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01 August 2025 - Year XXIX
Independent journal on economy and transport policy
14:59 GMT+2
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Belarus eyes construction of terminals in Russian ports - PM
(TASS)
May 2, 2021
MINSK, May 3. /TASS/. Belarus eyes construction of its terminals in Russian ports for transshipment of their goods, Prime Minister of the country Roman Golovchenko said on Sunday on the air with the Belarus-1 TV Channel. ......
Read more on TASS
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FROM THE HOME PAGE
PORTS
Mulino proposes the Panamanian state's entry into the consortium interested in acquiring Panama Ports Company.
Panama
Supreme Court verdict on concession contract pending
Container shipping company ONE's quarterly results worsen
SHIPPING
Container shipping company ONE's quarterly results worsen
Singapore
In the April-June period, revenues decreased by -4% and net profit dropped by -89%.
ACCIDENTS
Accidents to dock workers occur equally frequently on board ships as on land.
Norwegian Cruise Line Holdings reports record performance for the April-June quarter
CRUISES
Norwegian Cruise Line Holdings reports record performance for the April-June quarter
Miami
Bookings reached an unprecedented level
PORTS
Paolo Piacenza has been appointed extraordinary commissioner of the Port Authority of the Southern Tyrrhenian and Ionian Seas.
Rome/Genoa/Gioia Tauro
RAILWAY TRANSPORT
DB Cargo records declines in turnover and rail freight volumes
Berlin
In the first six months of this year, shipments totaled 82.9 million tons (-10.8%)
PORTS
In the second quarter, container traffic in the port of Genoa fell by -2.8% while in Savona-Vado it grew by +76.3%
Genoa
In the Ligurian capital, the transhipment share decreased, while the Savona port benefited.
SHIPYARDS
Fincantieri records strong growth in half-year financial performance and new orders
Rome
In the first six months of 2025, orders totaled 14.7 billion euros (+93.5%)
In the second quarter, naval traffic through the Suez Canal decreased by -6.2%
SHIPPING
In the second quarter, naval traffic through the Suez Canal decreased by -6.2%
Cairo
1,248 tankers (-2.7%) and 1,826 other types of vessels (-8.5%) passed through
SHIPPING
CMA CGM's net profit fell by 140% in the second quarter.
Marseille
Revenues stable. The French shipping group is interested in acquiring Hutchison Ports' terminals.
CRUISES
Royal Caribbean closes second quarter with record net profit
Miami
The April-June period was very positive
RAILWAY TRANSPORT
Union Pacific and Norfolk Southern announced a merger agreement today.
Union Pacific and Norfolk Southern announced a merger agreement today.
Omaha/Atlanta
First coast-to-coast cargo rail network
PORTS
Gurrieri resigns as Special Commissioner of the Eastern Adriatic Sea Port Authority
Trieste
LOGISTICS
The atypical reverse charge for the logistics sector will become applicable tomorrow
Milan
Ruggerone (Assologistica): one of the most strategic reforms we helped build is being implemented
SAFETY & SECURITY
Policy brief on cyber threats that pose risks to port infrastructure
Tallinn
It was developed by the NATO Cyber Defence Centre of Excellence
SHIPPING
Interferry urges the EU Commission to harmonize its shipping decarbonization regulations with those of the IMO
Victoria
Failure to align - the association warned - will force shipping companies to pay twice for emissions.
PORTS
In the second quarter of 2025, Chinese seaports handled 79.1 million containers (+6.1%)
Beijing
Total freight traffic was three billion tons (+3.3%), of which 1.3 billion tons were with foreign countries (+1.9%).
PORTS
CK Hutchison announces plans to include a Chinese investor in the consortium to sell Hutchison Ports
Hong Kong
Without the participation of the COSCO shipping group, China would not authorize the sale
Sri Lanka's Supreme Court has awarded compensation of $1 billion over the X-Press Pearl accident.
LAW
Sri Lanka's Supreme Court has awarded compensation of $1 billion over the X-Press Pearl accident.
Columbus
The container ship caught fire and sank near the port of Colombo
The Greek government sends a tugboat to the Red Sea to assist ships that may be attacked by the Houthis.
SAFETY & SECURITY
The Greek government sends a tugboat to the Red Sea to assist ships that may be attacked by the Houthis.
