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16 May 2025 - Year XXIX
Independent journal on economy and transport policy
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Original news
Panama Canal, the FMC confirms that it has the powers to counter any practices considered harmful to U.S. businesses
Sola: the Commission could act against the Republic of Panama rather than specifically against the Authority of the Channel. By 2050 - it has emphasized - the ability of the channel could decrease up to 50%
Washington
January 29, 2025
In these early days of Donald Trump's presidency we are questioning whether the mire of possession expressed by the US president on territories considered strategic for the USA are still out of the electoral campaign or true intentions of the new Washington administration. Regarding the American will of control on the Panama Canal several times manifested by Trump, an indication on the intentions of the White House towards the Central American nation and its strategic waterway can be found in the audience of Louis E. It was held yesterday at the Commission for Trade, Science and Transport of the American Senate. Sola is the new president of the Federal Maritime Commission (FMC), the U.S. federal agency responsible for regulating the U.S. international shipping system, a role he was given on January 20 by Donal Trump, who in 2019 appointed him as commissioner of the same FMC. Yesterday's hearing included Daniel B. Maffei, who was replaced by Sola at the chairmanship of the FMC, who had been conferred by former president Joe Biden in 2021, and who is currently commissioner of the FMC.

The two interventions to the Senate Commission are useful to see whether and how the FMC's attitude towards Panama and its channel has changed. From the statements of Sola and Maffei seems to perceive a line of continuity between the mandates of the two presidents of the Federal Maritime Commission.

In his audition, Sola recalled that "for most of the ultra-centennial history of the channel, the United States were responsible for managing the infrastructure, but this responsibility changed in 1999 when the channel control was transferred to the Republic of Panama. In the last 25 years, the channel - it has found the new president of the FMC - has been administered very skillfully by the Panama Canal Authority, a government agency independent from the government of Panama. In 2024 - Sola has remembered - the drought conditions have had repercussions on the operations of the channel, forcing the Authority to reduce the total number of available transit slots, to prohibit to some classes of ships to transit and to impose that the ships were more read for reasons of fishing. In some cases, the available transit slots were auctioned at the highest bidder. In response to the concerns expressed by many different sources on how the channel was managed, last August the then President Maffei and I went to Panama to meet the government, the Authority and managers of the enterprises to learn more about how drought was affecting the operations of the channel and what measures the Authority was adopting to make the channel more resilient to drought".

"The leaders of the Panama Canal Authority - it has continued Sola - seemed to be marked to the maximum transparency in discussing the management of the channel and the options to make the way of water more resilient to the drought conditions. These improvements are absolutely essential. Without a solution, projections suggest that by 2050 the channel capacity could decrease by up to 50%, which would have devastating consequences for global trade and US trade. The Authority is working to create additional volumes of water necessary to manage the channel, but must do so within the limits of the laws and regulations administered by the Government of the Republic of Panama. This report has sometimes caused friction. The Republic of Panama is responsible for the administration of ports, water rights and the naval register of that nation. The reality is that an agency, the Panama Canal Authority, administers the channel and is responsible for its continuous operation, but many of the initiatives necessary to achieve this are under the control of the government of Panama. To further complicate this fractionation of authority - said the new president of FMC - is the reputation of the government of Panama as to corruption and dependence on foreign influence. Transparency International - it has specified Sola - places Panama at 108° place on 180 countries evaluated and the Administration for International Trade of the US Department of Commerce notes that "corruption is the biggest challenge of Panama". There are multiple examples of systemic corruption found in how the Panamanian government does business. Officers were sanctioned. The Panamanian register included Iranian-owned ships involved in sanctions. The presidential administrations that preceded that of the current president Mulino - continued Sola referring to the increasing presence of Chinese interests in Panama - were particularly receptive to the Chinese proposals and, since 2015, the People's Republic of China in Panama had only to push slightly a door that was already open. In the following years, Panama became a member of the Belt and Road Initiative and truncated its diplomatic relations with the Republic of China (Taiwan). Chinese companies were able to get billions of dollars in development contracts in Panama, many of which were physical infrastructure projects, some on the Panama Canal or adjacent to it. No competition has been made to assign contracts, labor laws have been elusive and the Panamanian people are still waiting to see how they benefited."

