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03 December 2024 - Year XXVIII
Independent journal on economy and transport policy
18:27 GMT+1
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BRIEFS
November 9, 2016
Sched Netweb site
  • Port of Shanghai October volume up 5.9pc to 3.22 million TEU
  • Manila's global port operator ICTSI profit up 4pc while revenues rise 5pc
  • APL expands intra-Asia network offering with new services
  • Diana scraps youngest ship - 10-year-old - 4,923-TEUer on record
  • Dachser makes move in Hong Kong, opens in Hanoi, moves in Mumbai
  • Second box ship cascade 'potentially more destructive' than the first
  • ICS commends UN's eco rule or MEPC 'road map' on CO2 data collection
  • CaroTrans adds 21-day Atlanta-Gothenburg less than container load link
  • TOC meets December 6-7 in Dubai to focus on Iran's expected role
  • Taiwan's Dimerco expands footprint on mainland from Yangtze to the Pearl
  • Jacksonville outfit offers 'Breakbulk Box' to keep outsize cargo slotable
  • Singapore Airlines Q3 profit falls 69.6pc, though revenues rise 5.1pc
  • Atlas Air Worldwide narrows US$8 million loss 38pc with FedEx, Amazon deals
  • Global air cargo strongest since US west coast dock strife of February 2015
  • Atlas Air gets permit to fly cargo jets to Stockton for Amazon
  • Changes to supply chain strategy with excess belly capacity

Exim Indiaweb site
NOVEMBER 8, 2016
  • APL expands Asia-Middle East service network with new Red Sea Express 2 service
  • CMA CGM improves FEMEX service between North Europe & Turkey, adding ports of Felixstowe, Valencia & Piraeus
  • Seaborne shipping grows at slowest pace since 2009: UNCTAD
  • Significantly more number of boxships being scrapped
  • THE Alliance elaborates on competitive product
  • UK freight forwarders association repeats call for end to shipping line surcharges
  • Rajkot trade impressed with facilities offered by Adani Ports container terminal, Mundra
  • Air freight posts stronger Sept. growth
  • Global overview on Logistics, Trade & Economy - II

International Transport Journalweb site
  • Sohar expects more boxes
  • Santa Claus Seaboard's gift is Peru-USA service
  • Tiaca further boosts shippers' advisory council
  • Supporting logistics in Indonesia
  • Integration of Carisbrooke and Nova Marine
  • Higher road charges for noisier and dirtier HGVs
  • Gigantic delivery to Kyzylorda accomplished on time
  • New logistics providers for Mercedes
  • Fraikin reinforces management in Germany
  • Good month for port of Oakland
  • New freighter service at Frankfurt-Hahn
  • SPOT for spot-on supply chains
  • Swiss freight railway banking on automation
  • GSA forms new cargo partnership with client in Singapore
  • The Alliance presents its network solutions
  • Maritime recruitment specialist hires new consultants

IHS Maritimeweb site
NOVEMBER 8, 2016
  • OPEC predicts grim future for product tanker owners
  • Ship managers Marlow and Columbia in merger talks
  • Container rates stable off lows for third month in September
  • Offloading of Hanjin box ships nearly complete as Seoul pledges to help stranded seafarers
  • Galicia Spirit was attacked close to the Bab el Mandeb maritime chokepoint
  • Polaris took delivery of the 300,000 dwt Stellar Banner in June
  • Order drought sees listed Japanese shipyards post losses
  • Seaborne coal price rebound lifts bulk rates
  • Bulk operator Caria Shipping International made insolvent
  • West African box growth reversed by oil price slump

The Loadstarweb site
NOVEMBER 8, 2016
  • THE Alliance is next new container shipping group to unveil planned services
  • Air Canada Cargo and Cargojet launch FRA flight as they announce strong results
  • Road transport the driving force behind a record third quarter for DP-DHL
  • Analysis: Panalpina and CH Robinson, unlikely suitors but well-matched
  • M&S turnaround plan fails to win over investors
  • Higher box volumes help lift profits at ICTSI
  • UPS expands healthcare offering again, swooping on clinical trials logistics specialist Marken

Marine Logweb site
NOVEMBER 8, 2016
  • ICS: IMO CO2 road map will go further than Paris Agreement
  • Maersk teams with LA-LB on emissions monitoring plan
  • SENER designs shipyard MARPOL waste barges
  • Carnival partners with INTERPOL on travel doc screening
  • IBIA: 2020 decision on fuel sulfur cap overly optimistic
  • BAE San Diego gets $192.6 million DDG-1000, DDG-1-001 job

