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03 December 2024 - Year XXVIII
Independent journal on economy and transport policy
18:22 GMT+1
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BRIEFS
September 25, 2002
Shipping Timesweb site
Shipping News
  • Expect higher rates next year: transpacific carriers
    THE alliance of 14 major transpacific carriers has warned shippers that they intend to hike freight rates next year by US$700 per 40-foot container as well as pass on any 'government-mandated' port and maritime security costs.
  • NOL's logistics unit CEO quits
  • US customs officers in M'sian ports: KL to decide in 2 months
Air and Land Transport
  • European airlines beef up alliances to fight slump
    A global civil aviation downturn sparked by the Sept 11 attacks has instigated closer cooperation among some of the leading European carriers and spurred the rise of cut-rate airlines.
  • FedEx to offer drop-off services at S'pore post offices
  • Qantas to use 2/3 of a Sydney terminal
  • United unions expected to offer cost-cutting plan soon
  • Air France to boost domestic travel
  • Log Book

Shipping Timesweb site
Shipping News
  • Expect higher rates next year: transpacific carriers
    THE alliance of 14 major transpacific carriers has warned shippers that they intend to hike freight rates next year by US$700 per 40-foot container as well as pass on any 'government-mandated' port and maritime security costs.
  • NOL's logistics unit CEO quits
  • US customs officers in M'sian ports: KL to decide in 2 months
Air and Land Transport
  • European airlines beef up alliances to fight slump
    A global civil aviation downturn sparked by the Sept 11 attacks has instigated closer cooperation among some of the leading European carriers and spurred the rise of cut-rate airlines.
  • FedEx to offer drop-off services at S'pore post offices
  • Qantas to use 2/3 of a Sydney terminal
  • United unions expected to offer cost-cutting plan soon
  • Air France to boost domestic travel
  • Log Book

Sched Netweb site
  • Danzas' latest MNG in Sri Lanka
  • Haba-Sped beefs up Indonesian presence with new offices
  • Qingdao Tianfeng Logistics looking for Hong Kong
  • Fellowes honours Maersk Logistics for vendor service
  • Tripartite Shippers' reject IATA resolution on low density
  • Frankfurt to become Panalpina's third European hub
  • Gulf Air cargo rises in first half

Cargowebweb site
SEPTEMBER 24, 2002
  • Chief of APL Logistics steps down
    Neptune Orient Lines (NOL) announced that it replaced the CEO of APL Logistics (APLL), Dick Metzler, by NOL Group Chief Information Officer, Hans Hickler.
  • BA to suspend Charlotte services
    British Airways will suspend its daily service between Charlotte and London effective Sunday, Oct. 27, 2002, the start of the airline's winter schedule.
  • CFO Vopak has to leave
    Vopak announced that Reinier Siepman, Senior Vice President and CFO, will leave Vopak per October 1st to continue his career elsewhere.
  • Swissair's bankruptcy could have been averted
    UBS AG, Switzerland's biggest bank, spurned a government offer of financial help which might have averted the grounding of Swissair Group's in October 2002, a Swiss parliamentary report said.
  • Hutchison denies Shanghai problems
    Hutchison Port Holdings (HPH) group managing director John Meredith denied that Hutchison's investment in Shanghai's Waigaoqiao port has been stalled over disagreement with its partner, Shanghai Port Authority, on setting port fees.
  • Higher profits expected US truckers
    Many of the US trucking companies are expected to post higher third-quarter 2002 profits, aided by improving demand and the recent round of industry consolidation.
  • Christian Salvesen optimistic
    Improvements in productivity and management would enable Christian Salvesen, the UK logistics company, to meet market expectations for its interim results.

