Source: Robert E. (Bob) Griffin
“Transportation Happenings” during the past week that you may find of interest.
- OCEAN NETWORK EXPRESS (merged Company of KLine, MOL and NYK) will be the World’s 6th Largest Container Shipping Company, but the merger is not yet complete. South Africa has announced they will not recognize the merged Company for unpublished reasons.
- There is reporting that talks are underway between OOCL and COSCO, but the Parent Company of OOCL refused to confirm any such intended merger. There is speculation though, that OOCL may find it difficult to operate by itself at its size.
- J. P. MORGAN INVESTMENTS has announced that they are about to make a major investment (up to $480 Million) in the shipping industry, perhaps taking advantage of some of the “distressed sale pricing” now available.
- The (Philippine Flagged and Manned) NYK Container Ship which collided with the U. S. Navy Destroyer SE of Tokyo Bay was apparently on autopilot when it happened. This by itself is not a violation as long as the Bridge was properly manned with the requisite personnel. Needless to say, investigation is ongoing.
- The Panama Canal’s new locks have now been in operation one year. During that year they have accommodated more than 1000 container ships that previously could not have been handled. Further, the new locks will allow up to 80% of today’s container vessels to transit, which is potentially good news for companies such as First Coast, who serve that growing business.