A multibillion-dollar plan: ‘World-class rail system,’ deep-water port to link Guinea, Liberia
High Power Exploration Inc. (HPX) signed a letter of intent with the government of Liberia and Guma Africa Group Ltd. to enter negotiations to own, design, finance, develop and operate The Liberty Corridor, a multi-user infrastructure corridor connecting Guinea and Liberia.
The corridor, which will require investment of $3 billion to $5 billion, will feature a "world-class rail system" connecting Guinea to a new deep-water port at Didia, Liberia; an extension of the existing hydropower network from Cote d'Ivoire into the Nimba districts of Liberia and Guinea; an upgrade of existing road networks; and the implementation of fiber optic telecommunication cable connecting Liberia to the Nimba district and potentially beyond, HPX officials said on Feb. 12.
Inflation in the EU to ‘fall faster’ and the economy to ‘grow more slowly’ this year — European Commission forecast
Expect lower growth and a bit more rapid inflation rates in the European Union (EU) this year. That’s the upshot of the European Commission’s (EC) most recent forecast.
“In 2024, growth is now expected to reach 0.9% (from 1.3%) in the EU and 0.8% (from 1.2%) in the euro area,” EC officials said on Feb. 15. “In the meantime, inflation in the EU should fall from 6.3% in 2023 to 3.0% in 2024, and then drop to 2.5% in 2025.”
Last year, growth was “held back” due to a range of factors; “households had less to spend and interest rates were high,” EC officials said. But they expect EU economic activity to “gradually accelerate again” this year. “As inflation continues to drop, real wages will grow,” they said. “In tandem with a resilient labor market, consumers are therefore expected to spend more. In addition, trade with foreign partners should normalize, after a very weak performance last year.”
SeaLead announces ownership, leadership changes
On Feb. 16, Singapore-based shipping line SeaLead announced changes in its ownership structure.
The new ownership group comprises Eurasia Capital, a Singapore-registered equity and debt multi-purpose fund that invests in multiple geographies across various sectors; HCP Investments, a Mauritius-based fund that invests across equities, debt notes, performance loans, derivatives as well as distressed assets across various markets and industries; Access Capital Funds, a Cayman Islands-registered fund that employs multi-asset investment strategies across sectors and geographies; and Saral Incorp. VCC SubFund, a Mauritius-registered fund that employs multi-asset investment strategies across sectors and geographies.
Meanwhile, SeaLead Managing Director Henry Schmidl has “departed the company,” SeaLead officials said. In the interim, SC Chan, part of the existing SeaLead management team, will lead the company.
CMA CGM receives first of 10 LNG-powered container ships
The CMA CGM Group last week took delivery of the CMA CGM Mermaid, the first ship in a series of 10 new 2,000 TEU container ships powered by liquefied natural gas (LNG). To be deployed in the Mediterranean and Northern Europe, the ships are designed to improve energy efficiency and environmental performance, CMA CGM officials said on Feb. 15. The ships will join the CMA CGM fleet of about 620 vessels, including more than 30 already powered by alternative energies. These ships will emit up to -20% CO2 compared to a similar-sized ship with a conventional maritime fuel design (very low sulfur oil), CMA CGM officials said.
The delivery is part of the company’s $15 billion fleet renewal program; CMA CGM’s objective is to Net Zero Carbon by 2050. By 2028, nearly 120 ships will be powered by low-carbon energies.
An industry first: Maersk's climate targets validated by SBTi under new Maritime Guidance
A.P. Moller - Maersk´s greenhouse gas emissions targets have been validated by the Science Based Targets initiative (SBTi) to be in line with the 1.5-degree pathway from the Paris Agreement — an industry first under SBTi’s new Maritime Guidance, Maersk announced on Feb. 9. The validated targets include new specific and absolute targets to reduce emissions from Denmark-based ocean carrier's own operations and across its supply chains (covering all scope 1, 2 and 3 emissions).
"We are committed to do our share to reach these targets, but we cannot do it alone," said Maersk Chief Operating Officer Rabab Raafat Boulos. "To succeed, we are dependent on and working with the ecosystem that we are part of, including customers, suppliers, industry peers and regulators. Importantly, there is a need for global regulations from the International Maritime Organization to close the price gap between fossil and green fuels to secure a level playing field."