Piraeus
The AHTS "Giant" is leaving
Saipem and Subsea7 have signed a binding merger agreement.
OFFSHORE
Saipem and Subsea7 have signed a binding merger agreement.
Milan/Luxembourg
The transaction is expected to close in the second half of 2026.
PORTS
In the second quarter, the port of Valencia handled over 1.5 million containers (+4.0%)
Valencia
Containers arriving and departing are increasing. Transhipment is declining.
SHIPYARDS
In the first half of 2025, the amount of new orders to Chinese shipyards fell by -18.2%
Beijing
A decrease of -3.5% in new construction completed in the period was recorded
PORTS
In the second quarter of 2025, freight traffic in the port of Trieste grew by +3.7%
Trieste
Bulk cargo increased. Miscellaneous cargo fell by 13.2%.
MARITIME SERVICES
CMA CGM and TotalEnergies form joint venture for LNG bunkering in the Port of Rotterdam.
Marseille
Agreement to supply 360,000 tons of liquefied natural gas per year to the French group's ships
PORTS
In the second quarter of 2025, freight traffic in Spanish ports decreased by -4.7%
Madrid
All the main product categories are decreasing except for conventional goods
PORTS
Brookfield Asset Management to sell 49% of British port group PD Ports to Spain's Pontegadea
Middlesbrough
The English company has over 1,400 employees
In the quarter April-June, freight traffic in the port of Rotterdam decreased by -2.3%
PORTS
In the quarter April-June, freight traffic in the port of Rotterdam decreased by -2.3%
Rotterdam
The port authority is alarmed by the state of crisis in the national industry.
PORTS
The electrification of the docks in the ports of Livorno, Piombino and Portoferraio is proceeding according to plan.
PORTS
Third dock for cruise traffic in the port of Catania
Catania
Pier 25's restyling completed
PORTS
Another quarter of decline in freight traffic at the port of Algeciras
Algeciras
In the period April-June, containers amounted to 1.24 million TEUs (+1.0%)
CRUISES
A new tax applied to cruise passengers disembarking in national ports came into force today in Greece.
Athens
RAILWAY TRANSPORT
Belgian rail freight company Lineas receives €61 million government loan
Brussels
The measure was approved last night by the restricted council of ministers
RAILWAY TRANSPORT
ERTMS installation completed on 1,400 kilometers of Italian railway network
Rome
The project is financed with 2.5 billion euros from PNRR funds.
INDUSTRY
Wärtsilä's quarterly financial and commercial results are positive.
Helsinki
The Marine Electrical Systems division will be sold to the Italian company VINCI Energies.
In the port of Barcelona the number of cruise terminals will be reduced from seven to five
CRUISES
In the port of Barcelona the number of cruise terminals will be reduced from seven to five
Barcelona
The mayor: For the first time in history, a limit is placed on the growth of cruises in the city.
COMPETITION
MSC and Moby have presented their commitments to meet the AGCM's requirements.
Rome
Shipping Agencies Services will sell its 49% stake in Moby, waiving the consideration in favor of the majority shareholder. Moby commits to completely repaying its debt to SAS.
Fincantieri confirms its interest in the development of American shipbuilding
SHIPYARDS
Fincantieri confirms its interest in the development of American shipbuilding
Washington
Folgiero: Commitment to deliver next-generation capabilities in full alignment with U.S. strategic priorities
PORTS
The Chamber of Deputies has approved the appointment of four presidents of Italian Port System Authorities.
Rome
The names proposed for the Port System Authorities of the Southern Adriatic, Central-Northern Tyrrhenian, Western Liguria, and Eastern Liguria have been approved. Voting on the Northern Tyrrhenian Authority has been postponed.
