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BRIEFS
February 12, 2013
Sched Netweb site
  • Harbin's first bonded warehouses saves time and money on Russian timber
  • Yunnan to spend US$1.59 billion on China-ASEAN bonded logistics port
  • Speedy Guangxi highway builders to reach 6,000 kilometres in 5 years
  • Tibet spent US$11.14 million on checkpoint infrastructure in 2012
  • China UnionPay cooperates with express industry to streamline payments
  • Maersk pushes EU reefer legislation and its foam insulator product
  • CMA Ships joins online platform TradeNet to assist in crew management
  • CN to spend US$1.9 billion in capital improvement to upgrade network
  • UK freight forwarder Davies Turner invests in greener logistics to Turkey
  • Cathay Pacific adds fifth daily flight to London Heathrow on June 27
  • Frankfurt Hahn's long-time chief quits debt-laden airport as cargo falls
  • United Airlines wins award for being open to employing homosexuals

Exim Indiaweb site
FEBRUARY 11, 2013
  • AADA hikes China-Australia rate from March 15
  • AMTOI hosts interactive session with local trade in coordination with Port of Antwerp
  • Contract negotiations increasingly using container price indices
  • Govt should fund IWT, suggests Parliamentary Committee
  • ISAA holds first-ever regional meeting in India
  • MOL announces launch of new China-Middle East Express (CMX) service
  • OOCL increases per reefer box rate on Far East-MidEast lane from March 15
  • P&I Club correspondents under pressure to take out indemnity insurance
  • ShipServ signs CMA Ships
  • UK forwarders welcome news of tentative US port labour agreement
  • WCA expands management team
  • Port of Antwerp holds annual reception, reaffirms commitment to India
  • Throughput at Major Ports drops by 3 pc in April-Dec.
  • Quick Take

International Transport Journalweb site
FEBRUARY 11, 2013
  • After good 2012, Finnair cargo volumes decrease in January
    The Scandinavian airline Finnair was able to turn the whole year 2012 into a profitable one for the group for the first time since 2007. The carrier's operational result was EUR 44...
  • HHLA fulfils expectations
    The German service provider Hamburger Hafen und Logistik AG (HHLA) generated provisional corporate revenues of around EUR 1.125 billion in business year 2012, compared to EUR 1.217...
  • New operator for Telford international railfreight park
    DB Schenker Rail has officially become the new operator of Telford international railfreight park and has integrated the terminal into its existing terminal network throughout the ...
  • US ban on Afghan carrier lifted
    The Afghan carrier Kam Air has commended the US Central Command for its decision to suspend its recent contracting ban on the airline (cf. ITJ Daily of 31 January 2013) after its t...
  • Ewals Cargo Care participating in Green Freight Europe programme
    The Dutch service provider Ewals Cargo Care has joined Green Freight Europe, a voluntary scheme to improve the environmental performance of road freight transport in Europe. Over a...
  • Securing air cargo supply chain
    Speaking at the Secure Freight Forum held at the offices of the International Air Transport Association (Iata) in Geneva (Switzerland), the trade body's director general and CEO, T...
  • UPS to rollout electric vehicle fleet in California
    The US integrator UPS is set to deploy 100 fully electric commercial vehicles for parcel delivery in California. These electric trucks will reduce the consumption of conventional m...
  • USA: hundreds of transport infrastructure projects now underway
    The Association of American Railroads (AAR) has announced that the USA's major freight railroads plan to invest an estimated USD 24.5 billion in 2013. The money will be used to bui...
  • Commercial vehicle registrations increased in UK
    Commercial vehicle registrations in the UK rose by 5.6% to 18,931 units in January 2013, according to the latest data of the Society of Motor Manufacturers and Traders. Van registr...
  • CCO of Maersk resigns
    Lucas Vos, the chief commercial officer of the Danish carrier Maersk Line, is to leave the group by 1 May 2013. Vos, who has been a member of the company's management board since 2...
  • Fresh blood for EMS Chartering
    EMS Chartering GmbH & Co. KG has taken on another six shipping agents. They include Latvian national Anna Bockareva, Patrick Brunjes, Andrea Ahrenholz and Liguo Wanga (from Chi...
  • Nippon Express takes over Franco Vago in Italy
    Nippon Express (Europe) GmbH signed a purchase agreement for all shares in the Italian forwarding and logistics firm Franco Vago SpA at the end of January. Florence-based Franco Va...
  • SDV adding Colombia to global network
    The French logistics service provider SDV is creating a subsidiary company in Colombia, thereby extending its current network in Argentina, Brazil, Chile, Mexico and Uruguay to ano...
  • Conqueror the latest member of Elite Association of Logistic Networks
    Conqueror Freight Network has joined the Elite Association of Logistic Networks (Elite) after passing the qualifying criteria for membership. Conqueror becomes the tenth network to...
  • WCA expands management team
    On 1 February, airfreight industry specialist Reha Erman joined the WCA Family as regional manager for the Americas, after spending the previous seven years as director of sales fo...