Lloyd's Listweb site
NOVEMBER 8, 2016
  • Finnlines posts strongest ever quarter
    Grimaldi-owned company reports its best quarter performance, while nine month profits jump by 48%
  • Singapore Exchange acquires Baltic Exchange
    Two sides finalise £77.6m deal, dividend payment to be issued next week
  • Profit-sharing dries up for Navios Acquisition
    Navios tanker arm posts reduced net income but says longer-term charters enabled it to beat softer tanker market
  • American Shipping Company sees profits erode on softer Jones Act tanker market
    Some experts question future earning power of Jones Act product tankers
  • Vgenopoulos dies in Athens as court cases rumble on
    Lawyer who masterminded takeover of Attica, Olympic and Cyprus Popular Bank dies with reputation still mired in legal cases
  • Creditors reject Marenave Schiffahrts restructuring plan
    Two banks reject a plan proposed in June, as the vessel operator faces $226.2m liabilities
  • CMA CGM to ink leaseback pact with lessor for eight large boxships
    Total contract price is to exceed $500m
  • Suezmaxes earnings down nearly 20% on week despite deluge of Atlantic Basin crude
    Demand remains lacklustre
  • Asia-Europe volumes on growth trail
    Latest CTS data reveals 1.5% jump in YTD headhaul traffic, while global volumes currently tracking 2.4% above last year
  • Between the Lines: Bunker busters
    As carriers begin to release their third-quarter results, SeaIntel chief executive Alan Murphy forecasts a $600m loss from the rising cost of bunker fuel
  • Tidewater quadruples loss amid debt struggles
    Chapter 11 looms as offshore giant continues negotiations with creditors after breaching covenants
  • VLCC values drop $1m in a week
    Debate rages over whether further falls in values will materialise
  • ICTSI posts throughput up 12% for first nine months
    Revenue increases on volume growth at most terminals
  • The Alliance unveils its new network
    Lines of battle emerge as alliances set out their competing plans
  • Hanjin's boxships have discharged almost all of their cargoes
    Ninety-four of the shipping line's 97 boxships completed unloading as of Monday
  • APL adds new services for Latin America and Asia to Middle East
    Shipping Line launches Colombia Bridge Express and Red Sea Express
  • Containership demolition hits record high
    August-October period accounts for over 41% of total scrapping so far in 2016, says BIMCO
  • Yang Ming reports wider net losses for third quarter
    Company looking to implement restructuring plans to improve financial status
  • Navigator Holdings sees net profit drop amid gas market doldrums
    Company continues to shift fleet towards petrochemical trades
  • Matson third-quarter net profit dented by Horizon Lines acquisition
    Quarterly result below company expectations, says Matson chief executive Matt Cox
  • Canadian government unveils $1.1bn Oceans Protection Plan
    Measures will be taken to ensure cargoes are shipped through Canadian waters in a safe and sustainable manner
  • Southern California chassis shortages recede as Hanjin boxes are cleared
    Los Angeles and Long Beach returning to normal after supply chain disruption in wake of Hanjin bankruptcy

The Journal of Commerceweb site
NOVEMBER 8, 2016
  • US container imports forecast to make year-end surge
  • Weak market slams Matson's third-quarter profit
  • UPS acquisition strengthens pharmaceutical logistics
  • New crane simulator at NY-NJ port aims to improve efficiency
  • US shipper outlook diverges on volume, rates
  • THE Alliance unveils network routes, ports
  • Concordia delivers first ro-ro for wind energy components
  • US shippers see no near-term truckload capacity 'crunch'
  • JNPT efforts to grow share of intermodal rail falling short
  • Deutsche Post DHL continues streak of record earnings
  • Russia subsidizes containerized imports railed from China
  • Japanese shipping industry clamors for government help