Exim Indiaweb site
  • Shipping Ministry against DCI sell-off now: Pinto
  • Indian Oil shipment sails from Chennai Port to Colombo
  • MTI to be demerged before SCI disinvestment begins
  • Hamriyah free zone holding roadshows to lure cos
  • Indiatech fair to open in Melbourne today
  • Thailand invites India, 3 others to form rice export club
  • Software exports to US growing at over 25 pc in current fiscal
  • India seeks talks with China on import of needles
  • India edges out Brazil from Far Eastern sugar markets
  • Karnataka to import garlic from China
  • EC suspends move to inspect Indian seafood
  • Campaign to enhance brand equity of Indian seafood in US
  • Concor joins KoPT move to lure more box traffic
  • Safety measures make Vizag Port accident-free - Productivity up by 14 pc
  • Study calls for imposition of levy on users of transport system to finance projects
  • Finance Ministry clips IA's wings
  • RBI extends interest rate ceiling on rupee export credit till April 2003
  • Scanty rain lowers crop prospects
  • India-Oman gas pipeline project shelved
  • High interest rates have kept economic activity at low key, says NCAER
  • India concerned about differential crude prices
  • IMC chief flays downgrading of India's rating
  • Forex reserves come down to $ 62.021 bn
  • ITPO to organise Indian entry for Milan Fair
  • Need for strategies to achieve global competitiveness stressed
  • No subsidy for sugar re-export: Yadav
  • No EIA clearance needed for projects involving investment below Rs 100 cr.
  • Gist of public notices/circulars/notifications - Compiled By M. Sreedharan
  • R. V. Subba Rao on ECGC Board

The Bunker Bulletinweb site
SEPTEMBER 24, 2002
  • Daily Bunker market report from Praxis Energy Agents
  • New player on the scene in Russia's northern capital
  • Norway wary of Murmansk exports
  • Caspian pipeline needs volume
  • IEA dismissive of dangers from Iraqi oil supply disruptions
  • Busan makes the most of a stable market
  • Hong Kong market gets all bullish again
  • Isidore and Iraq push crude to 2002 high
  • Rotterdam continues firming

Marine Logweb site
SEPTEMBER 24, 2002
  • Major Chinese order for Wärtsilä
    Wärtsilä has signed an agreement with China's Shanghai Edward Shipbuilding Co. It covers the supply of complete propulsion systems for five chemical tankers.
  • Inmarsat offers new services
    Inmarsat Ltd. today used the SMM event in Hamburg, Germany, as the opportunity to unveil the two newest members of its Fleet family of services,

Lloyd's Listweb site
  • AP Line in pledge to continue carrying UN aid to Iraq
    French boxship giant CMA CGM operates a feeder run between Khor Fakkan and the Iraqi port Umm Qasr which started earlier this year.
  • Accountancy giants bid to lift shadow over Liberia
    THREE international accounting firms yesterday submitted bids to the Liberian government on a contract to monitor the use of revenues from the country's shipping register.
  • Chiquita plans to bend banana focus
    CHIQUITA Brands, one of the biggest players in the refrigerated shipping trades, yesterday unveiled plans to reduce its reliance on the North American and European Union banana markets by building up business in other parts of the world, writes Janet Porter .
  • Senator jobs at risk as services face the axe
    German liner shipping specialist Senator Lines, which is controlled by Hanjin Shipping, is considering axing some of its services which could lead to job losses at the Bremen-based company.
  • Insurers feel brunt of investor panic
    INSURERS yesterday took another market plunge as the sector's depleted equity investments spurred further investor panic amid a seven-year low for London's FTSE index, writes Jerry Frank.

Fairplayweb site
SEPTEMBER 24, 2002
  • French hope for better grain season
  • Russian ports can't handle exports
  • Walk-on part for Mombasa
  • MSC doubles Asia-Europe service
  • S American trade 'needs surcharge'
  • Lost Rubino containers retrieved
  • Africans woo cruise lines
  • Moves made on productivity pay
  • Belgian liner operator goes under
  • Brussels boosts maritime R&D
  • High target for new forestry port
  • EC addresses shipbuilding strategy
  • PSA Corp strengthens China ties
  • Thai reform gathers momentum
  • October launch for French reform
  • Bolivia stalls LNG export talks
  • Philippines joins terror initiative
  • Sarris fills Greek ferry vacancy
  • APL Logistics loses chief exec
  • Venezuelans hit by terrorism claim
  • World City project 'still alive'
  • Further attempt at Balearic link
  • HDW chairman Lederer quits
  • Maersk pull out worries Lyttelton