Marine Logweb site
FEBRUARY 11, 2013
  • Harvey Gulf gets $100 million charter for newbuild
  • Carnival Triumph gets some shipboard power back
  • Yale docs report first results from seafarer health study
  • Technip names newbuild medium construction vessel
  • OceanSaver offers BWT "future-proofing" deal
  • BIW awarded $6.8 million LCS-2 contract
  • Engine room fire disables Carnival Triumph

World Wide Shipperweb site
FEBRUARY 11, 2013
  • Port of Seattle announces finalists for commission post
  • Commerce Department finds US exports reach all-time high
  • Maritime Administration starts Port of Guam improvements
  • Work begins in Budd Inlet to remove toxic derelict pilings
  • Squalicum Harbor Boat Launch closed for pile driving/float work

Lloyd's Listweb site
FEBRUARY 11, 2013
  • Beyond the blame game
    The industry must look more deeply into casualties and stop criminalising seafarers
  • Rules for Use of Force article has error
    Sceg is not included in drafting team for ongoing development
  • Tomasos secures Chinese funding for tankers
    China Development Bank in bilateral finance for Guangzhou newbuild brace
  • Rightship EVDI backer welcomes IACS move on efficiency index
    Shipping can learn from energy efficiency financing models, says Carbon War Room
  • PSV to be given futuristic Rolls-Royce bridge system
    Platform supply vessel employs an innovative Rolls-Royce bridge design
  • Dim sum bonds set to attract maritime issuers again this year
    Following a lacklustre period of almost no interest, companies are eyeing the offshore yuan market again
  • LDA buys four handies for Roullier joint venture
    Vessels due for delivery this year and next
  • Greeks buy small tanker pair for $8m
    Price for combined chemical and oil vessels in line with market levels
  • Carisbrooke confirms hijacking
    Three crew kidnapped off Cameroon
  • Hijacking reignites debate over ransoms
    P&I clubs consider their involvement in paying pirates
  • Replacement found for damaged Emma Maersk
    Maersk Line shuffles ships around after engineroom flood
  • VLGC rate stagnation ends as charterers enter market
    Ships booked to take cargoes to Asia, where LPG prices have risen
  • P&O Ferries protests over Eurotunnel bid to run Calais and Boulogne
    Channel Tunnel operator's move could lead to 'substantial lessening of competition' in shortsea services between the UK and France
  • Impairment widens Nordic American loss
    Suezmax spot market specialist insists it is on solid footing as reported TCE rate posts decline
  • Maersk Line holds on to top performance spot in 2012
    SeaIntel's container carriers' schedule reliability report sees MSC as most improved line
  • Scrapping activity slows to a crawl
    Meanwhile prices in the Far East close in on the Indian subcontinent market
  • Five crew dead in lifeboat drill accident in Canary Islands - Updated
    Lifeboat falls 51 feet into sea after cable snaps during Thomson Majesty call in Santa Cruz de la Palma
  • Mercator Lines sells VLOC at $23m loss to pay debts
    Singapore dry bulk owner needs to pay compensation to other owners
  • The industry's lifeblood
    Pious talk from shipowners about the attractions of a career at sea means little unless the industry lives up to its obligations to seafarers
  • Can industry learn from lifeboat loss?
    A range of possible failures raises the issue of a more holistic approach to lifeboat safety
  • Antwerp seals pact with Rosmorport
    Five-year collaboration is part of strategic development plan for Russian ports
  • Taking it onshore
    Support by several shipping giants for a drive to create jobs for younger people in Somalia is a laudable first step

Fairplayweb site
FEBRUARY 11, 2013
  • Grimaldi sees ro-ro edge over shortsea boxes
    ITALY'S Grimaldi is aiming to capture significant volumes of reefer perishables from box lines on intra-Med routes
  • US investigating coal export royalties
    ROYALTIES for exports are being audited over allegations that traders are bilking US taxpayers out of money paid in connection with coal mined on federal land
  • Many lifeboat risk factors highlighted
    A RANGE of factors could have caused failure of Thomson Majesty's lifeboat winch cable, a technical authority told Fairplay today
  • US docker deal buoys box forecast for 2013
    US BOX importers have raised their volume growth prediction because of the tentative labour accord reached earlier this month
  • Fire cripples cruise ship
    CARNIVAL Triumph remained adrift and waiting for a tow off Mexico today after an engine room fire knocked out its propulsion system
  • Seadrill-SapuraKencana rig deal completed
    SEADRILL has completed the merger of its rig tendering unit into SapuraKencana Petroleum, the Malaysian offshore services group
  • Bremerhaven sees recovery from reefer slip
    LIFTINGS of conventional fruit from Central America into Germany are expected to recover this year, as US multinational Chiquita juggles its delivery policies
  • Sugar refinery to be built at Hambantota
    INDIA'S Shree Renuka Sugars signed a deal today to build a $220M sugar refinery Hambantota's port in southern Sri Lanka
  • East/west box rates again drift lower
    BOX RATES on east/west trades are drifting lower for the second successive week
  • Damen takes Shipdock helm
    DUTCH shipbuilder and repairer Damen Shipyards has taken control of fellow Dutch ship repair group Shipdock
  • Loan to aid PNG's maps
    ASIAN Development Bank said it has agreed to lend Papua New Guinea's government $41.5M to pay for its a maritime safety scheme

The Journal of Commerceweb site
FEBRUARY 11, 2013
  • Cochin Trucker Strike Enters Second Week
    A strike by truck drivers at India's Port of Cochin has entered its second week, preventing the movement of containers in and out of Vallarpadam International Container Transshipment Terminal, operated by DP World. Unionized drivers walked off the job on Feb. 4, calling for wage increases and additional benefits. "Despite intense conciliatory...
  • Indian Railways' Revenue Rises 20 Percent
    Indian Railways reported its revenue from April 2012 to January 2013 was Rs. 101,223.95 crore (about US$18.8 billion), increasing 20 percent from $15.6 billion during the corresponding period from 2011 to 2012. Total goods earnings rose 25 percent year-over-year to $13.0 billion for April 2012 to January 2013, from $10.4 billion...
  • States Committed Nearly $120 Billion for Transportation in 2012
    State departments of transportation and local governments committed more than $117 billion in funding for highway, bridge, transit, port and other transportation-related construction projects in 2012, according to new analysis of the most recent U.S. Census Bureau data by the American Road & Transportation Builders Association. ARTBA's monthly report, "Value of...
  • US Challenges India's Domestic-Content Requirements for Solar Program
    The U.S. has requested World Trade Organization dispute settlement consultations with India's government regarding domestic-content requirements in India's national solar program, according to Ron Kirk, U.S. Trade Representative. India's program allegedly discriminates against U.S. solar equipment by requiring solar energy producers to use Indian-manufactured solar cells and modules and by offering...
  • Annual Review & Outlook 2013: World Customs Organization
    Governments around the world are taking action to improve the external environment of their trading community by, for example, improving existing infrastructure, creating a better general business environment and enhancing the efficiency and effectiveness of their national economic, institutional, regulatory and competition policies. High-performing customs services, well equipped to meet the...
  • Annual Review & Outlook 2013: Waterways Council
    The inland waterways industry looks ahead to 2013 with optimism. The inland system's locks and dams are aging rapidly, and this critically important infrastructure requires capitalization. Momentum for positive change is moving forward in Congress. We await action on a Water Resources Development Act in the Senate that could offer a...
  • Annual Review & Outlook 2013: U.S. Coast Guard
    For more than 222 years, we have been America's lifesavers. We protect people on the sea, protect against threats delivered by sea, and protect the sea itself. We're proud of our unique service and the thousands of lives we save. But we are more than a response organization. We also save...