PROGRESS AND TECHNOLOGY
Information exchange between state administrations for the digitalization of the maritime sector begins
Rome
The first operational meeting at the Coast Guard General Command in Rome
SHIPPING
The Clean Maritime Fuels Platform suggests measures to support the production and distribution of clean marine fuels
PORTS
COSCO Shipping Ports sets new monthly and quarterly container traffic records
Hong Kong
In the period April-June, 29.4 million TEUs were handled (+4.5%)
SEAFARERS
Sharp increase in cases of seafarers abandoning their ships
London
2,286 crew members from 222 ships involved as of early 2025
Global freight traffic saw strong growth in the first quarter of this year in anticipation of new tariffs
TRADE
Global freight traffic saw strong growth in the first quarter of this year in anticipation of new tariffs
Geneva
North America saw the strongest quarterly growth in imports
PORTS
In the port of Antwerp-Bruges containers and rolling stock are increasing and other types of goods are decreasing
Antwerp
Traffic congestion continues at the airport, with the situation on the landside becoming critical
PORTS
A study denounces the delay of European ports in equipping themselves with cold ironing facilities.
Brussels/Pozzallo
The tender to electrify the docks of the port of Pozzallo has begun.
SHIPPING
T&E proposes to include more non-EU transhipment ports to avoid carbon leakage
Brussels
The association calls on the EU Commission to reduce the current threshold of 65% of transhipment traffic
TRADE
Federlogistica urges the immediate establishment of a control room on tariffs
Genoa
The aim is also to eliminate extra costs caused by bureaucracy.
PORTS
Containerized cargo handled through the port of Singapore fell by 2.9% in the second quarter.
Singapore
Last May, ship transits through the Suez Canal decreased by -6.8%
SHIPPING
Last May, ship transits through the Suez Canal decreased by -6.8%
Cairo
The negative trend continued in June and early July
PORTS
Terminal operators are not at all satisfied with a policy that seems to have no interest in ports
Rome
Cognolato: It is essential to close the ongoing trials on several fronts.
PORTS
The largest ship ever to dock at Cagliari's Porto Canale at the MITO terminal.
Milan
The container ship "MSC Venice" with a capacity of 16,652 TEU arrived yesterday
On 5 and 6 November in Lisbon a summit called by the ILA against automation in the maritime and port sector
PROGRESS AND TECHNOLOGY
On 5 and 6 November in Lisbon a summit called by the ILA against automation in the maritime and port sector
North Bergen/Metzingen
South Korean HD Hyundai, together with German NEURA Robotics, will develop and test welding robots in shipyards
SHIPPING
The toll of the horrific attack on the bulk carrier Eternity C in the Red Sea is still uncertain.
Mandaluyong/London/Brussels
Joint statement by ICS, BIMCO, European Shipowners, Intercargo and Intertanko
PORTS
In the first half of 2025, bulk cargo increased and general cargo decreased in the port of Marseille-Fos
Marseille
Cruise passengers increase by +5%
FREIGHT TERMINALS
The Senate has approved the framework law on interports
Rome
UIR, gives the Italian interport system a modern, orderly and coherent regulatory framework
ASSOCIATIONS
Carlo De Ruvo was elected president of Confetra
Rome
Among the challenges, the uncontrolled expansion of large logistics groups and their concentration
Number of pirate attacks on ships still high in the second quarter of 2025
PIRACY
Number of pirate attacks on ships still high in the second quarter of 2025
Kuala Lumpur
The number of acts of violence against crews is decreasing
PORTS
Wista Italy denounces the exclusion of women from the nominations of port authority presidents.
Milan
Musso: The glass ceiling that prevents women from accessing leadership roles remains.
SHIPPING
In the second quarter, maritime traffic in the Bosphorus Strait decreased by -6.0%
Ankara
18.1% decline in ships over 200 metres in length
NEWS
Fifty kilos of cocaine seized at the port of Civitavecchia
Rome
They were hidden inside a reefer container arriving from Ecuador
TRADE
Trump has eliminated tariff exemptions for low-cost goods for all nations.
Washington
Goods with a value of less than $800 will also be subject to the tax.
SHIPYARDS
Viking Mira was launched at Fincantieri's Ancona shipyard
Trieste
The multi-role frigate "Emilio Bianchi" was delivered to the Muggiano shipyard
PORTS
The Port Authority of the Central-Northern Adriatic Sea has obtained EMAS registration
Ravenna
Certifies commitment to environmental management and sustainability
CRUISES
MSC Cruises reduces emissions with the support of an energy transition plan
Geneva
The 2024 Sustainability Report has been presented
LOGISTICS
DSV reports strong growth in financial and operating results thanks to the acquisition of Schenker
Hedehusene
Quarterly record in air and ocean shipment volumes
COMPANIES
In 2024, the Fratelli Cosulich group's revenues increased by +12.8%
Genoa
Operating result down by -31.7%
SHIPPING
In the second quarter of this year, Finnlines' revenues decreased by -5.0%.