TradeWindsweb site
NOVEMBER 8, 2016
  • Eagle Bulk sees more vessel buys ahead
    New York-listed bulker shrinks loss as Vogel points to signs of recovery.
  • On trade, shipping is likely not a winner in US election contest
    Candidates' protectionist stances suggest dim outlook for any increase in seaborne trade.
  • Clinton climb or Trump slump? Ship stocks to feel vote
    US shipping equities likely to ride the tide of Wall Street's reaction to today's election, though shipping fundamentals may not be significantly impacted by outcome.
  • Shipping is likely not a winner in US election
    Candidates' protectionist stances suggest dim outlook for any increase in seaborne trade.
  • China's financial leasing in 2016: $11.5bn
    Tally of financial leasing drawdowns shows the booming leasing sector is now responsible for most of the growth in Chinese shipfinance.
  • Matson stock slammed after earnings miss
    US containership and conro sees stock lose more than 19% after disappointing result and Stifel downgrade.
  • Solstad Offshore's third quarter result drops
    Norwegian offshore vessel owner forecasts weak fourth quarter due to drop in drilling.
  • OSG puts date on split with International Seaways unit
    New York-listed tanker owner expects to spin off international-flag shipping unit on 30 November.
  • Davidson quits First Ship Lease board
    Protest linked to appointment of new finance chief leads to departure of director.
  • North Sea layup list rises again
    Owners continue to stack vessels as PSV rates jump.
  • Three Hanjin ships still to unload
    Two of the remaining units will discharge soon, South Korea says.
  • Farstad ditches old anchor-handler
    Restructuring owner completes second sale and purchase move since September.
  • Navios Acquisition books strong results
    Angeliki Frangou points to contract coverage as tanker owner passes third quarter estimates.
  • Banks pull plug on Marenave restructuring deal
    Two lenders financing the German owner's fleet fail to back ship-sale plan.
  • Pac Rad turns red and focuses on cash flows
    Singaporean owner logs a loss in the third quarter but believes the offshore market has bottomed out.
  • Tamai Steamship sees deeper red
    Diversified Japanese owner posts bigger deficit on the back of smaller revenue.
  • Gulf Nav calls recovery after bigger profit
    Chemical tanker owner boosts its earnings in the third quarter and sees "significant turnaround".
  • Global Offshore loss grows in second quarter
    Indian owner sees revenue crash back in difficult markets.
  • Bimco: boxship scrapping at all-time high
    Demolition hits 0.5m teu so far in 2016.
  • Vlamis, Moundreas part ways
    Head of Greek broker's sale and purchase team leaves after 30 years.
  • Columbia and Marlow in exploratory talks
    A possible merger is on the horizon for the two German companies as negotiations continue.
  • THE Alliance reveals business plan for 240 ships
    Hapag-Lloyd, MOL, K Line, NYK and Yang Ming take the next step towards further consolidation.
  • American Shipping returns to profit
    Oslo-listed tanker owner benefits from a drop in interest payments in the third quarter.
  • Lines having to prove their financial strength
    Cargo owners more concerned with risks after collapse of Hanjin.
  • Pacific Drilling ekes out a third quarter profit
    Idan Ofer-backed deepwater rig company says day rate recovery is still "several years away".
  • Temas Line upsizes containership fleet
    Indonesian owner continues to take advantage of low secondhand prices to buy bigger ships.
  • Impairments slam Tidewater numbers
    Decline in vessel values impacts results at world's largest offshore support vessel operator.

American Shipperweb site
NOVEMBER 8, 2016
  • AMI expands in South Africa
    Airfreight and express wholesaler AMI is expanding its operations in Cape Town, South Africa, the company said in a statement. AMI has has...
  • ABC launches twice-weekly freighter service from Oslo
    AirBridgeCargo Airlines (ABC) is launching a new twice-weekly all-cargo service from Oslo, Norway, the company said in a statement. Starti...
  • 'THE Alliance' details service network
    Members of 'THE Alliance' - Ocean carriers Hapag-Lloyd, Yang Ming, NYK, MOL and "K" Line -have provided details of their planned vessel sha...
  • U.S. beefs up meat exports in September
    Beef, pork and lamb exports from the United States in terms of volumes and value surged in September from a year prior, according to data p...
  • Court blocks restraining order request against ABX pilots
    A federal court judge on Monday rejected a request by all-cargo aircraft operator ABX Air for a temporary restraining order against its pil...
  • Port of Liverpool opens new $495m container terminal
    The Port of Liverpool last week officially opened its new 400 million British pound (U.S. $494.9 million at today's exchange rate) containe...
  • BNSF Q3 profits slip again amid coal, energy decline
    BNSF Railway Co. saw its third quarter 2016 net income fall 11.8 percent to $1.02 billion compared with the third quarter of 2015, accordin...
  • Port Everglades has narrow lead in Fla. box volumes
    Port Everglades edged out PortMiami for the title of largest container port in Florida based on recently released statistics for the fiscal...
  • Ports of L.A./Long Beach invest in technology to measure Maersk emissions
    Maersk Line and the ports of Los Angeles and Long Beach are partnering to measure the environmental benefits of a $125 million upgrade for ...
  • FMC reviews 11 OTI license applications
    The U.S. Federal Maritime Commission (FMC) has received 11 ocean transportation intermediary (OTI)license applications and changes for revi...
  • DOT picks American Airlines for L.A.-Beijing service
    The U.S. Department of Transportation has tentatively selected American Airlines to operate a new daily nonstop service between Los Angeles...
  • FWI: U.S. cargo thefts decline in value, rise in volume
    Reported cargo thefts in the United States during the third quarter of 2016 increased in volume but fell in value compared to a year prior,...
  • Matson reports $25m profit in Q3
    Matson reported a profit of $25 million for the third quarter of 2016, which ended Sept. 30,compared with a profit of $41.5 million for the...
  • Canada's trade deficit soars in September
    Canada's merchandise trade deficit soared from $2 billion in August to a record $4.1 billion in September, Statistics Canada reported. Can...

