Shipping Archives

China’s president unveils a megaport in Peru, but locals say they’re being left out

CHANCAY, Peru (AP) — A remote fishing town on the edge of Peru’s coastal desert is the site for a $1.3 billion megaport majority-owned by the Chinese shipping giant Cosco. Chinese President Xi Jinping inaugurated the port Thursday during the Asia-Pacific Economic Cooperation forum in Peru. The development is expected to encompass 15 quays and a large industrial park drawing more than $3.5 billion in investment over a decade. But it has met a skeptical response from impoverished villagers, who say it is depriving them of fishing waters and bringing no economic benefit to locals. Fishermen returning to port with smaller catches complain that they have already lost out.… Continue Reading

The US could see shortages and higher retail prices if a dockworkers strike drags on

NEW YORK (AP) — U.S. ports from Maine to Texas are closed due to a strike by the union representing about 45,000 dockworkers. The International Longshoremen’s Association is demanding higher wages and a total ban on the automation of cranes, gates and trucks that are used in the loading or unloading of freight at 36 U.S. ports. Those ports handle roughly half of the nations’ cargo from ships. A lengthy shutdown could raise prices on goods around the country and potentially cause shortages and price increases at retailers as the holiday shopping season — along with a tight presidential election — approach.… Continue Reading