Helsinki
Net profit of 26.1 million euros (+7.7%)
PORTS
Container traffic in the Port of New York remained stable in the April-June quarter.
New York
An increase of +4.9% was recorded in the first half of 2025
PORTS
The Chamber of Deputies approves the appointment of the presidents of five Port System Authorities.
Rome
They are Davide Gariglio, Francesco Rizzo, Eliseo Cuccaro, Francesco Benevolo and Giovanni Gugliotti
PORTS
Latrofa appointed extraordinary commissioner of the Port Authority of the Central-Northern Tyrrhenian Sea
Rome
Ministerial decree signed
FREIGHT TERMINALS
The PNRR tender for interports has been reopened.
Rome
Resources available amounting to 2.2 million euros
PORTS
Port of Livorno: Workers are the priority in the LTM crisis
Livorno
LOGISTICS
UPS's quarterly earnings performance declines
Atlanta
Net income in the April-June quarter was $1.28 billion (-8.9%)
PORTS
Approval for the 2025 budget variation of the Southern Tyrrhenian and Ionian Sea Port Authority.
Gioia Tauro
500 thousand euros for the 49% share held by the Port Agency company
COMPANIES
FHP Group acquires the remaining 10% stake in Lotras
Milan/Foggia
The integration between Lotras and CFI Intermodal will begin to create FHP Intermodal.
LOGISTICS
OITAF scientific document on good practices in the logistics and transport of fresh fruit and vegetables
Milan
SAILING LIST
Visual Sailing List
Departure ports
Arrival ports by:
- alphabetical order
- country
- geographical areas
ASSOCIATIONS
The Northern Tyrrhenian Sea Port Authority has joined the PLIKA
Livorno
Platform dedicated to training, innovation and knowledge sharing in the logistics and port sectors
PORTS
Matteo Paroli's nomination as president of the Western Ligurian Sea Port Authority has been signed.
Rome
He has a degree in law and a specialization in administrative law.
PORTS
Container throughput increases in Haropa Port, while bulk cargo decreases.
Le Havre
In the first half of this year, containers were 1.51 million TEUs (+4%)
COMPANIES
Bureau Veritas reports a 9.8% quarterly increase in revenues in the Marine & Offshore segment
Courbevoie
INDUSTRY
Kalmar and Konecranes increase new orders in the April-June quarter
Helsinki
The turnover of the two Finnish companies is slightly increasing
PORTS
Container traffic in the port of Barcelona fell by 12.2% in the second quarter.
Barcelona
PORTS
Assiterminal threatens a new wave of appeals against regulations it believes are damaging to port operations
Genoa
COMPANIES
2M Logistics signs an agreement with Salerno-based Gallozzi
Barendrecht
The Dutch company will represent GF Logistics, a subsidiary of the Italian group, in the Benelux region.
LOGISTICS
Swiss company Kuehne+Nagel's quarterly profits fell
Schindellegi
In the period April-June of this year, net turnover grew by +1.7%
SHIPYARDS
Yang Ming orders three 8,000 TEU container ships from Nihon Shipyard and Imabari Shipbuilding
Keelung/Imabari
Contract valued at $351.3-394.5 million
PORTS
Egypt's first automotive terminal has come into operation at Port Said East.
East Port Said
It can accommodate two car carriers at the same time
PORTS
Italia Nostra reiterates its strong concerns about the construction of the Fiumicino-Isola Sacra port.
Rome
European maritime cities, destinations for cruise tourism - the association highlights - denounce the phenomenon of over-tourism in the cruise sector
PORTS
Tepsa has acquired a liquid bulk terminal in the port of Rotterdam.
Singapore/Rotterdam
It was sold by Global Energy Storage Holdings
COMPANIES
The Spinelli Group has approved its 2024 sustainability report.
Genoa
Of the company's 616 direct employees, 49% are under the age of 50.
