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​Mississippi Port ​Aims to US Biggest

Port of Gulfport and ​Yilport Holding have signed an agreement for further joint port expansion project. The agreement describes USD 570 million restoration process and investment into additional equipment and facility upgrades. Yilport Holding intends to develop this central port and then expand international trade lanes, Gufport is the first Yilport's terminal investment in USA. The project details were released in November 2017 and aside from port operation facilities the terminal will have a 282-acre dredge to handle multipurpose cargo

Japan’s Ocean Network Express began operations on Sunday, marking the official start of business for what is now the 6th largest container shipping company by overall capacity. 

The Ocean Network Express, or ONE as it is called for short, was established on July 7, 2017 through the integration of the container businesses of major Japanese shipping companies  K Line, MOL, and NYK.

"The start of services marked a momentous day that will open a new chapter in the history of MOL, as well as Japan’s marine transport industry as a whole".

K Line and MOL each hold 31%  stake in the JV, while NYK participates with 38 % share.

ONE has about 230 vessels in its fleet totaling 1.44 million TEUs, making it the world’s sixth-largest container shipping line.

The network includes a total of 85 services, calling at over 200 ports in 100 countries.

Last week the US ports of Oakland expressed its readiness to receive first calls from ONE, adding the merger would not cause any interruptions to its operations. 

Dear Valued members,

In view that the Bayonne port will no longer accept cars and since no new announcement has been made of the new NY terminal; we will be rerouting and giving quotes out of the closest terminals such as Baltimore and Rhode Island. Please note there might be a slight price increase due to the longer distance among ports.

Thank you

USD 180 Million Deal for K Line  

Japan’s Kawasaki Kisen Kaisha (K Line) has secured a USD 180 million refinancing deal for two of its liquefied natural gas (LNG) vessels, the Arctic Voyager and the Arctic Discoverer.

The 140,000 cbm ships are currently chartered to Statoil ASA of Norway. They are being used in the southern Barents Sea, transporting LNG cargo to Spain and US. 

According to the legal adviser on the matter, the loan was agreed with Japan’s MUFG Bank, Development Bank of Japan Inc. and the French Societe Generale.