"The United States - he added Sola, and here it seems to listen to the words of different speeches pronounced by Donald Trump, but also by his predecessor Biden - are not devoid of options to address the growing presence of China and Chinese companies in Panama and all the Americas. Nor are we devoid of options regarding the continuous operation of the channel. First of all, we need to increase support for American companies looking to do business in Panama and all the Americas. Chinese companies must not be the only tenderers for contracts. Improve resilience of the Panama Canal will require considerable engineering and construction work. US companies can and must be at the top of the list of offers considered. In addition, the United States must counter any conduct by foreign competitors that American companies cannot legally use. Commercial opportunities abound in all the Americas and our foreign and commercial services must embrace their role as champions of US companies despite a strong presence of local anti-US press and aligned with China. The US embassy in Panama is a crucial part of these efforts. Having a confirmed ambassador in Panama, and protecting our national interests must be a priority."

"Secondly - the president of the FMC has asserted - we must safeguard the independence of the Panama Canal Authority. Any attempt by other interests in Panama to reduce the independence or professionalism of the Authority must be stopped. Building or expanding relations with the Panama Canal Authority can further increase its capabilities and expertise. The United States should cooperate with the Authority to identify opportunities for technical collaboration or sharing expertise. One example is the U.S. Army Corps of Engineers which has an unparalleled experience in managing major public works projects. The relationship between this and the Authority could be formalized. Another opportunity to grow relationships is to promote closer and more frequent consultations between channel users, or their representatives, and the management of the Authority. Such exchanges would be productive, in particular if they identified and alleviated the worrying problems before they become problematic issues".

"In third place - it has concluded Sola - the Federal Maritime Commission will continue to monitor and review the practices of the Panama Canal Authority with an eye on the congruence of the structure of the tariffs for transits. The Commission will also consider the extension of its ongoing examination of the Authority to include other maritime and supply chain activities operating in Panama. The powers conferred on the Commission pursuant to Section 19 of the Merchant Marine Act of 1920 to address the conditions affecting maritime transport in foreign trade (46 U.S. Code Chapter 421) empower the Commission to deal with the laws or practices of foreign governments which are harmful to U.S. marine transport. More explicitly, if the Commission formally investigates the practices of the Panama Canal Authority and finds them unfavourable, the Commission may act broadly against the Republic of Panama rather than specifically against the Authority. Under the law, the Commission may impose significant countermeasures, including large daily fines and the ban on Panamanian flag vessels to dock in the ports of the United States.'

In his speech, referring to the most recent events that have had an impact on the channels of Panama and Suez, two of the critical infrastructures of the world system of marine transport, the former president of FMC Daniel Maffei and current commissioner of the federal agency has found that "the reduced capacity of the channel of Panama, in combination with the fact closure of the Suez channel due to the attacks of the Houthi in the Red Sea, has had serious consequences for the oceanic trade, that more times. U.S. importers and exporters expressed concerns about the Panama Canal to the commissioners and FMC staff, including doubts about the future reliability of the channel and questions about how the Panama Canal Authority was determining which ships could transit through the channel and when. The FMC - it has agreed Maffei - has the statutory authority according to law relative to foreign practices in the field of the marine transport to investigate and potentially adopt the appropriate countermeasures if it discovers that a foreign country, through its laws or regulations, has contributed to "unfavorable conditions to the marine transport in the trade with abroad". Given this statutory mandate and in line with the mission of the FMC, then Commissioner Sola and I started to analyze more thoroughly the causes of the problems the channel was facing».

Maffei has listed meetings with representatives of the Panamanian institutions, starting from the new president José Mulino, and with the leadership of the Panama Canal Authority and with representatives of the private sector: "we had - it has explained - open discussions on key issues like the plans of Panama to improve the challenges related to the water level, the procedures of contest used to assign the transits during the periods of restrictions and our concern that the Authority of the Channel was collecting much more money for transit during the crisis than before the water shortage of 2023-24. Both the Government of Panama and the Authority of the Canal responded promptly to our questions. The Authority of the Channel informed us that they were already making changes to the allocation system. Fortunately, now the rainy season of 2024 in Panama has alleviated for the moment the most serious problems of water supply of the channel and restored the normal transit volumes. That said, while the Panamanian government and the Canal Authority have, with the advice of the U.S. Army Corps of Engineers, developed credible plans to mitigate future water shortages, have also warned that it is likely that at least another reduced transit period will occur before these plans can be fully implemented". "While we learn more about how Panama and the Channel Authority would manage another drought crisis and receive more input from American importers and exporters - concluded Maffei - the Commission remains ready to take any appropriate action if justified".