PORTS
In the second quarter of this year, cargo traffic in Turkish ports grew by +1.6%
Ankara
Cargoes to and from Italy amounted to 12.7 million tons (+10.1%)
LOGISTICS
Extension of the Simplified Logistics Zone for Genoa Ports and Dry Ports to the Savona, Vado Ligure, and Bergeggi areas.
Genoa
Approval from the ZLS Steering Committee
INDUSTRY
Isotta Fraschini Motori has inaugurated a new production line for hydrogen fuel cell systems in Bari.
Trieste
They will be used for naval and land solutions
SHIPPING
The Grande Shanghai , the Grimaldi Group's first ammonia-ready car carrier, has been christened.
Naples
It has a load capacity of 9,000 CEUs.
PORTS
The Port of Genoa, FILT, and UILT have declared a five-day strike at the Bettolo Terminal.
Genoa
Fit Cisl Liguria expressed solidarity with the workers
PORTS
The tender for the dredging of the commercial dock basin at the port of Ancona has been published.
Ancona
The removal of approximately 730 thousand cubic meters of sediment is planned
PORTS
Tender for the restoration and enhancement of docks 32 and 33 in the Deep Sea Zone of the port of Savona
Genoa
An investment of over 6.7 million euros is expected
PORTS
There are 1,100 workers in Palermo directly employed in the seaside tourism sector
Palermo
This year, cruise traffic is expected to grow by 9.4% in the port of the Sicilian capital.
SHIPPING
Six-month growth of +9% in freight on the St. Petersburg-India/China maritime route
Fly
FESCO operates six vessels in the service
PORTS
Port of Trieste: Special Commissioner Gurrieri under investigation for money laundering
Trieste
I am certain - he declared - that I can demonstrate that I acted legally, in full transparency.
SHIPYARDS
Vard signs new contract for the construction of two CSOVs
Trieste
The vessels will be used to support operations in the offshore wind sector
LOGISTICS
UIR welcomes the publication of the tender for the digitalization of the logistics chain.
Rome
Di Caterina (ALIS): a concrete tool that enhances the needs of businesses and strengthens the logistics system
CELEBRATION
GNV celebrated its first ten years of activity on the Italy-Albania route
Durres
During the period, the company's ships carried over 1.25 million passengers
NEWS
A shipment of over 1.2 tons of marijuana was seized at the port of Gioia Tauro.
Reggio Calabria/Catanzaro
Members of a criminal organization that imported drugs from South America through European ports and airports have been arrested.
SHIPPING
Yang Ming orders Hanwha Ocean to build seven 15,000 TEU dual-fuel containerships
Keelung
They will be delivered between 2028 and 2029
LOGISTICS
Walden to sell healthcare logistics business to Yusen Logistics
Paris
Exclusive negotiations announced
PORTS
Solinas (Sardinian Action Party) is not at all satisfied with the state of Sardinian ports
Cagliari
The immediate establishment of a special commission is urged
LOGISTICS
ANSI welcomes the introduction of the information dashboard for managing private procurement contracts in logistics.
Rome
D'Angelo: it will allow the country to take another step forward
TRANSPORTATION
Russo (Confcommercio): excluding road transport from the PNRR funding was shortsighted.
Rome
First bulletin from the Freight Insights Observatory produced by the National Center for Sustainable Mobility
INDUSTRY
ABB Group posts sharp growth in quarterly financial and business performance
Zurich
In the period April-June the value of new orders grew by +16.0%
PORTS
Informal consultations have begun on the preliminary proposal for the new Ancona Port Master Plan.
Ancona
Eleven meetings scheduled for July
INFRASTRUCTURE
Program agreement for preparatory and functional interventions for the construction of the bridge over the Strait of Messina
Rome
It was signed today in Rome
ENVIRONMENT
Project to develop an ecological station for the treatment of wastewater from ships
Naples
Initiative of the Neapolitan Group of the Cenere and Iello Landing
PORTS
Assiterminal urges against bringing sediment from the Bagnoli dredging project into the port of Naples.
Genoa
Cognolato and Ferrari: It is essential to safeguard the full functionality of the commercial port's activities.
PORTS
Container traffic at the Port of Long Beach fell 3.4% in the second quarter.
Long Beach
A decline of -16.4% was recorded in June
ASSOCIATIONS
Paolo Pessina has been appointed vice president of Conftrasporto-Confcommercio.