The Bunker Bulletinweb site
NOVEMBER 8, 2016
  • Vitol MLP VTTI Energy Partners to add European storage capacity: CEO
    VTTI Energy Partners is adding petroleum product storage capacity in Antwerp, Rotterdam and in Croatia
  • US EIA STEO HIGHLIGHTS: Oil market balance may be closer than once thought
    The US and rest of the world will produce more crude oil than predicted
  • Oil little changed as markets await US election results
    NYMEX December crude settled 9 cents higher at $44.98/b, while ICE January Brent settled 11 cents lower at $46.04/b.
  • New fuel types will emerge to meet 0.5% bunker fuel demand: IBIA
    The pattern began in 2015 when new fuel types emerged in the wake of tougher sulfur limits on marine fuel in emission control areas
  • European front-month HSFO paper cracks hit more than 4-year high
    December 3.5% sulfur FOB Rotterdam barge swap cracks moved to minus $9.05/b Monday, up by 69 cents on the day
  • External: Wired Bunkering

›››File
FROM THE HOME PAGE
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.
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
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
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
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
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%
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
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
The OYAK and OIA funds will invest in the Turkish port of Iskenderun
Ankara
Expected the realization of a terminal container
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
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.
After Maersk, Hapag-Lloyd also initiates an agreement with Chinese Goldwind for supplies of green methanol
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.
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.
In 2023, the performance of road and rail transport services fell in Switzerland.
Neuchâtel
Modal shares remained unchanged
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
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
In the third quarter economic growth of trade in goods and services of G20
Paris
Down the value of goods to and from China
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
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
The BIMCO has adopted the FuelEU Maritime Clause
Copenhagen
The European regulation will enter into force next January.
Kenon Holdings (Idan Ofer) announces the next exit from the capital of ZIM
Singapore
Currently owns 19.8 million shares
NIM and EH Group will develop hydrogen fuel cell technologies for shipping
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.
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
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%)
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
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
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
Corsica Sardinia Ferries in search of navigating personnel
Go Ligure
The wanted profiles are different, for machine areas, room and kitchen
Agreement for the digital integration of the FS and AdSP Polo Logistics systems of the Western Liguria
Genoa
New Oriental Mediterranean Service-Adriatic via Malta of CMA CGM
Marseille
Will have a weekly frequency
Brussels to give state aid for 1.9 billion euros to German railway company DB Cargo
Brussels
Renewed the Governing Council of Wista Italy
Milan
Constancy Musso confirmed president
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
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
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
The agreement on training between the AdSP of the Tirreno Centre Northern, the ITS Academy, " G. Caboto " and the European Escola
Cyvitavecchia
Consultation on the extension of the UK ETS to the maritime sector
London
Shipping would be included since 2026
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
ONE acquires a stake in Jakarta's NPCT1 terminal container
Singapore
It has a traffic capacity of 1.5 million teu per year
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
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
Dachser & Fercam Italia has opened a new branch in Arezzo
Bolzano
Three thousand square meters of operational surface area and 400 of offices
Fincantieri initiates agreement with SIMEST for the growth of watermark businesses
Milan / Trieste
Conference for the 30 th birthday of WISTA Italy
Genoa
It will be held tomorrow at Palazzo San Giorgio in Genoa
Approved the Plan of the Organic Ports of Sardinia
Cagliari
There are 938 workers in the 36 enterprises operating in the scallots
Saipem has awarded an EPCI offshore contract from BP in Indonesia
Milan
Container ship charterer MPCC's revenues fell by -28% in the third quarter
Oslo
Fermerci reports delays and cuts to incentives for rail freight transport
Rome
Paper: Real risk of losing 115 million euros
In the third quarter, traffic in shipping containers of Moroccan Marsa Maroc increased by 5% percent.
Casablanca
Exhaustion of the growth of transshipment volumes
At Samsung Heavy Industries orders for the construction of four 16,000-teu container carriers
Busan
Commits the value of about 781 million
Eni-MSC agreement in the field of sustainability and energy transition
San Donato Milanese
It was subscribed by Claudio Descalzi and Diego Aponte
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
Conference for the 30 th birthday of WISTA Italy
Genoa
It will be held tomorrow at Palazzo San Giorgio in Genoa
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
Relazione del presidente Nicola Zaccheo
Roma, 18 settembre 2024
››› File
South Korea's HJSC adjusts a salesperson for four new 7,900-teu container ships
Busan
Rolf Westfal-Larsen Jr. has been elected president of Intertanko
London
Undergoes to Paolo d' Amico
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
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
Dimitri Serafimoff has been elected as the new president of CLECAT
Brussels
He will also retain the presidency of the CLECAT Customs Institute
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
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
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
Alpe Adria activates new rail service between the port of Trieste and the Malpensa Intermodal terminal in Sacconago
Trieste
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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