››› News file
FROM THE HOME PAGE
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Increase in dry bulk, containerized and conventional cargo
The port of Ancona closed the first quarter with a traffic of 2.1 million tons of goods (+4%)
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At the Ortona airport a decrease of -9% was recorded and at the Vasto airport a growth of +14%
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Costamare Bulkers Spin-Off Completed
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Container ship "MSC Bridge" docks
Maersk Group posts positive quarterly financial results
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Container volumes transported by the fleet remain stable. Traffic growth of +8.4% in port terminals
European Commission approves Italy's request to reintroduce the International Registry
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It will be in force until the end of 2033
In the port of Trieste, bulk cargo decreases and miscellaneous goods increase
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In the first quarter, a decrease of -4.3% was recorded. In Monfalcone, traffic increased by +54.9%
In the first quarter, goods handled by the port of Venice increased by +4.3%
Venice
Solid bulk and containerized cargoes on the rise. Liquid bulk drops by -6.1%
GNV orders four more ro-pax vessels from Guangzhou Shipyard International
Genoa
Deliveries of the 71,300 GRT units will begin in early 2028
The agreement between the Region and the extraordinary commissioner gives the go-ahead to the construction of the Darsena Europa in the port of Livorno
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Hupac will focus on combined transport on the North-South axis, focusing on high-volume connections
Zurich
DFDS Quarterly Revenues Up 7.5% With Ekol Acquisition
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The volumes of goods transported by the fleet are stable. Passengers drop by -27.5%
At the end of 2025, RAlpin will suspend the rolling highway rail service between Fribourg and Novara
Olten
The company denounces the numerous and unexpected restrictions on the railway network
Terminal operator ICTSI closes a record first quarter
Manila
Historic peak in financial results and container freight volumes handled
Premuda, management buy-out operation on the entire share capital of the company
Genoa
It was implemented with the strategic and financial support of Pillarstone
In the first quarter of this year, ship transits through the Panama Canal increased by +35.9%
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Panama
Ships carried 60.0 million tons of cargo (+40.1%)
In the first quarter of 2025, maritime traffic in the Bosphorus Strait decreased by -7.5%
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Ankara
A total of 9,351 ships passed through
Tender for the expansion and technological modernization of Gate IV of the Port of Trieste
Trieste
It is related to the technical and economic feasibility design of the project
Mediterranean Emission Control Area for Sulphur Oxides Comes Into Force Tomorrow
Brussels
Vessels will have to use fuel with a maximum sulphur content of 0.1%.
Norwegian Cruise Line Holdings Reports Quarterly Net Loss of -$40.3 Million
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Miami
In the first three months of this year, revenues fell by -2.9%
DSV Completes Acquisition of Schenker
Hedehouse
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Hapag-Lloyd expects to close the first quarter with very positive performance
Hamburg
ONE closed fiscal year 2024 with net income of $4.2 billion (+336%)
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Singapore
In the period the container fleet transported 3.1 million TEU (+2.3%)
In the first quarter, the revenues of the Chinese shipping group COSCO grew by +20.1%
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Shanghai
The fleet transported 6.5 million containers (+7.5%)
In the last quarter of 2024, Eurokai port terminals handled over 3.2 million containers (+9.4%)
Hamburg
In Germany, traffic was 1.9 million TEU (+14.0%) and in Italy 443 thousand TEU (+7.9%)
OOIL orders 14 new 18,500 teu containerships
Hong Kong
Dalian, Nantong shipyards win $3.1 billion contract
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Chinese ports set new cargo throughput record for January-March quarter
Chinese ports set new cargo throughput record for January-March quarter
Beijing
In the period, seaports handled 73.1 million containers (+8.3%)
Passenger terminal completed at Rizzo dock in Messina port
Messina
Work begins on remodeling the seabed of the port of Reggio Calabria
Le Aziende informano
Il retrofit ibrido-elettrico di ABB guida i traghetti dei laghi italiani verso un futuro più sostenibile
UPS closed the first quarter with a net profit of 1.2 billion dollars (+6.6%)
Atlanta
Revenues down slightly following sale of Coyote Logistics
Second Large Cruise Ship Built in China Launched
Shanghai
It will join the Adora Cruises fleet at the end of 2026
Uiltrasporti underlines the need to keep Italian ports under public control
Rome
The liner shipping industry contributes substantially to the U.S. economy.