The Journal of Commerceweb site
SEPTEMBER 24, 2002
  • Hot August for West Coast boxes
    Containerized imports increased again in August, confirming reports from shipping lines that this year's peak shipping season will be stronger than usual.
  • Deadline looms for Halifax box bid
    At least three terminal operators are bidding for a long-term lease to operate one of two box hubs at the Nova Scotia port.
  • Taiwan speeding direct China ties
    Direct transport links between Taiwan and China could get a green light after the government completes a review of the issue in the coming weeks, the island's premier said.
  • No contract progress as boxes jam West Coast
  • USSEC holds line on bunker charges
  • False alarm for Maersk Sealand vessel
  • Hutchison denies Shanghai row
  • China completes Yangtze entry dredging
  • Danzas will open Sri Lanka gateway
  • Kuehne & Nagel expands in Central America
  • D.F. Young files for C-TPAT
  • eCargo USA picks Tradevision software
  • General Dynamics gets Coast Guard response system contract

Antwerpse Lloyd n.v.web site
  • Le “manifeste sécurisé” risque d’entraver la fluidité du transport de marchandises
    La douane américaine a annoncé cet été qu’elle désirait désormais disposer du manifeste 24 heures avant que le navire ne soit chargé en Europe, alors que certains termes du manifeste ne seront plus acceptés. Cette annoncé à suscité de nombreuses réactions dans les milieux maritimes. La communauté portuaire anversoise, qui a pleinement coopéré aux initiatives de sécurité de la douane américaine dès le début, se pose de nombreuses questions sur les conséquences pratiques de cette exigence. L’AGHA a regroupé ces questions et les à remises aux autorités douanières américaines. Dans ce contexte, une réaction rapide de la douane américaine et des éclaircissements sur la responsabilité du co-chargeur, des ports et des agents portuaires qui ne participent pas au programme Container Security Initiative (CSI) sont les principales préoccupations.
  • Zeebrugge: StoraEnso confronté à la nécessité de développer son terminal
    Le grand terminal forestier du groupe StoraEnso qu’exploite SeaRo Terminal dans l’avant-port de Zeebrugge doit faire face à une forte expansion de son trafic de papier et partant, il est devenu indispensable de procéder à son expansion. Ledit terminal fonctionne actuellement à plein régime, soit 100.000 t de papier à réceptionner et à distribuer par mois ou 1,2 mio. de t/an. Des études relatives à une phase d’expansion sont en cours, et des décisions devraient tomber prochainement.
  • Le monde du transport déçu par le résultat des élections en Allemagne
    Les associations allemandes de transporteurs ont réagi avec scepticisme aux résultats des élections parlementaires en Allemagne. C’est ce que rapporte le Deutsche Verkehrs-Zeitung. Les représentants des différents métiers du secteur ont insisté sur la nécessité d’harmoniser les conditions de concurrence au sein de l’UE, et ils ont appelé le futur gouvernement à oeuvrer en ce sens.
  • Transpacifique: des contrats de services “flexibles”... à la hausse
    Bien que l’on assiste à un boom des exportations chinoises vers l’Amérique du Nord (également vers l’Europe), les armements qui opèrent sur le secteur transpacifique restent confrontés à de graves problèmes, qui résultent de la surcapacité considérable qui subsiste sur ce théâtre opérationnel. Il est devenu impératif pour ces armements de générer plus de revenu, donc de procéder à de nouvelles adaptations tarifaires. Parallèlement certains acteurs en sont réduits à procéder à des rationalisations au niveaux de leurs services.