  • U.S. Lines to Hike Rates on Westbound Trade From Canada
    U.S. Lines will hike rates on its Columbus service loading in Vancouver, British Columbia, to all destinations, effective March 1. The increase will be $160 per 20-foot container and $200 per 40-foot and 40-foot high-cube container. The rate hike will apply to dry containers only. It will not be applicable for refrigerated,...
  • Zim Restructures Asia-Med-Europe Services
    Zim Integrated Shipping Services will restructure its network this month to enhance the carrier's Asia to east Mediterranean and Black Sea service. The Asia Med Europe Service route will be as follows: Xiamen, China; Shanghai; Shenzhen, China; Port Kelang, Malaysia; Nhava Sheva, India; Mundra, India; Alexandria, Egypt; Ashdod, Israel; Haifa, Israel;...
  • Annual Review & Outlook 2013: Transplace
    We must fight the regulatory war on business. Now that the election is behind us, we know there will be no voluntary slowdown in the regulatory war on business. The supply chain industries are no exception, and we need to pursue multiple strategies to prevent unwarranted economic damage to our...
  • US Cargo Thefts Near Record Set in 2011
    A new report from logistics security services provider FreightWatch International shows the total number of cargo thefts in the United States last year was close to the record set in 2011 - and the number of stolen meat shipments continued to climb. Shippers beware: FreightWatch predicts meat, poultry and seafood will be popular...
  • US Trade Deficit Dropped to $540.4 Billion in 2012
    The U.S. Census Bureau and the U.S. Bureau of Economic Analysis, through the Department of Commerce, reported that for the full year of 2012, exports of $2.2 trillion and imports of $2.7 trillion resulted in a goods and services deficit of $540.4 billion, which is $19.5 billion less than the...
  • Seattle Port Commission Names Finalists for Open Spot
    The Port of Seattle commission has announced the finalists for the commission vacancy. The six candidates are expected to attend two moderated forums on Feb. 26 and Feb. 27, with a final selection expected by early March. The finalists include Stephanie Brown, executive director of Washington ABC; Courtney Gregoire, attorney for the...
  • EU, US Fully Implement Mutual Recognition of C-TPAT, AEO
    U.S. Customs and Border Protection and the European Union recently implemented a mutual recognition decision between Customs' Customs-Trade Partnership Against Terrorism program and the EU's Authorized Economic Operator program, which provides reciprocal benefits to C-TPAT members when exporting to EU member states. These benefits, which include lower risk score and fewer...
  • USDA Seeks Comment on Dairy Import Licensing
    he U.S. Department of Agriculture's Foreign Agricultural Service is seeking comments on the Dairy Tariff-Rate Import Quota Licensing Program. Import licensing is one of the tools the USDA uses to administer the tariff rate quota system for U.S. imports of dairy products. For dairy products subject to tariff rate quotas, an...
  • 2012 Container Volume Slipped 1.7 Percent at Hamburg
    Hamburg's container traffic slipped 1.7 percent in 2012 from 2011 on sharply lower Asian imports, but Germany's largest port expects cargo to grow again this year on rising European demand and stronger trade flows in its key overseas markets. At 8.9 million 20-foot-equivalent units, Hamburg's throughput was sufficient for the port...
  • US Customs' Aguilar to Retire in Late March
    Customs and Border Protection head David Aguilar will step down at the end of March, ending a 31-year career in which he served as deputy commissioner and then acting commissioner of the agency. Department of Homeland Security Secretary Janet Napolitano didn't name his successor in her announcement of Aguilar's retirement. The...
  • UPS Expands LCL Service Worldwide
    UPS expanded its direct less-than-containerload offering to more than 300 additional ocean lanes in Asia, Europe, the Middle East, Africa and South America in 2012. The company added 139 Asia outbound lanes; 91 Europe, Middle East and Africa outbound lanes; 42 intra-Asia lanes; 36 intra-EMEA lanes; 33 North American outbound lanes;...
  • Barkerding Appointed to Port of New Orleans' Board
    Louisiana's Gov. Bobby Jindal has appointed Robert "Rusty" Barkerding Jr. as the newest member of the Port of New Orleans' board of commissioners. Barkerding will serve a five-year term, succeeding Valerie S. Cahill. Bakerding joins the board with 47 years of experience in the maritime industry. He is president and CEO of...
  • Milwaukee's Total Cargo Declines, But Overseas Tonnage Grows
    The Port of Milwaukee reported a decline in total cargo tonnage in 2012 because of winter weather that led to smaller volumes of salt and coal arriving at the port. However, the port saw an increase of 34.5 percent in the amount of cargo traveling to and from foreign ports in...

Containerisation Internationalweb site
FEBRUARY 11, 2013
  • Kalmar inks order for 11 cranes at ECT
    Finnish cargo handling manufacturer, Kalmar, part of the Cargotec group, has signed a deal to supply 11 automatic stacking cranes to Hutchison Port Holdings' ECT ...
  • China Cosco responds to shareholder rebellion against Wei
    China Cosco Holdings has said any measures conducive to the company's operation can be exercised after thorough consideration, after some minority shareholders ...
  • Bunker prices creep up again
    More bad news for ocean carriers: bunker prices are heading north again. Indeed, Rotterdam-sourced IFO 380 was up $4.50 per tonne in today's trading taking the ...
  • Maersk hold on to top performance spot in 2012
    According to SeaIntel's container carriers' schedule reliability report covering the whole of 2012, Maersk Line was the top performer, but Mediterranean Shipping ...
  • FESCO containers up 14.1%
    Russia's Far Eastern Shipping Company [FESCO] saw its sea container transportation grow by a year-on-year 14.1% in 2012 to 342,700 teu while its intermodal freight ...
  • China pips the US in trade
    As the Year of the Snake arrives in China, new data suggests that the nation has overtaken the US as the world's top trader.Official figures from the two countries ...

TradeWindsweb site
FEBRUARY 11, 2013
  • Crude charters trickle in
    The Lunar New Year holiday in the Far East has taken a toll on the spot market but the celebration hasn't derailed at least one leading charterer's appetite for tonnage.
  • Otto issues warning
    Otto Marine has warned investors that it expects to turn in a full-year loss following a series of familiar setbacks.
  • Rumours resurface
    Navigazione Montanari of Italy is back in the spotlight this week amid reports that it is moving forward with the sale of two aframax tankers.
