Global cruise company Royal Caribbean entered into a deal with Miami-Dade County to build and operate a new cruise terminal at PortMiami, on land leased from the county.
The proposed 170,000ft² terminal, nicknamed 'Crown of Miami', will be designed by architectural firm Broadway Malyan.
The terminal project, to be built with an investment of $200m, is expected to be completed by 2018.
Los Angeles Board of Harbor Commissioners, the management and operational authority of the Port of Los Angeles, allocated an annual budget of $1.17bn for the fiscal year (FY) of 2016/17 to the port.
The new budget will support four major objectives of the port's 2012-2017 strategic plan, which includes development of infrastructure for promoting growth; implementation of an efficient, secure and environmentally sustainable supply chain; enhanced financial performance of port assets; and reinforcement of relationships with port stakeholders.
The 2016/17 budget includes $452.8m in operating receipts, a primary mechanism for funding day-to-day port operations, representing a 5.7% increase over the previous year's budget, mainly due to expected growth in cargo volumes and related shipping service revenues.
The Netherlands-based foundation The Ocean Cleanup unveiled an ocean cleanup system, North Sea prototype test, that will be deployed for first sea trial later this week.
As part of the experiment, a 100m long barrier segment will be deployed in the North Sea to help validate the survivability of the system.
During the test, sensors will track every motion of the prototype and the loads it is subjected to.
UAE-based ports operator DP World secured a 50 year concession to develop a greenfield multi-purpose port at Posorja, Ecuador.
For developing the entire project, DP World will invest over $1bn, with an initial (Phase 1) investment of $500m.
The initial investment will involve the purchase of land, dredging of a new access channel, a 20km access road and a 400m berth equipped to handle containers and other cargo.
Netherland-based APM Terminals outlined the concept of container terminal design by module and the importance of integrated automation and information sharing across every aspect of terminal cargo handling to make operations safer and better.
The new concept will be helpful in the wake of larger vessels entering into service and the organic growth of global trade.
These trends are mounting pressure on terminal operations to avoid congestion during peak cargo-handling periods of high activity, and have become an increasingly important aspect of future terminal operations planning.
South Korea-based shipbuilding company Daewoo Shipbuilding & Marine Engineering (DSME) won a contract worth around $580m from Greece-based Maran Gas Maritime and Maran Tankers Management (MTM) to build two liquid natural gas carriers and two very large crude carriers, respectively.
Both the Greek companies are units of Angelicoussis Shipping Group.
The group has so far placed an order for 88 vessels with DSME, 21 of which are currently under construction.
Norway-based Shipping company Grieg Star closed a senior debt refinancing of $400m for 23 vessels in its fleet.
The refinancing, completed with five European banks, includes extended maturities for the financing of these vessels.
Following the refinancing, loans with original expiry set for 2017/2018 were extended by five or more years, with the new expiry being 2021 or beyond.
French container shipping firm CMA CGM will delist its share in Neptune Orient Lines (NOL) from the main board of Singapore Exchange Securities Trading (SGX-ST) after it crossed the 90% ownership threshold in the company.
After its all-cash voluntary conditional general offer for NOL, which was launched in the first week of this month, CMA CGM now owns 2,361,044,044 shares, representing 90.68% of NOL's share capital.
CMA CGM noted that with the public float of NOL shares now falling below the minimum threshold of 10%, the SGX-ST may suspend the trading of NOL shares at the close of the offer.
Researchers at Canada's University of British Columbia (UBC) used a model system that showed that endangered whale species and marine traffic can co-exist.
The study, conducted in collaboration with Parks Canada, Fisheries and Oceans Canada, and industry and environment sectors, used a computer model to simulate the movement of boats and whales in the St Lawrence River, which is an important shipping route in North America.
After using the model system, the research group found that speed reduction by the ships can lead to marine conservation efforts, while having the least impact on shipping operations.
Irish Continental Group (ICG) selected German company Flensburger Schiffbau-Gesselschaf (FSG) to build a cruise ferry at a contract price of €144m.
ICG will capitalise on their existing cash resource and credit facilities to finance the construction of the vessel, which is scheduled to be delivered in 2018.
The new cruise ferry will be fitted with emissions scrubber technology and ballast water systems aligned to current and the forthcoming environmental regulations.