New US Port Investments

The United States will invest USD 292.7 million into the development of its ports. The Port Infrastructure Development Program seeks to improve the safety and efficiency of goods movement into, out of, or within a port.

“This major investment in the Port Infrastructure Development Program will help strengthen, modernize, and improve our country’s maritime systems and gateway ports,” Elaine L. Chao, U.S. Transportation Secretary, said.

Investments in port infrastructure will be awarded on a competitive basis. The USD 292.7 million funding includes USD 92.7 million for improving 15 coastal seaports that handled the highest number of TEUs in 2016.

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Ernst Russ Buys 2 Vessels
German investment firm Ernst Russ has acquired the majority ownership in a ship portfolio which includes one 38,000 dwt bulker and one 3,100 TEU containership.

The 2 ships, Handysize bulker Rubina and Panamax boxship Hebe (renamed Independent Horizon), are operated by Peter Dohle Schiffahrts KG.

Ernst Russ said it expects to generate steady revenue from the vessels. The acquisition (purchase price undisclosed) should also strengthen its position as an asset manager focused on shipping.

Ernst Russ currently oversees more than 100 vessels and plans to expand its fleet.

Blockchain retire Bill of Lading

Nowadays it is possible to retire the paper bill of lading in our digital world.
The joint venture of Grieg Star and Gearbulk and Manuchar NV carried out by G2 Ocean test of CargoX’s blockchain.

Paper Bills of Lading are already considered as historic artifacts.
The Smart ones will bring cost optimization, document transaction reliability and improved data security into their processes.
 
The CargoX Smart B/L is a solution for digital transfer of bills of lading issued by any cargo shipper around the world. The system allows transferring the ownership document securely and reliably within minutes while it takes days or weeks to send a document via regular courier services.

According to G2 Ocean, the new approach prevents delays and business damage or loss, demurrage and other costs.

The solution is powered by the blockchain document transaction system technology. Compared to classic IT systems, the CargoX Smart B/L enables users to state and transfer ownership, create bills of lading, and also attach other accompanying documentation in electronic format.

Documents can be transferred among parties to a specific process in a way similar to a banking transaction. They can also be amended or annulled if needed too.