  • ISC readies fundraiser
    International Shipholding Corp of the US is getting ready to reactive idle tonnage with funds from a share sale.
  • Target strikes again
    Target Marine looks to have found period work for a second bulker in under a week.
  • NPCC ties up funding
    National Petroleum Construction Company (NPCC) of Abu Dhabi has tied up a $100m financing package to fund a multi-purpose jack-up vessel.
  • WIS worsens
    Shiprepairer Western India Shipyard (WIS) has fallen to a loss in the first nine months of its financial year.
  • DNB lifts Wilhelmsen
    DNB Markets has upgraded Wilh Wilhelmsen ASA after revising its view of the car carrier market.
  • Chang Myung sells again
    Korea's Chang Myung is thought to have sold its last 1980s-built bulker.
  • Shooting for stock
    John Fredriksen has tightened his grip on Archer Energy following the offshore company's $250m private placement.
  • Turkish delight for Polarcus
    Seismic shipowner Polarcus has completed the sale of one of its advanced vessels to state-owned Turkish Petroleum Corp (TPAO).
  • India's coastal boost
    India is to back its coastal shipping industry with a new cargo subsidy, plus discounted port fees and loans.
  • Lawless broke the law
    Actress Lucy Lawless has been fined in New Zealand for boarding a drillship in an environmental protest.
  • NAT red again
    Nordic American Tankers slipped to a deeper than expected reversal in the final three months of 2012.
  • Snake could prove tricky
    China traditionally sees the year of the snake as a good omen but those in shipping may not be so keen to cheer its arrival.
  • Atlantic takes Blue sistership
    Atlantic Offshore has penned another management agreement with Ulstein's shipowning vehicle, Blue Ship Invest.
  • GNV fills the gap
    French operator SNCM has chartered an Italian ro-pax to fill the gap left by its holed Napoleon Bonaparte.
  • VLs lowest this century
    Falling Asian demand and an abundance of vessels have taken VLCC rates down to the lowest level this century, analysts say.
  • Crank killed seafarer
    A Romanian crewman was killed on a Maersk boxship by a metal handle that came loose during a bunkering operation in the UAE.
  • MISC bid "too cheap"
    Petronas' takeover of MISC has hit resistance from two minority shareholders.
  • Five hurt in clash
    Five people have been injured in a collision between a ferry and a cargoship off Istanbul.
  • Kyoei back in profit
    Japan's Kyoei Tanker has revealed a positive result in its first nine months, but the fourth quarter is looking negative.
  • Harkand thinks big
    A new company backed by private equity heavyweight Oaktree Capital Management is aiming to make a splash in the burgeoning subsea services sector.
  • Greek buys again
    AM Nomikos is being linked with its second panamax bulker buy in as many weeks.
  • GasLog gets mixed review
    GasLog's double newbuilding swoop at Samsung Heavy Industries against long-term contracts with BG has received a mixed reaction in the market.
  • Third bulker for Kuok
    Robert Kuok-controlled Pacific Carrier Lines (PCL) has bought another K Line supramax, according to brokers.
  • Uljanik's binding bid
    Croatia's Uljanik Shipyard has made a final offer to take over the loss-making 3 Maj yard.
  • Fancy a free ferry?
    An Alaskan borough wants to give away its unused ice-breaking ferry Susitna for nothing.
  • Fire disables Triumph
    Carnival Cruise Lines says an engine room fire has disabled one of its cruise ships about 150 miles off Mexico.
  • Damen buys Shipdock
    Damen Shipyards Group has continued its yard acquisition spree, this time hoovering up compatriot facility Shipdock.
  • Vos to exit Maersk
    Lucas Vos, a key figure in Maersk Line's extensive budget cut plans last year, is to leave the Danish liner giant.
  • Lifeboat fall claims five
    Five seafarers have been killed and another three injured after a lifeboat drill on the cruise ship Thomson Majesty ended in tragedy.

American Shipperweb site
FEBRUARY 11, 2013
  • Cargo carriers prepare for Valentine's Day
  • Illinois men charged in UPS fraud case
  • Panama Canal tries 'just-in-time' transits
    The service allows booked vessels to arrive much closer to their scheduled transit times, instead of arriving earlier and having to remain for several hours at anchor before actually beginning their transits.
  • Commentary: Lines struggle to cut capacity in Asia-Europe
  • ILA to meet in March to consider tentative master contract
    The union said its Wage Scale Committee, a group of about 200 delegates, will meet in Tampa, Fla., on March 12-14. The committee is the group that decides whether or not to recommend to union members to approve the union's master contract with employers.
  • US Airways-American merger coming soon
    The ownership of the combined company, which would generate $38 billion in revenues, is to include a 72 percent stake for creditors of American's parent company. US Airways shareholders would take the remaining 28 percent.
  • Aguilar to retire as interim CBP chief
    David V. Aguilar is taking retirement and will step down as the head of U.S. Customs and Border Protection, the Department of Homeland Security announced late Friday. His retirement takes effect at the end of March.
  • IAG pledges to minimize strike disruptions
  • NIT League continues push for rail reform
    The U.S. shippers' group said its proposal, submitted in 2011 to increase rail competition, "represents one of the best efforts to achieve rail regulatory reform since the passage of the Staggers Act over 30 years ago."
  • FMC to consider NVO NRAs at meeting
  • FedEx to test hydrogen tractors at airports
  • UPS increases LCL offerings
  • Study finds shippers happy with their TMS
  • U.S. 2012 exports hit record $2.2 trillion
  • Executive moves

The Bunker Bulletinweb site
FEBRUARY 11, 2013
  • New arrangement for Cockett in ARA region
    Former management of ABC forms new service company providing barge management for the group.
  • MGO prices stay flat in Fujairah while tight avails continue
    Markets were firming in South African ports.
  • Sovcomflot predicts increasing use of LNG as ships' fuel
    Sovcomflot executive highlights LNG's advantages as bunker fuel.
  • Weak demand in Hamburg
    But Rotterdam market firms.
  • Shell looking at mini-LNG plants for Russia
    System used to fuel mines and ships in North America.
  • OW Bunker welcomes new trading manager in UK office
    John Tsogas left Aegean Marine Petroleum late last year.
  • Oil storage at Fujairah to rise this year
    But pace of construction slowing, say market sources.
