• 2024 May 15 13:52

    Port of Los Angeles nets record $58 million for harbor maintenance

    The U.S. Army Corps of Engineers has announced the Port of Los Angeles will receive an estimated $58 million in federal funding this year for maintaining its harbor channels and repairing its wharves, according to the company's release.
     
    For more than a decade, the maritime industry has worked closely with federal lawmakers to craft an equitable compromise to address the imbalance and authorize eligibility for new, “expanded use” projects, including seismic upgrades, at donor ports, to ensure the built up balance of the HMTF was spent down, and that future spending would match the level of revenue collected each year. These efforts culminated in the passage of the Water Resources Development Act of 2020 and the CARES Act, both 2020 laws that enacted these reforms.
     
    The Port of Los Angeles estimates the total need for navigation maintenance and repair projects at $6.7 billion. In addition to dredging, pending projects include seismic safety upgrades, wharf and fender repairs, pile replacements, sediment removal and remediation, and improvements to slips and channels.
     
    The Harbor Maintenance Trust Fund is administered by the U.S. Army Corps of Engineers. Importers pay a 0.125% tax on the value of their cargo to fund maintenance projects on the U.S.'s navigable waterways to ensure the safe flow of commerce. Enacted in 1986, the HMTF was initially limited in its use to maintenance dredging to maintain the authorized depth and width of federal navigation channels.
     
    A handful of U.S. ports – most notably deep-water ports such as Los Angeles and Long Beach – contributed half of HMTF revenue, but recouped a mere 3% return due to their naturally deep harbors and lack of need for maintenance dredging projects. Over time, HMTF revenues outpaced spending and the fund built up a multibillion-dollar surplus.
     
    The federal 2024 Fiscal Year allocation of approximately $58 million to the Port of Los Angeles is a nearly tenfold increase compared with $6 million it received in 2023 and marks the full implementation of these reforms. Previously longstanding inequities resulted in select U.S. ports generating half the revenue to the nation's Harbor Maintenance Trust Fund but seeing a negligible return in federal investment.
     
    Other major U.S. ports benefiting from the new rules include the Port of Long Beach and the Port of New York and New Jersey.

    The Port of Los Angeles is North America’s leading trade gateway and has ranked as the No. 1 container port in the United States for 24 consecutive years. In 2023, the Port generated $292 billion in trade and handled a total of 8.6 million container units, sustaining its top rank among U.S. ports. San Pedro Bay port complex operations and commerce facilitate one in nine jobs across the Southern California counties of Los Angeles, Orange, Riverside, San Bernardino, and Ventura.




2024 May 21

15:40 New Times Shipbuilding launches LNG dual-fuel bulker for Eastern Pacific Shipping
15:24 New container service to connect the Chinese port of Qingdao with Mexico
14:52 Astrakhan SRZ launches the Project 22870 Rescue Tug Mikhail Chekov
14:47 TFG Marine’s dual-fuel bunker vessel wraps up first refueling in Singapore
14:12 New Zealand’s Kotahi and Maersk sign a second long term freight agreement to December 2034
13:24 TotalEnergies launches the Kaminho deepwater project in Angola
12:04 Headway Methanol Fuel Supply System supports the successful FAT of China's first methanol dual-fuel low-speed engine
11:17 Alfa Laval receives over 100 orders for its low-flashpoint fuel supply system FCM Methanol
10:45 Port of Los Angeles container volume increases 12% to 770,337 TEU in April 2024

2024 May 20

18:00 ADNOC secures equity position and LNG offtake agreement in NextDecades Rio Grande LNG Project
17:31 EDGE Group and Fincantieri formalise MAESTRAL shipbuilding JV and announce 400 mln euro order for 10 naval vessels
17:02 Genevos awarded European Commission funding for hydrogen fishing vessel demonstrator in ‘H2-SEAS’ consortium
16:43 MAI to invest in ship investment fund managed by Navigare Capital Partners
16:29 Three year collaboration between EMEC and FloWave offers wave and tidal energy developers ‘try-before-you-buy’ site simulation capability
15:58 IndustriAll Europe and SEA Europe agree on joint priorities ahead of the 2024 EU elections
14:51 Fincantieri shipyard launches Logistic Support Ship ‘Atlante’ for the Italian Navy's fleet
13:24 MOL Cruises announces the six inaugural cruises of MITSUI OCEAN FUJI
12:21 Deltamarin designs CO2 carrier of Ecolog
11:50 Tsakos Energy Navigation plans to invest $2 billion to create a 100% green fleet by 2030
11:23 Horizon Tankers order six newbuilds in China
10:55 Turkish-owned cargo ship sinks off Romania
10:15 Serica Energy receives final approval from the NSTA to develop the 100% owned and operated Belinda field