TradeWindsweb site
SEPTEMBER 24, 2002
  • Genmar stock sinks to new low
    An investor's registration to sell 100,000 shares adds to bearish tone.
  • Bermuda Container Line posts lower revenue
    Revenue for January-June dropped by 5.13% from a year ago to $13.75m.
  • Rough seas shut down LOOP
    Louisiana Offshore Oil Port will remain closed until weather conditions return to normal.
  • Thin supply boosts VLCC rates
    Rates for West Africa-US Gulf move up by about 6 World Scale points from last week.
  • Weak tanker outlook cuts earnings estimates
    JP Morgan lowers earnings per share estimates for Teekay, Genmar, Stelmar and Tsakos Energy.
  • Sunship homes in on bulker order
    China's Guangzhou Wenchong shipyard to build four 27,000-dwt ships for German owner.
  • Bad weather delays Jolly Rubino fuel transfer
    Increasing swell means ship-to-ship transfer unlikely for another three days.
  • Ferry rapped for potentially disastrous near-miss
    New Zealand accident investigators recommend traffic management revamp in Tory Channel.
  • EU blasts Korean shipbuilders
    Erkki Liikanen opens Hamburg's SMM exhibition with warning shot for Korea-EU yard talks.
  • Aframaxes to ship Russian Arctic crude
    Russia's oil export ambitions are set to make another leap forward this year.
  • Beluga ups newbuilding tally
    German owner adds two more heavy-lift multipurpose ships at Bodewes Scheepswerf Volharding.
  • Uljanik poised to tie up four-ship deal
    Croatian yard awaits confirmation of tanker and car carrier newbuilding deals.
  • Insurers get union-minded
    Joint Hull Committee hopes to tap unions' insight into human factors in casualties.
  • MISC profit set to slide
    Non-LNG business fortunes set to drag down returns for Malaysian owning giant.
  • UK holds eight ships
    Algerian bulker and seven general cargoships failed port state inspections in August.
  • Lasco signs up for two log bulkers
    US owner bolsters pool play with Imabari newbuildings.
  • Pertamina VLCC forced offhire
    After fighting for months to fix tonnage for its time-charter requirement, the charterer has had to accept a substitute.
  • HMM shareholders give car carrier deal green light
    D-day for the unit's handover to new Korea-European joint venture is 15 October.