  • Polish LNG terminal bunker option 'attracting interest'
    LNG bunkering still under consideration at terminal due to open next year.
  • LNG takes priority in initial IGF Code
    Developing IMO regulation to include all alternative low-flashpoint fuels could hold up adoption of LNG fuel solutions.
  • Strike looms over US West Coast ports
    The ILA clerks union didn't ratify its contract with its employers.
  • LNG as bunker fuel reaching 'bottleneck breakthrough'
    Sources say there is growing interest but more needs to be done to improve LNG's takeup rate as bunker fuel.
  • UK Chamber of Shipping supports ECA route exemptions
    The organisation says implementing route and time specific exemptions would help protect the shipping industry.
  • Winter storm to delay bunker deliveries at US ports
    A 'weather-permitting' clause was added to bunker fuel oil suppliers' deals.

›››File
FROM THE HOME PAGE
In the third quarter, revenues of French company CMA CGM grew by +31.1%
In the third quarter, revenues of French company CMA CGM grew by +31.1%
Marseille
Net profit tripled. The fleet transported a record number of containers.
Ports of Naples and Salerno saw container throughput growth in the second quarter.
Naples
283,000 TEUs were handled (+7.8%). Total freight increased by 4.7%. Ro-ro traffic slowed and cruise traffic declined.
Evergreen and WHL post strong quarterly earnings growth
Taipei
The two Taiwanese companies have ordered 83,300 and 110,050 new containers respectively.
Terminal Operators Face Off: HHLA Slows in Third Quarter, ICTSI Accelerates
Hamburg/Manila
The German company saw an 8.5% drop in container traffic. ICTSI reported an 8.1% increase (-1.8% on a like-for-like basis).
Port of Hamburg: Container throughput stable in third quarter
Hamburg
Bulk cargo decline. In the first nine months of 2026, traffic amounted to 84.5 million tons (-2.6%).
Fincantieri's orders totaled €3.57 billion in the third quarter, up 180%.
Trieste
Revenues down 6% to €2.02 billion, but EBITDA rises 7% to €161 million.
Hapag-Lloyd reports quarterly revenue growth of 27.9% with container volumes virtually unchanged.
Hapag-Lloyd reports quarterly revenue growth of 27.9% with container volumes virtually unchanged.
Hamburg
Average freight rate rises by 27.9% and supports the results of the German company, which further improves its annual estimates
HMM records a very positive third quarter in both the container and bulk segments
HMM records a very positive third quarter in both the container and bulk segments
Seoul
During the period the fleet transported 1.1 million containers (+8.4%)
The reform that was supposed to reduce the fragmentation of ports
Taranto
From the transition from 24 Port Authorities to 15 AdSPs to the entry of Gallipoli into the Taranto system: Italy continues to add ports
The port of Genoa closed the third quarter with growth, while freight traffic remained stable in Savona-Vado.
Genoa
Port of Ravenna, September slows down
Ravenna
In the first nine months of 2026, freight traffic remained above last year's levels
Bosphorus Strait: Ship transits plummet by 23.2%.
Bosphorus Strait: Ship transits plummet by 23.2%.
Ankara
Bulk carrier passages halved in the third quarter. The decline in the Dardanelles was more moderate (-12.8%), while container ships held steady.
In the third quarter, Eurokai terminals handled a record traffic of 3.9 million containers (+9.4%)
Hamburg
In the first nine months of 2026 the total was over 11.3 million TEUs (+8.7%)
Maritime ETS: Brussels says the system is working. Ports fear traffic flight.
Brussels
The Commission's latest report for 2025 reports a 4% drop in emissions and compliance above 99%. However, it provides no new data on the risk of tax evasion.
Yang Ming's revenues grew by 52.4% in the third quarter
Keelung
A continuation of favorable conditions for shipping is expected in the latter part of 2026
US-China trade easing also involves ports and shipyards
Beijing
Beijing extends suspension of port charges on US vessels and investigation into the impact of the US measures on its maritime industry
Alfa Laval Acquires Navtor for $700 Million
Lund/Egersund
The Norwegian company providing digital solutions for shipping will be integrated into the Ocean division of the Swedish group
Boluda Towage acquires Dutch towing company Muller Dordrecht
Dordrecht/Valencia
It has a fleet of 16 tugboats and eight barges
Last month, vessel transits through the Suez Canal increased by +32.1%
Last month, vessel transits through the Suez Canal increased by +32.1%
Cairo
Growth of +86.8% in tonnage and +94.1% in transit rights
Rail, space, and the environment are among the priorities emerging from meetings on the new Port Planning Scheme for the ports of Genoa and Savona-Vado.
Genoa
The first phase of the AdSP's listening process has concluded with 65 hearings and over 120 stakeholders involved.
Fincantieri signs agreements with JA Solutions, Navantia, and Naval Group
Paris
Intensive collaboration with the Danish company in the field of advanced modular and containerized systems for reconfigurable naval units
Fewer containers, more revenue: Maersk's maritime division grows with freight rates
Fewer containers, more revenue: Maersk's maritime division grows with freight rates
Copenhagen
In the third quarter, volumes fell by -0.8%, but tariffs and congestion raised Ocean's EBIT to 2.6 billion
From Egypt to Morocco, passing through Gioia Tauro: does the ETS shift containers to non-EU ports?
Brussels
A study promoted by Assarmatori sees signs of transfer already underway and calls for corrections
ONE vessels carried record container volumes in the third quarter
Singapore
Revenues increased by 36.5%. Performance driven by demand for transpacific shipments.
Wallenius Wilhelmsen records a third quarter with record revenues which, however, grow less than costs
Lysaker
Slight decrease in the volumes of vehicles transported by the fleet
Suez Canal: Signs of a recovery in ship traffic in September
Suez Canal: Signs of a recovery in ship traffic in September
Ismailia
However, the repercussions of the crisis in the Red Sea persist
Taranto, the steel crisis continues to weigh on the port.
Taranto, the steel crisis continues to weigh on the port.
Taranto
Liquid bulk cargoes are supporting volumes, but overall traffic is down 5.7% in the first nine months of 2026. Container traffic remains volatile.
US port tariffs on Chinese ships, trade coalition calls for permanent suspension
Washington
Hundreds of associations have written to Greer ahead of the January 9, 2027, deadline. Among them is the World Shipping Council.
T&E: The ETS should become the driving force behind investments in e-fuels for aircraft and ships.