Washington
This is highlighted by an analysis carried out by S&P Global Market Intelligence on behalf of WSC and PMSA
Toll worsens from explosion in Iranian port of Shahid Rajaee
Tehran
It caused 46 deaths and injured over 1,200 people
Tender for concession of container terminal at Ukrainian port of Chornomorsk to be announced by mid-year
Kiev
The management will include the general cargo terminal
Wärtsilä's first quarter is positive
Helsinki
New orders value growth slows
CEVA Logistics (CMA CGM group) will buy the Turkish Borusan Lojistik
ESPO: The EU Parliament's Budget Committee's request for more funding for transport, energy and infrastructure is welcome
Brussels
The importance of financing TEN-T networks to enable their adaptation for both military and civilian dual-use purposes was highlighted
Solidarity contribution for the families of port workers who are victims of accidents at work
Rome
It was established by the National Bilateral Port Authority
Bureau Veritas Marine & Offshore Division Reports Record Quarterly Revenue
Neuilly-sur-Seine
New historical peak also for the classified fleet
PSA reportedly considering selling its 20% stake in Hutchison Ports
Singapore
This is according to "Reuters", which had already floated this hypothesis at the end of 2022
Mercitalia Logistics - Logtainer Agreement
Rome
The aim is to develop intermodal maritime transport services in Italy and Europe.
Port of Long Beach Sets New Container Traffic Record for April
Long Beach/Hong Kong
Hong Kong port handled 1.2 million containers (+6.0%)
RINA closes 2024 with revenues once again at a record level
Genoa
In the first quarter, turnover increased by +12% and new orders by +16%
The fourth edition of the national conference "Interporti al centro" will be held on May 23rd
Rome
Organized by UIR, it is scheduled at the Interporto Rivers in Venice
In the UK, express delivery company Evri and DHL's e-commerce division merge
London
Another 20 tractors coming for Contship Group's Hannibal
The Spice
They will be taken into delivery between the end of this year and the first months of 2026.
In April, the port of Singapore handled over 3.6 million containers (+7.1%)
Singapore
In terms of weight, containerized traffic decreased by -2.5%
Assagenti suggests the priorities that will have to be addressed by the next president of the port of Genoa
Genoa
Danaos Corporation's Quarterly Revenues Steady
Athens
Net profit down -23.5%
Cargo traffic in Montenegro ports stable in first quarter
Podgorica
Growth of +73.9% in volumes to and from Italy
Prysmian inaugurates the new cable-laying vessel Prysmian Monna Lisa
Milan
Finnish plant producing high-voltage submarine cables expanded
Second container terminal inaugurated at Cameroonian port of Kribi
Yaounde
It has a quay of 715 linear meters and a seabed depth of -16 meters
Eurogate Intermodal has bought the Deisser trucking company
Hamburg/Stuttgart
The Stuttgart-based company specializes in the container segment
Discount announced on transit fee for large container ships in Suez Canal
Ismailia
15% reduction for ships of at least 130,000 SCNT tons
The Simplified Logistics Zone of the Port and hinterland of La Spezia is ready to be made operational
Genoa/La Spezia
Regional councilor Piana made this known
Port of Genoa, the TAR for Lazio has annulled the Ignazio Messina-Terminal San Giorgio merger
Rome
Grimaldi Euromed's appeal accepted
Fincantieri closes first quarter with record new orders
Trieste
Strong growth in revenue and EBITDA
Stop, other Regions should follow Abruzzo's example by introducing the regional ferrobonus
Rome
The laying of the first pillar of the logistics park under construction in Tortona was celebrated
Tortona
The project is scheduled for completion in May 2026.
