market (“cap”), the allocation of free certificates and the functioning of the Market Stability Reserve. At the same time, it introduces sweeping reforms, by expanding emissions trading to the maritime sector, introducing a Carbon Border Adjustment Mechanism (CBAM), and proposing a new trading scheme for the road transport and buildings sectors.
The Port of Los Angeles expects that it and other West Coast ports will maintain their lead in import market share over other U.S. ports, according to Gene Seroka, executive director, Port of Los Angeles.
New England Aqua Ventus expects to launch the first U.S. floating wind turbine into the Gulf of Maine in 2023/24, according to Dr. Habib Dagher, founding executive director of the University of Maine’s Advanced Structures and Composites Center (ASCC).