›››File
FROM THE HOME PAGE
PORTS
Signed the act for the rebalancing of the concession in chief of Venice Terminal Passengers
Venice
Spain : The aim is to "create a new normal", which is aimed strongly at an upper-middle customer segment, with the aim of creating a pole for luxury cruises in Venice, " he said.
PORTS
In October, freight traffic in the ports of Genoa and Savona-Ligure
Genoa
Recorded increases of 2.5% and 21.9%, respectively. It continues the downturn of cruises in both scallops
CRUISES
Fincantieri has delivered the new cruise ship Viking Vela to Viking
Trieste / Los Angeles
Can accommodate 998 passengers
The government of Montenegro wants to bring the port of Adria back under state control
PORTS
The government of Montenegro wants to bring the port of Adria back under state control
Podgorica
Will evaluate the possible acquisition of the majority stake in the Turkish Global Ports Holding
PORTS
China's seaports handled record cargo traffic for October
China's seaports handled record cargo traffic for October
Beijing
Containers amounted to over 24.4 million TEU (+6.2%)
Stable the traffic of goods in the port of La Spezia in the period of July-September
PORTS
Stable the traffic of goods in the port of La Spezia in the period of July-September
The Spezia
Marina di Carrara has been recorded a decrease of -15.6%
PORTS
At Spezia they don't want a president of the AdSP "parachuted"
The Spezia
They ask for a president "plug & play" able to deal with the problems right away
PORTS
Defined the location in the port of Gioia Tauro of the construction site for the bridge over the Strait of Messina
Joy Tauro
The OYAK and OIA funds will invest in the Turkish port of Iskenderun
PORTS
The OYAK and OIA funds will invest in the Turkish port of Iskenderun
Ankara
Expected the realization of a terminal container
SHIPPING
T&E calls for EU measures to limit ship speed and greater use of wind propulsion
Brussels
Summary complaint of the organization on the progress made by the shipping industry for decarbonisation
CUSTOMS
To extend the customs corridor to goods in export and on transhipment in the port of Spezia
The Spezia
He was speaking at a meeting between the AdSP and the Customs Agency.
SHIPPING
After Maersk, Hapag-Lloyd also initiates an agreement with Chinese Goldwind for supplies of green methanol
ENVIRONMENT
Messina (Assshipowners) : yes to the environmentalist push, but the timing and the ways are wrong
Rome
Local, often untimely, local norms have the only effect of moving traffics out of the Old Continent.
PORTS
Port of Ravenna, final visit of the EU representative to the project "Ravenna Port Hub : Infrastructural Works"
Ravenna
The European contribution has been more than 30 million euros.
TRANSPORTATION
In 2023, the performance of road and rail transport services fell in Switzerland.
Neuchâtel
Modal shares remained unchanged
INTERMODAL TRANSPORT
New intermodal service Melzo-Marcianise of Hannibal
Melzo
Two weekly rotations that from the first quarter will rise to three
PSA and Evergreen to jointly operate container terminal in Singapore
PORTS
PSA and Evergreen to jointly operate container terminal in Singapore
Singapore
The new company will become operational by the end of 2024
In the third quarter economic growth of trade in goods and services of G20
TRADE
In the third quarter economic growth of trade in goods and services of G20
Paris
Down the value of goods to and from China
PORTS
Omanita group Asyad will manage the port of al-Suwayq for 40 years
Muscat
The expansion of the stairway and the construction of a quay
The Companies inform
Accelleron initiates partnership with Geislinger to expand service business in the Mediterranean region
INTERMODAL TRANSPORT
Memorandum of Understanding for the creation of an intermodal terminal in Budapest
Astana
A delegation of the Kazakh KTZ Express to the port of Rijeka
SHIPPING
The BIMCO has adopted the FuelEU Maritime Clause
Copenhagen
The European regulation will enter into force next January.
SHIPPING
Kenon Holdings (Idan Ofer) announces the next exit from the capital of ZIM
Singapore
Currently owns 19.8 million shares
PROGRESS AND TECHNOLOGY
NIM and EH Group will develop hydrogen fuel cell technologies for shipping
PORTS
In the third quarter of 2024 the traffic of goods in the port of Tanger Med increased by 11%
Anjra
In the first nine months of the year, growth was 12% percent.
PORTS
Project of the ovadese Vezzani to set up a terminal for the automotive in Porto Marghera
Venice
Filed for the release of a demanial concession for the quay ex Sirma
PORTS
In the third quarter the port of Koper has handled 287,410 containers (+ 11.8%)
Koper
In the first nine months of 2024, it was 835,506 (+ 2.9%)
COMPANIES
The Zephyr Group snaps up Singaporean Twinco and Germany's Carl Baguhn
The Spezia
The two companies operate in the area of spare parts and components for diesel and gas engines
SHIPPING
Rixi, without the ETS review, European maritime fleets will continue to suffer a competitive disadvantage
Rome
According to the deputy minister, it is necessary to intervene at the root of the problem
PORTS
PSA Italy continues in purchase of equipment for Marghera terminal
Genoa
Committed total value of 8.5 million euros for three rubber-tyred gantry crane electric
JOBS
Corsica Sardinia Ferries in search of navigating personnel
Go Ligure
The wanted profiles are different, for machine areas, room and kitchen
PROGRESS AND TECHNOLOGY
Agreement for the digital integration of the FS and AdSP Polo Logistics systems of the Western Liguria