2024 May 19

15:43 RWE, Masdar award geophysical surveys contract for DBS West offshore wind farm
14:27 Intesa Sanpaolo and Fincantieri for the energy transition of maritime and air transport
14:03 MSC Cruises to expand at Port Canaveral with the arrival of the MSC Grandiosa
13:56 Noatum launches maritime services in Türkiye
12:44 New Pipeline Transition Alliance to focus on re-purposing natural gas infrastructure to hydrogen service
11:29 Yantai CIMC Raffles Offshore Ltd. shipyard launches dual-fuel offshore installation vessel for Van Oord
11:23 Major Scottish export terminal invests £750,000 to boost refrigerated cargo capabilities
10:12 Jan De Nul orders new XL cable-laying vessel

2024 May 18

15:24 SNAM's Q1 total revenues declined 1.9% to 895 million euros
14:17 KOTUG Int'l successfully pilots Tug Drone technology
12:04 Austal USA names Mark Santamaria as CFO
11:36 Silver Ships delivers four of seven coastal fast response boats
09:51 CMA CGM posts revenue of 11.8 billion for Q1 2024

2024 May 17

18:10 Bunker fuel sales at the Middle Eastern hub of Fujairah drop on a monthly basis in April 2024
17:52 Lloyd’s Register and Shandong Marine Group sign MoU
16:43 China reveals cooperation methods to protect and restore the Yangtze River
16:03 APM Terminals Barcelona holds the commissioning of 17 Konecranes NSC 644 EHY hybrid straddle carriers
15:13 Marine fuel demand in Panama declined in April 2024
14:43 MITSUI E&S and PACECO commence commercial operations of world's first hydrogen fuel cell zero emission RTG crane at Port of Los Angeles
14:23 ILWU Canada agrees to delay serving 72-hour strike notice on employer DP World Canada
13:31 Barge hits a bridge in Texas, damaging the structure and causing an oil spill
13:10 Container shipping costs on EU-S. Korea route surge over 30 pct amid Red Sea crisis
12:43 DP World invests €130m in Romania
12:21 Astrakhan hosts Russia-Iran talks on shipping cooperation on International North-South corridor
11:41 Seatrium awarded repeat FPSO integration contract from SBM Offshore
11:04 Bureau Veritas report highlights the potential of carbon capture technologies and the development of carbon value chains for shipping
10:41 Electramar christened in Helsinki
10:07 IMO Secretary-General spotlights seafarer safety amidst ongoing Red Sea attacks and resurging piracy
09:58 MABUX: Bunker Outlook, Week 20, 2024

2024 May 16

18:11 Kongsberg and Torghatten to develop self-driving ferry service linking Trondheim and the Fosen peninsula
17:42 “K” Line сonducts first trial use of B100 biofuel for carbon-free operations on car carrier
16:35 Deltamarin and ECOLOG unveil LP LCO2 carrier design
15:40 Seadrill enters agreement to sell its Qatar jack-up fleet
15:24 Scan Global Logistics and Hapag-Lloyd enter into major biofuel agreement in a new Green Collaboration
14:48 Edison Chouest feeder fleet for U.S. offshore wind market to be built to ABS Class
14:03 The Australian Government announces a funding package of $7.1 billion for budgeted programs to be administered by ARENA
13:54 The share of the idle container vessel fleet was 0.9% in April - Sea-Intelligence
13:25 The European Commission grants PCI status to CO2 value chain project developed by MOL with partners
12:14 HHLA's revenue decreased by 0.3 percent to € 363.6 millions in Q1 2024
11:42 MOL and TotalEnergies sign time charter contracts for 2 newbuilding LPG-fueled LPG carriers
10:40 Kalmar and Uniport Livorno agree on new terminal tractor order to enhance reliability, safety and service quality at Italian terminal
10:04 AMSA collaborates on a trial providing more recycling options for visiting foreign ships
09:59 SunGas Renewables and C2X announce strategic partnership

2024 May 15

18:07 MOL holds naming ceremony for newbuilding LNG carrier Greenergy Ocean to serve China National Offshore Oil Corporation
17:30 ClassNK and StormGeo mark significant collaboration to advance maritime decarbonization
17:02 Newly certified methanol valves to improve dual-fuel shipbuilding
16:45 HD KSOE to lease Subic shipyard in Philippines
16:25 Eidsvaag receives two forage carrier vessels designed and equipped by Kongsberg Maritime