Here’s what the “recovery” looks like:
– “Port pushes back cargo project – Port officials say developers are still interested in building a marine cargo terminal in Coos Bay, but the downturn has pushed off construction until 2017 at the earliest.” – theworldlink.com (5-1-10).
[Remember when Wilson Lacy, the Port of Oakland’s Maritime Director, was trying to convince other West Coast Harbor Commissioners that “container terminals were the gold mines of today”?]
– “New port idle as container slump hits business – The UK’s first new container port in two decades is still looking for its first customer in a sign of the sharp reversal of fortune in a sector that two years ago was booming. PSA Great Yarmouth, completed earlier this year, is the first UK terminal for Singapore’s PSA, the world’s second-largest container terminal operator. The facility is part of the Great Yarmouth outer harbor, a 50 million English pound project to create a deep-water port in an area that has struggled with high levels of unemployment since the fishing industry went into decline.” – Financial Times (6-8-10).
– “Reassessing megaport – The N.C. State Ports Authority has spent about $ 10.2 million planning the proposed megaport in Brunswick County, but after a tumultuous few days, the agency is ‘re-evaluating where we are’ with the project, a spokeswoman said Thursday. Exactly what that means is unclear, but the words came in response to StarNews questions about the project’s future, including whether port officials still believe there is economic justification for the $ 2 billion-plus N.C. International Terminal.” – StarNewsOnline.com (7-1-10).
– “NC Ports Authority halts plans for new $ 2B port – Advocates for a proposed North Carolina cargo terminal able to handle a coming generation of super-sized ocean vessels bowed to opposition on Wednesday and shelved the project.” – Bloomberg (7-21-10).
[Looks like Tommy Stramer knew what he was talking about when he predicted that “new ships of 8,000-TEUs-plus would be just another white elephant in the industry”.]
– “MHI to halt Kobe newbuildings – MITSUBISHI HEAVY INDUSTRIES has announced that it will cease commercial shipbuilding work at the Kobe Shipyard in response to falling demand.” – Fairplay Daily News (7-22-10)
– “Renewed surplus capacity woes for box shipping feared – Deliveries being taken of deferred newbuilding orders placed prior to the global financial crisis, against a backdrop of weakening demand” – Exim India (7-23-10)
[When jobless Americans are without buying power, the rest of the world is … without.]