The Customs Free Zone enclosed in Genoa as an opportunity to mitigate the impact of duties
Genoa
Spediporto highlights it
Taiwan's Evergreen and Yang Ming saw revenue decline in April
Keelung/Taipei
Compatriot Wan Hai Lines' turnover grows
In the first three months of 2025, RCL containerships transported 658,000 TEU (+8.9%)
Bangkok
Revenues up +37.6%
The preparation process for the Port Regulatory Plan of Ancona has begun
Ancona
Preliminary verification of the Strategic Environmental Assessment has begun
d'Amico International Shipping reports quarterly revenue and earnings decline
Luxembourg
Balestra di Mottola: We do not expect any impact on us from any port tariffs applied in the US for ships built in China
Towards the final approval of the nomination of Francesco Benevolo as president of the port of Ravenna
Rome
The MIT has forwarded the proposal to the Transport Commission of the Chamber
The decline in vehicle volumes transported by the Wallenius Wilhelmsen fleet continues
Lysaker
The first three months of 2025 were closed with revenues of 1.3 billion dollars (+3.4%)
Shipping agents, customs agents and freight forwarders of La Spezia applaud Pisano's appointment
The Spice
For the presidency of the AdSP - they rejoice - "one of us" has been chosen
MIT appoints Bruno Pisano as president of the AdSP of the Eastern Ligurian Sea
Rome
DHL Buys IDS Fulfillment
Westerville/Indianapolis
Strengthening the e-commerce segment
V.Ships created V.Yachts to provide its services to large yachts
London
It will be based in Monaco
Mercitalia Rail transports scrap iron from Pomezia to steel mills in Northern Italy
Milan
Finnlines revenues increased by +2.3% in the first quarter
Helsinki
The volumes transported by the fleet are increasing, with the exception of cars
NYK to build third car terminal at Barcelona port
Barcelona
Work begins on the electrification of the MSC Crociere terminal
SAILING LIST
Visual Sailing List
Departure ports
Arrival ports by:
- alphabetical order
- country
- geographical areas
The Verdane investment fund sells Danelec to the GTT group
Paris
Danish company develops technologies for digitalization of maritime transport
Israeli forces attacked the port of Hodeyda
Jerusalem
IDF, measures taken to limit damage to ships
Vard signs new contract with Dong Fang Offshore for OSCV vessel
Trieste
It will be delivered in the first quarter of 2028
Collaboration protocol between the Federation of the Sea and WSense
Rome
Among the aims, to promote intelligent and sustainable management of marine resources
A conference on maritime engineering works and climate change in Rome on Wednesday
Rome
It will be held at the Auditorium Fondazione MAXXI
The 2024 general financial statement of the Eastern Adriatic Sea Port Authority has been approved
Trieste
It records a general administrative surplus of almost 283 million euros
Accelleron Industries Announces Further Investments in Italy
Baden
The aim is to strengthen technological leadership in fuel injection systems for the decarbonisation of the maritime sector.
UAE's AD Ports continues to invest in Egypt
Cairo/Abu Dhabi
Usufruct contract to develop and manage a logistics and industrial park near the port of Port Said
The 2024 final budget of the Central Adriatic Sea Port System Authority has been approved
Ancona
Green light from the Management Committee
RFI, tender awarded for maintenance and telecommunications enhancement works
Rome
Program worth approximately 180 million euros
Contract signed assigning CMA CGM the management of the container terminal at the port of Latakia
Damascus
Investments of 230 million euros expected in the first four years
Rizzo appointed extraordinary commissioner of the Strait Port System Authority
Messina
DHL Group revenues increased by +2.8% in the first three months of 2025
Bonn
Net profit of 830 million euros (+3.9%)
Purchase of area for new cruise terminal in Marghera completed
Venice
It is expected to become operational in the 2028 cruise season.