Rome
He is president of the national federation of maritime agents and brokers
PORTS
Container traffic in the port of Hong Kong decreased by -8.2% in the second quarter
Hong Kong
A decrease of -13.7% was recorded in June
LOGISTICS
Cuneo-based logistics company Nord Ovest is seeing growing financial results.
Wedge
Construction work on a new depot in Mondovì will be completed in early 2026.
PORTS
Container traffic at the Port of Los Angeles grows driven by fears of new tariffs
Los Angeles
June saw the highest volume ever recorded for this month
PORTS
The Management Committee of the Sardinia Sea Port Authority has adopted the DPSS
Cagliari
Green light for the concession to MITO and the appeal against the rejection of Olbia's dredging project.
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
Confindustria event on the sea economy in Rome on July 15th
Rome
MEETINGS
The public meeting of the International Containers Studies Center will be held in Genoa on July 2nd
Genoa
››› Meetings File
PRESS REVIEW
Why Malta is objecting to a new price cap on Russian oil
(timesofmalta.com)
US has its eye on Greek ports
(Kathimerini)
››› Press Review File
FORUM of Shipping
and Logistics
ASSITERMINAL
Intervento del presidente Tomaso Cognolato
Roma, 19 giugno 2025
››› File
CRUISES
Three events in Genoa for three new Explora Journeys cruise ships.
Genoa
A technical launch, a coin laying and the cutting of the first sheet metal were carried out at the Fincantieri shipyard
PORTS
Grimaldi sells 5% of Terminal Darsena Toscana to Livorno Port Company
Naples/Livorno
Option to purchase an additional 5% of the share capital
PORTS
Matteo Gasparato appointed president of the Northern Adriatic Sea Port Authority
Rome
He was appointed extraordinary commissioner of the same port authority
PORTS
Concession agreement signed that assigns management of the port of Tartous to DP World
Damascus
It has a lifespan of 30 years
PORTS
Meeting in Rome between the heads of ESPO and Assoporti
Rome
Among the topics addressed, the competitiveness of European ports in the current global context
SHIPPING
Chinese airline OOCL reports quarterly decline in scheduled service revenues
Hong Kong
Cargo transported by the company's ships is increasing
PORTS
Collaboration between the Ukrainian Sea Ports Authority and the Western Ligurian Sea Port Authority
Rome
Agreement with an initial duration of five years
ECONOMY
Survey in Germany on the prospects of companies in the maritime, port and shipbuilding sectors
Hamburg
Shipowners are more concerned. Positive prospects for ports and shipyards.
PORTS
Port of Augusta: Work begins on a third bridge connecting the island to the mainland.
Augusta
Work worth over 20 million euros
SHIPYARDS
Vard signs contract with InkFish for new research vessel
Trieste
The deal is worth more than 200 million euros.
PORTS
1.1 billion euros will be invested in the port of Hamburg to strengthen the container sector
Hamburg
Improving accessibility and port infrastructure in the Waltershofer Hafen area
SHIPYARDS
Meyer Turku delivered the new Star of the Seas cruise ship to Royal Caribbean
Turku
It has a gross tonnage of 250,800 tons
PORTS
ESPO calls for increased funding for ports under the next EU Multiannual Financial Framework
Brussels
The CEF programme funds have proven to be far from sufficient
SHIPYARDS
Fincantieri delivers the new Oceania Allura cruise ship to Oceania Cruises.
Miami/Trieste
Two additional Sonata-class ships have been converted into orders.
PORTS
Uniport: Bringing debris from Bagnoli to the port of Naples would postpone long-awaited dredging.
Rome
Legora de Feo: It's necessary to find alternative solutions.
SHIPPING
Taiwanese companies Evergreen, Yang Ming and WHL saw sharp declines in quarterly revenues.
Keelung/Taipei
In the period April-June it fell by -18.7%, -26.5% and -8.6% respectively
LOGISTICS
The establishment of the Information Dashboard for the management of private procurement contracts in logistics has been approved.
PORTS
In May, freight traffic in the port of Ravenna grew by +1.4%
Ravenna
Bulk cargo is on the rise. Miscellaneous cargo is on the decline.
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