Brussels
The organization's demands for the overhaul of the ETS: more European resources, a dedicated fund, and two-sided auctions
In the first half of 2026, freight traffic in the port of Livorno fell by -3.6%
Livorno
Ports on Elba also experienced a decline (-3.3%). The port of Piombino bucked the trend with a +5.7%.
Cargo volumes down in Southern Adriatic ports in the first six months of 2026
Bari
The system loses 676 thousand tons compared to 2025, almost all between the two largest ports
In the third quarter, ship traffic in the Panama Canal remained stable
Panama/Balboa
However, the tonnage of ships and the volume of goods in transit are growing
Le Aziende informano
Ufficiali di Macchina: l'Accademia Italiana della Marina Mercantile apre le selezioni per il corso ITS triennale gratuito. Scadenza 26 ottobre
Maritime ETS, FEPORT supports cargo-related anti-avoidance measure
Brussels
It is the most effective solution - claims the federation of European terminal operators - to protect the competitiveness of EU ports
COSCO Shipping, revenues +29% and profits +82%: the credit goes to freight rates, rather than volumes
Hong Kong
The trans-Pacific market is the driving force behind the Chinese group's accounts
Norwegian Cruise Line Holdings reports increased net income but declining margins in the third quarter.
Miami
APM Terminals signs further expansion phase for the Moroccan port of Tangier Med
Rabat
An investment of over 800 million dollars is planned to build 1.2 kilometers of docks
Port of Barcelona launches project to reduce cruise terminals from seven to five
Barcelona
Review of the concession held by Creuers del Port de Barcelona
Boluda and Samskip, a new merger in European short-sea shipping.
Boluda and Samskip, a new merger in European short-sea shipping.
Valencia/Rotterdam
The Spanish group has signed an agreement to acquire all the activities of the Dutch group and expand its multimodal platform
Indian shipyards on EU ship recycling list, ECSA asks MEPs to approve
Brussels
Call to reject a motion opposing the Commission's proposal
CVC DIF has acquired a majority stake in the Spanish shipyard Cernaval
Schiphol
The Iberian company employs approximately 275 people
Contship Italia acquires the Tarros group
Melzo/La Spezia
All the activities and assets that make up the integrated service system of the La Spezia group are changing hands
Villa Vie Residences' residential cruise ship suspended
Villa Vie Residences' residential cruise ship suspended
Fort Lauderdale/Sihanoukville
The company attributes the ship's grounding to rising fuel costs and is working on a restructuring and recapitalization plan.
Wallenius Wilhelmsen orders four 9,900 CEU PCTCs plus eight options
Lysaker
Agreement with the Chinese shipyard Jinling Shipyard (Jiangsu)
Royal Caribbean posts record quarterly revenue of $5.59 billion. Full-year 2026 forecasts are raised.
Royal Caribbean posts record quarterly revenue of $5.59 billion. Full-year 2026 forecasts are raised.
Miami
EBITDA at 2.53 billion and passengers at 2.68 million in the July-September period
Maritime safety, ETS, flags, and employment are the focus of the Confitarma president's report.
Rome
Zanetti calls for a European alliance for freedom of navigation, a national pact for the transition, and less bureaucracy for the Italian flag.
Global Ports Holding signs concession agreement for Saint Vincent cruise port
Istanbul
The agreement has a duration of 30 years
Sunde family sells Color Line to Stena
Gothenburg
Swedish ferry group acquires Norway's largest cruise ferry company
Chinese ports, the race is slowing down
Chinese ports, the race is slowing down
Beijing
After 25 years of growth, freight traffic is almost at a standstill, but containers are still breaking records.
Lorenzo Sanna is the new president of ANPAN
Sestri Levante
Parmigiani: Regarding the High Seas Protocol, we should return to the commander's paper declaration.
2027 will once again be a record year for the Italian cruise industry
Livorno
Approximately 16 million passengers are expected, with a growth of +4%
Port reform: Commission discusses only setting aside and rejecting vessels
Rome
The Chamber of Deputies has passed no amendments in three weeks. The only exception is Port Authority staff.
Road haulage, truce near. The government releases funds for diesel fuel and structural reforms.
Rome
Emergency decree approved with tax credits, a ban on leasing, and fuel surcharge protections
The fleet of dual-fuel containerships and car carriers exceeds 500 units
Washington
A 41% jump compared to September 2025. Industry investments have exceeded $200 billion.
Green Maritime Corridors: China Leads the Race
Shanghai
Nearly a fifth of global developments involve a Chinese port. The Global Maritime Forum report highlights fuel and collaboration as strengths, while demand remains weak.
In the third quarter, freight traffic in Spanish ports grew by +2.1%
Madrid
Bulk cargo is driving the trend. Containerized cargo remains stable.
The EU invests in the green revolution of the seas
Brussels
From ammonia to e-methanol, from electric ferries to CO2 capture: projects reshaping the future of European shipping have received funding.
Road haulage associations call for an end to roadblocks in the South.
Rome/Modena
After the meeting with Salvini, the trade unions urged Piantedosi to intervene. Ruote Libere responded: listen to the protesters, not repress them.
APM Terminals and Hateco sign agreement to develop a rail freight terminal network in northern Vietnam
Copenhagen
Initial investment estimated at around $3.5 billion
IFM Investors to acquire CPPIB and OMERS' stakes in Associated British Ports
London
Agreement reached for the transfer of 63.9% of the capital of the British port group
DSV, Air & Sea and Contract Logistics drive third quarter, while road transport slows
Copenhagen
Road division suffers from problems following Schenker integration
Decarbonizing shipping: The UK should learn from FuelEU Maritime's mistakes.
London
The UK Chamber of Shipping presents the government with a document with lessons from the first two years of application of the European regulation
The port of Antwerp-Bruges returns to growth in the third quarter, with a +2.5% after two quarters of decline
Antwerp
Containers, ro-ro and dry bulk are driving the recovery, while steel and energy products remain in difficulty
Boluda Towage acquires Ecuadorian towing company Cititug.
Valencia
The transaction includes the transfer of ownership of five tugboats
Port of Los Angeles Sets Container Traffic Record for October
Los Angeles
In the first ten months of 2026, 9.11 million TEUs were handled (+5.1%)
In 2027, the port of Ravenna expects 365,000 cruise passengers.