CMA CGM Completes Acquisition of Air Belgium
Marseille/Mont-Saint-Guibert
Mazaudier: Strengthen our air capacity with immediate effect
In the first three months of 2025, freight traffic in Albanian ports decreased by -1.8%
Tirana
Passengers also decreasing (-1.6%)
In 2024, 94.4 million tonnes of goods were transported on the Austrian rail network (+2.2%)
Vienna
31.8% of the total volume was achieved on routes longer than 300 kilometres
The final budget and the annual report 2024 of the AdSP of Sardinia have been approved
Cagliari
Pilot project for the unified issuing of port access permits for haulers
Interporto Padova's 2024 financial statements unanimously approved
Padua
Revenues up +7.3%
Redevelopment works underway at the agri-food hub of the port of Livorno
Leghorn
Works worth six million euros
Bluferries is ready to put the new ro-pax Athena into service in the Strait of Messina
Messina
It can carry up to 22 trucks or 125 cars and 393 people
Approved the financial statement for the financial year 2024 of the AdSP of the Ionian Sea
Taranto
424.8 million port works completed in the last decade
Kalmar reports lower quarterly revenue, higher new orders
Helsinki
In the first three months of 2025, net profit was 34.1 million euros (+2%)
Antonio Ranieri is the new maritime director of Liguria
Genoa
He takes over from Admiral Piero Pellizzari who was discharged from the service upon reaching the age limit
In the first quarter of 2025, China's CIMC recorded a 12.7% increase in container sales
Hong Kong
Revenues grew by +11.0%
PORTS
Italian Ports:
Ancona Genoa Ravenna
Augusta Gioia Tauro Salerno
Bari La Spezia Savona
Brindisi Leghorn Taranto
Cagliari Naples Trapani
Carrara Palermo Trieste
Civitavecchia Piombino Venice
Italian Interports: list World Ports: map
DATABASE
ShipownersShipbuilding and Shiprepairing Yards
ForwardersShip Suppliers
Shipping AgentsTruckers
MEETINGS
The fourth edition of the national conference "Interporti al centro" will be held on May 23rd
Rome
Organized by UIR, it is scheduled at the Interporto Rivers in Venice
A conference on maritime engineering works and climate change in Rome on Wednesday
Rome
It will be held at the Auditorium Fondazione MAXXI
››› Meetings File
PRESS REVIEW
Proposed 30% increase for port tariffs to be in phases, says Loke
(Free Malaysia Today)
Damen Mangalia Unionists Protest Friday Against Possible Closure
(The Romania Journal)
››› Press Review File
FORUM of Shipping
and Logistics
Relazione del presidente Nicola Zaccheo
Roma, 18 settembre 2024
››› File
Last year, the revenues of the Chinese group CMPort increased by +3.1%
Hong Kong
In the first three months of 2025, port terminals handled 36.4 million containers (+5.6%)
The financial statements of the AdSP of Western Liguria and the Central-Northern Tyrrhenian Sea have been approved
Genoa/Civitavecchia
Konecranes revenues increased by +7.7% in the first three months of 2025
Helsinki
343 million euros of new orders for port vehicles (+37.5%)
Kuehne+Nagel posts first quarter of growth
Schindellegi
The logistics group's net sales amounted to 6.33 billion Swiss francs (+14.9%)
Application by TDT (Grimaldi group) for the construction and management of 50% of the Terminal Darsena Europa in Livorno
Leghorn
The company has requested an extension of the duration of the current concession
In 2024, 58 million invested in the modernization of the ports of Livorno, Piombino and the island of Elba
Leghorn
The final budget and the annual report of the AdSP have been approved
EIB advice to strengthen climate resilience of the ports of Volos, Alexandroupolis and Patras
Luxembourg
It will assist port authorities in identifying and managing climate risks
In the first quarter the port of Valencia handled 1.3 million containers (+3.4%)
Valencia
Transhipment traffic decline
The Management Committee of the Central Tyrrhenian Sea Port Authority has unanimously approved the 2024 financial statement
Naples
SOS LOGistica will acquire the qualification of Third Sector Entity
Milan
The association currently has 74 members
In the first three months of 2025, freight traffic in the ports of Barcelona and Algeciras decreased
Barcelona/Algeciras
Hupac transfers intermodal service with Padua to Novara
Noise
Until now the other terminal was the one in Busto Arsizio
PSA SECH has operated the first 400-meter train at Parco Ferroviario Rugna
Genoa
Capacity up to 20 pairs of trains per day
The 2024 financial statement of the Eastern Liguria Port Authority was unanimously approved
The Spice
The war clearance preparatory to the expansion of the Ravano Terminal in La Spezia is nearing completion
The Spice
The AdSP has invested over 600 thousand euros in it
Francesco Rizzo appointed president of the AdSP of the Strait
Rome
He has repeatedly denounced the uselessness of the construction of the bridge over the Strait
US aircraft attack Yemeni port of Ras Isa
Tampa/Beirut
38 dead and over a hundred injured
In 2025 Stazioni Marittime predicts an increase in ferry and cruise traffic in the port of Genoa
MIT Mobility Report Highlights Rising Demand for Both Passengers and Freight
Rome
In the first quarter, cargo traffic in Russian ports decreased by -5.6%
St. Petersburg
Both dry goods (-5.3%) and liquid bulk (-5.8%) are decreasing
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