Trafigura, Kamoa-Kakula ink pact to become Lobito Atlantic Railway's first customers
Trafigura and Kamoa-Kakula have agreed long-term commitments to transport minerals via the Lobito Atlantic Railway (LAR) for a minimum of six years, the firms announced on Feb. 7. The terms of the Reserved Capacity Agreements were signed during the Mining Indaba in Cape Town, South Africa and mark the first long-term commercial commitments to the LAR, a new import-export trade route between the African Copperbelt and Angola’s Atlantic coast.
The LAR is expected to ramp up to an annual export capacity of 1 million tons per year before decade's end.
In 2022, a consortium comprising Trafigura, Mota-Engil and Vecturis was awarded a 30-year concession for the operation, management and maintenance of the railway and the Lobito Minerals port. The upgraded line will provide a more efficient and lower-carbon route to market for copper, cobalt and other metals crucial to the energy transition and will operate because of “open commercial access,” Trafigura officials believe.
Despite Red Sea disruptions, import cargo continues to rise at U.S. Ports — NRF/Hackett Associates
Inbound cargo volume at major U.S. container ports is expected to see year-over-year increases through the year's first half despite attacks on ships in the Red Sea, according to the Global Port Tracker report released Feb. 9 by the National Retail Federation and Hackett Associates.
“Only about 12% of U.S.-bound cargo comes through the Suez Canal but the situation in the Red Sea is bringing volatility and uncertainty that are being felt around the globe,” NRF Vice President for Supply Chain and Customs Policy Jonathan Gold said. “U.S. retailers are working to mitigate the impact of delays and increased costs. However, the longer the disruptions occur, the bigger impact this could have. More needs to be done among partners and allies to ensure the safety of vessels and crews in order to avoid yet another year of supply chain disruption.”
Carriers are using a surplus of capacity built up during the pandemic to ease the impact as voyages are diverted around the Cape of Good Hope or to the U.S. West Coast, Hackett Associates Founder Ben Hackett said.
“The shipping industry has rapidly adjusted by adding extra vessels to its networks, and has returned to normal weekly ship arrivals,” he added. “Service from Asia to the U.S. East Coast is working well and the dramatic rise in freight rates is showing signs of easing, with pressure from shippers likely to quickly bring these down.”
'Twas the season: LATAM Cargo shipped 16% more flowers from Colombia and Equador this Valentine’s Day period than in 2023’s
LATAM Group’s cargo unit shipped a lot of flowers from Colombia and Ecuador this Valentine’s Day season — 17,910 tons in all, or 16% more than the unit shipped last season, LATAM announced on Feb. 13.
This year’s demand prompted the LATAM Cargo to double the usual frequency of flights from these countries, thus more than doubling the number of tons of flowers transported regularly to the North American market, LATAM officials said.
More than 300 take-offs from Quito, Bogota and Medellin took place during the Valentine's Day season, from January 18th to February 8th, to transport the most representative flowers from these countries to North America, Europe and Oceania.
Valentine's Day and Mother's Day are the peak periods for flower exports by air from Colombia and Ecuador.
China: CRRC on DOD's 'entity list' for third year
For the third year, the China Railway Rolling Stock Corp. (CRRC) is on the U.S. Defense Department’s (DOD) updated entity list, which officially designates CRRC as an extension of Communist China’s military, Rail Security Alliance officials noted on Feb. 13.
The Chinese state-owned enterprise also has been flagged under Section 805 of the FY 2024 National Defense Authorization Act, which prohibits the DOD from purchasing goods or services produced by Chinese military companies identified on the Section 1260H List and entities they control. The entity list is an export control blacklist designed to protect the United States from foreign entities deemed to threaten U.S. national and economic security.
A coalition of North American rail-car manufacturers, component suppliers, unions and steel interests, the Rail Security Alliance supports and encourages the adoption and enactment of U.S. policies, procedures and laws that are designed to promote the security of the North American freight and passenger rail systems. U.S. railroads and the railroad network.