Ravenna
To date, 115 cruise ship calls are scheduled
Giosuè Vezzuto appointed CEO of RINA Services
Genoa
Finnlines' quarterly financial results show strong growth.
Helsinki
Revenues increased by 26.2% in the July-September period. Profit increased by 81.6%.
The Port of Tarragona has won the ESPO Award 2026.
Brussels
The area surrounding the Port Authority headquarters has become a sustainable, resilient and intergenerational space
In the third quarter, cargo traffic in Croatian ports grew by +18.5%
Zagreb
Regular service passengers remained stable, while cruise passengers increased by 6.2%.
Tardino appointed President of the ESPO Committee for the Outermost Regions and Islands
Palermo
In Brussels, a meeting with Raffaele Fitto on the strategic issues of Italian ports.
Denmark's DFDS posts record quarterly revenue
Copenhagen
In the period July-September the group's ships transported 10.1 million linear metres of rolling stock and 2.1 million passengers (-3.6%)
In Montenegrin ports, cargo volumes are decreasing while passengers are increasing.
Podgorica
Traffic with Italy is declining
Ansis Zeltins has been re-elected president of the European Sea Ports Organisation.
Brussels
The Icelandic Ports Association has joined ESPO
This year Blu Navy recorded a growth of +12% in passengers transported
Portoferraio
Transported vehicles also increased (+11%)
A conference on the present and future of Motorways of the Sea in Italy will take place in Ravenna on November 17th.
Ravenna
In 1991 the Ravenna-Catania maritime line began
Uiltrasporti, the Democratic Party's commitment to amendments for port and maritime work is welcomed.
Rome
It is the only political force - the union underlines - that has responded to our requests for a meeting so far.
In the first nine months of 2026, container traffic in the port of Gioia Tauro grew by +1.7%
Rome
The Bank of Italy's economic update on Calabria's economy
FS Engineering and Sogesid have signed an agreement to develop infrastructure projects in Italy and abroad.
Rome
National focus on port infrastructure, logistics systems, and mobility-related infrastructure
The Lazio Regional Administrative Court (TAR) has suspended the increases in maritime training center fees.
Rome
CONFORMAR and ANIFORMAR's request for precautionary measures has been granted. The hearing on the merits is scheduled for March 16.
Global Ship Lease revenues up 4.5% in the third quarter of 2026.
Athens
New $1 billion credit line to finance 15 new container ships
The Papagno Course at Assagenti has trained over a thousand young maritime agents and brokers
Genoa
It has been provided nationally since 2017
AIRIDEA, a new Genoa-Marseille air link with the support of Genova Industrie Navali
Genoa
Service designed to facilitate work-related travel between the two cities
Fincantieri and Republikorp form joint venture to strengthen Indonesia's shipbuilding industry.
Paris
The Propeller Club Port of Sardinia was established today in Cagliari
Genoa
It is the 27th Club of the national association which includes over 1,600 members
India's Adani Ports acquires Dutch terminal operator Evos
Ahmedabad/Amsterdam
Transaction worth 2.56 billion euros
Hapag-Lloyd has completed the acquisition of a 25% stake in APM Terminals Maasvlakte II.
Hamburg
Interferry's board of directors has been renewed.
Victoria
Appointments at the association's 50th anniversary conference in Bangkok
DIS reports earnings growth in the third quarter of 2026
Luxembourg
After the boom in the second quarter, profitability remains at high levels
Arsenio Dominguez will continue to lead the IMO until the end of 2031.
London
The Council has decided. The appointment must be ratified by the assembly.
DHL grows in the third quarter, with Express and Forwarding driving revenue and profits.
Bonn
Revenue of 22.7 billion euros (+12.6%) and EBIT of 1.7 billion (+16.2%)
The EU General Court has annulled the withdrawal of recognition from the Russian naval register
Luxembourg
The investment ban and transaction ban remain in force
Italian bioLNG seeks space among ETS, FuelEU, and national incentives
Rimini
Assogasliquidi calls for simpler certification procedures and measures to make domestic production competitive.
Fincantieri and Leonardo reach agreement to strengthen Orizzonte Sistemi Navali's role.
Trieste/Rome
The companies aim to consolidate the industrial and commercial role of the joint venture
Port of Rijeka: Various cargoes push Luka Rijeka forward, while the Adriatic Gate container terminal loses ground.
Rijeka
In the first nine months of 2026, overall traffic fell by -15% to 3.83 million tonnes
Confetra: The government wants to abolish the tax on small parcels.
Rome
Satisfaction with the government's choices in the budget bill
A Port Renewable Energy Community has been established in Taranto
Taranto
Among the objectives, the development of the Apulian port as an energy hub
Filt and Uilt, the temporary port labor system is not anachronistic
Rome
To define it in this way - the unions denounce - means distorting the nature and role of Article 17 of Law 84/94.
New quarterly record for freight traffic in Albanian ports
Tirana
In the period July-September passengers decreased by -5.4%
SAILING LIST
Visual Sailing List
Departure ports
Arrival ports by:
- alphabetical order
- country
- geographical areas
FedEx's earnings are rising, but net profit falls 68%.
Memphis
The non-cash capital loss related to the spin-off of FedEx Freight weighs heavily
Kalmar recorded a 22% growth in new orders in the third quarter
Helsinki
Turnover stable. Net profit down 14%.
In the third quarter, sales of containers produced by CIMC increased by +30%
Hong Kong
Commercial activity driven by dry boxes (+36%). Reefer units dropped by 28%.
Ports, new investments in Tuscany and Sardinia
Livorno/Cagliari
The 2027 budget estimates for the two Port Authorities have been approved. Highlights include the Piombino dock, works in Livorno, and dredging and electrification projects in Sardinian ports.
Finding qualified personnel in Italian ports is increasingly difficult.
Naples
An analysis by Randstad Research of 13 professional profiles also highlights a marked gender imbalance
COSCO Shipping Ports reports record third-quarter revenue
Hong Kong
In the July-September period, net profit was 102.5 million dollars (+3.4%)
Approval for the 2027 budget forecast and the 2027-2029 POT of the Southern Tyrrhenian and Ionian Sea Port Authority.
Gioia Tauro
The forecast document shows revenues of approximately 24 million euros and expenses of approximately 88 million
Ravenna native Bongiovanni confirmed as president of the Federagenti Youth Committee.