Genoa
SHIPPING
New Oriental Mediterranean Service-Adriatic via Malta of CMA CGM
Marseille
Will have a weekly frequency
COMPETITION
Brussels to give state aid for 1.9 billion euros to German railway company DB Cargo
Brussels
ASSOCIATIONS
Renewed the Governing Council of Wista Italy
Milan
Constancy Musso confirmed president
SHIPPING
Maersk completes orders to three shipyards for 20 new container ships
Copenhagen
In Yangzijiang Shipbuilding committed for six 17,000 teu ships and two from 9,000 teu. At Hanwha Ocean and New Times Shipbuilding ordered six units from 15,000 teu each
ASSOCIATIONS
Biagio Mazzotta assumes the post of Vice-President of the Federation of the Sea
Rome
President of Assonave will be running for vice president of ENMC
PORTS
ESPO calls on the new EU Commission to maintain and strengthen the CEF programme
Brussels
The exhortation is also to better adapt it to the needs of ports and their stakeholders
EDUCATION
The agreement on training between the AdSP of the Tirreno Centre Northern, the ITS Academy, " G. Caboto " and the European Escola
Cyvitavecchia
SHIPPING
Consultation on the extension of the UK ETS to the maritime sector
London
Shipping would be included since 2026
COMPANIES
MSC completes acquisition of a minority stake in HHLA
Hamburg
SAILING LIST
Visual Sailing List
Departure ports
Arrival ports by:
- alphabetical order
- country
- geographical areas
PORTS
ONE acquires a stake in Jakarta's NPCT1 terminal container
Singapore
It has a traffic capacity of 1.5 million teu per year
PORTS
Transped orders a mobile crane Konecranes Gottwald for its Porto Marghera terminal
Helsinki
It will be taken in delivery in the second quarter of next year
LOGISTICS
Dutch Raben Group and Swiss elvetica Sieber Transport make up a joint venture
Oss / Berneck
It will detect the Swiss company's groupage transport activity
LOGISTICS
Dachser & Fercam Italia has opened a new branch in Arezzo
Bolzano
Three thousand square meters of operational surface area and 400 of offices
SHIPYARDS
Fincantieri initiates agreement with SIMEST for the growth of watermark businesses
Milan / Trieste
MEETINGS
Conference for the 30 th birthday of WISTA Italy
Genoa
It will be held tomorrow at Palazzo San Giorgio in Genoa
PORTS
Approved the Plan of the Organic Ports of Sardinia
Cagliari
There are 938 workers in the 36 enterprises operating in the scallots
OFFSHORE
Saipem has awarded an EPCI offshore contract from BP in Indonesia
Milan
SHIPPING
Container ship charterer MPCC's revenues fell by -28% in the third quarter
Oslo
RAILWAY TRANSPORT
Fermerci reports delays and cuts to incentives for rail freight transport
Rome
Paper: Real risk of losing 115 million euros
PORTS
In the third quarter, traffic in shipping containers of Moroccan Marsa Maroc increased by 5% percent.
Casablanca
Exhaustion of the growth of transshipment volumes
SHIPYARDS
At Samsung Heavy Industries orders for the construction of four 16,000-teu container carriers
Busan
Commits the value of about 781 million
ENVIRONMENT
Eni-MSC agreement in the field of sustainability and energy transition
San Donato Milanese
It was subscribed by Claudio Descalzi and Diego Aponte
PORTS
The Grimaldi terminal in the port of Barcelona has been equipped with Onshore Power Supply
Barcelona
It will become operational in January
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
MEETINGS
Conference for the 30 th birthday of WISTA Italy
Genoa
It will be held tomorrow at Palazzo San Giorgio in Genoa
MEETINGS
Conference of the CNEL on the Sustainability of Maritime Transport
Rome
It will be held on November 27 in Rome
››› Meetings File
PRESS REVIEW
North Korean tankers transport over one million barrels of oil from Russia
(NK News)
Sudan govt scraps $6bn Red Sea port deal with UAE
(The North Africa Post)
››› Press Review File
FORUM of Shipping
and Logistics
Autorità di Regolazione dei Trasporti
Relazione del presidente Nicola Zaccheo
Roma, 18 settembre 2024
››› File
SHIPYARDS
South Korea's HJSC adjusts a salesperson for four new 7,900-teu container ships
Busan
ASSOCIATIONS
Rolf Westfal-Larsen Jr. has been elected president of Intertanko
London
Undergoes to Paolo d' Amico
LOGISTICS
COSCO and SIPG will acquire 10% each of the capital of SAIC Anji Logistics
Shanghai
They will participate in the capital increase of the logistics company of SAIC Motor
INDUSTRY
AD Ports continues in its investment campaign in Egypt
Cairo / Abu Dhabi
Agreement to realize an industrial area of 20 square kilometers in East Port Said
Dimitri Serafimoff has been elected as the new president of CLECAT
ASSOCIATIONS
Dimitri Serafimoff has been elected as the new president of CLECAT
Brussels
He will also retain the presidency of the CLECAT Customs Institute
SHIPYARDS
Ok of the Rovigo Tribunal to the Restructuring Plan of Shipbuilding Victory plan
Adria
On the completion of the sale of the company to CNV Srl
PORTS
Port of Ancona, in 2023, underlines the AdSP-container traffic grew by 5%
Ancona
The Port Authority disputes the data released by the Fedespedi Studies Center
SHIPYARDS
Mr vard will build five support ships in the offshore industry.
Trieste
Designed to accommodate up to 190 people, they will be carried out in Vietnam
INTERMODAL TRANSPORT
Alpe Adria activates new rail service between the port of Trieste and the Malpensa Intermodal terminal in Sacconago
Trieste
SHIPPING
Euroseas order in China the construction of two 4,300-teu feeder container
Athens
Quarterly revenue from rentals inj growth of 5.8%
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