Rome
Renewal of the federation's board of directors
The 2027-2029 Three-Year Operational Plan for the Central Adriatic Port System has been approved.
Ancona
308 million euros of investments are planned, of which 218 million for the Marche region and 91 million for Abruzzo.
The 2027 budget forecast for the Western Liguria Port Authority has been approved.
Genoa
New surcharge on goods postponed to 2028
DP World opens a temperature-controlled warehouse near Bologna
Bologna
Surface area of 22 thousand square meters
Saipem wins two new offshore drilling contracts
Milan
The total value of the orders is approximately 121 million dollars.
Hanwha brings Philadelphia Naval Shipyard under Defense Division control
Arlington
The goal is to integrate the construction of commercial and military ships
The Ports of La Spezia and Carrara approve the 2027-2029 Three-Year Public Works Program and the 2027 Budget.
La Spezia
Pisano: PTLP concrete and consistent with currently available resources
Port concessions: Regional Administrative Court (TAR) blocks 2025 fee increase
Rome
The appeal of Assiterminal and sixteen port companies has been accepted.
Wärtsilä sees quarterly order increases, but not in the Marine segment
Helsinki
In the period July-September the company recorded a net profit of 125 million euros (-31%)
Montaresi appointed general secretary of the Eastern Ligurian Sea Port Authority for another four years.
La Spezia
Renewal of office on the proposal of President Pisano
Double ceremony for two Explora Journeys ships at the Fincantieri shipyard in Genoa
Genoa
Launch of "Explora V" and coin ceremony of "Explora VI"
Italian CMD passes under the control of the UAE group EDGE
Abu Dhabi/Rome
Cousins Mariano and Giorgio Negri retain a significant shareholding
The Northern Tyrrhenian Port Authority presents the new layout of the port of Piombino.
Livorno
Gariglio: A concrete step towards industrial reconversion and the future of Piombino.
FS Logistix has purchased six new CZ LOKO locomotives for freight and shunting services
Rome/Prague
This is the fourth order of this type for the Czech company in ten years.
Port of Bremerhaven: The cruise ship Mein Schiff 3 collided with two container ships.
Bremen
No injuries. The cruise was canceled.
Paolo Moretti has been appointed CEO of RINA Spa.
Genoa
Giosuè Vezzuto has assumed the role of CEO of RINA Services
HD Hyundai and Kiewit to establish joint venture at new shipyard in the US
Houston/Seoul
The construction of both military and commercial vessels is planned
Konecranes' quarterly port equipment orders decline as revenue increases
Helsinki
Kuehne+Nagel's third quarter was very positive
Schindellegi
Growth in economic and operating results in all business segments
Wildcat's race for US defense: exclusive agreement with historic Fraser shipyard
Superior
The Miami Beach fund's operation is part of the government's plan to relaunch the American shipbuilding industry.
Port of Ancona: First single ZES authorization issued
Ancona
A three million euro investment in yacht construction has been unblocked.
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
A conference on the present and future of Motorways of the Sea in Italy will take place in Ravenna on November 17th.
Ravenna
In 1991 the Ravenna-Catania maritime line began
Assologistica event to discuss the Mediterranean strategy for Italian competitiveness
Rome
It will be held next October 30th in Naples
››› Meetings File
PRESS REVIEW
Cosco Shipping arm readies China IPO to capitalise on global shipbuilding wave
(South China Morning Post)
Rosatom expects cargo traffic along Northern Sea Route to rise 14% in 2026 - CEO
(Interfax)
››› Press Review File
FORUM of Shipping
and Logistics
Relazione del Presidente Mario Zanetti
Roma, 27 ottobre 2026
››› File
Access to the port of Ravenna is authorized for vessels with a maximum draft of 11.00 meters.
Ravenna
Benevolent: it is a fundamental step for the economic and strategic development of the airport
Port of Genoa extends food inspection authorization to PSA SECH terminal
Genoa
The provision of the Ministry of Health expands the categories of products that can be subjected to control
On Thursday, the Unione Interporti Riuniti will present the ELODIE project at the Chamber of Deputies.
Rome
The aim is to create a digital federation of interports
ABB reports record orders of $12 billion in the third quarter.
Zurich
Revenues and profits also increased, while the group announced a joint venture with Mitsubishi Electric
In the third quarter of 2026, containers in the port of Barcelona decreased by -9.2%
Barcelona
The decline was driven by a 19.9% reduction in transhipment traffic.
COSCO Shipping Ports terminals set new quarterly container throughput record
Hong Kong
In the period July-September also volumes handled by CMPort
In August, the ports of Western Liguria handled 5.2 million tons of goods (+1.6)
Genoa
In Genoa, an increase of +6.1% was recorded, while Savona-Vado Ligure suffered a decrease of -10.0%.
Raben Italy opens a new warehouse in Pomezia
Milan
The goal is to consolidate the positioning and territorial expansion in road transport
Port of La Spezia signs agreement to develop blue economy and security projects
La Spezia
It was signed by the AdSP and the Foundation of the National Centre of the Underwater Dimension
The Port of Long Beach celebrates new monthly container throughput record
Long Beach
New all-time high also in the July-September quarter
The tender for the partial demolition of the North Pier of the Port of Ancona has been launched.
Ancona
The intervention includes the regularization of the relevant seabeds
HMM invests over $1.6 billion for 12 new container ships
Busan
By 2029, the delivery of eight 13,000 TEU vessels, three 2,800 TEU vessels and one 1,700 TEU vessel
Paolo Pessina confirmed as president of Federagenti
Rome
Unanimous vote of the Federation assembly
Negotiations have begun to renew the single collective bargaining agreement for the shipping industry.
Rome
The parties have agreed on a busy schedule of meetings
Maritime training: Appeal to the Regional Administrative Court (TAR) against the Port Authority's fee hike
Rome
Container traffic in the port of Hong Kong grew by 15.1% in the third quarter
Hong Kong
In September the increase was +25.0%
The Spinelli Group has opened a new empty container depot in Novi Ligure.
Genoa
Investment worth 14 million euros
Rhenus integrates its logistics services into a single hub at the Padua Interporto.
Padua
The site will bring together road transport, air and sea freight, warehousing and specialized services
A truck driver dies at the Cagliari canal port.
Cagliari
He would have been crushed by a load of large pipes
Maritime labor, Confitarma is concerned about the uncertainty arising from the Revenue Agency's interpretative stance.
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