LOCAL PORT NEWS

  • Norfolk Southern files suit over oil shipment records

    WASHINGTONNorfolk Southern Corp. has sued the state of Maryland to stop the public release of information about shipments of crude oil by rail.

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  • Norfolk Southern 2Q profit rises 21 percent

    Riding a rebound in rail shipments after a harsh winter, Norfolk Southern Corp. enjoyed record profits in the second quarter.The Norfolk-based railroad said Wednesday that its net income for the quarter surged 21 percent from the year before, to $562 million. That worked out to a profit of $1.79 a share, which was 5 cents higher than the consensus of analysts surveyed by FactSet.

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  • Norfolk Southern raises dividend to 57 cents

    NEW YORKRailroad operator Norfolk Southern said Tuesday it is raising its quarterly dividend to 57 cents from 54 cents.Norfolk Southern Corp. will pay its next dividend on Sept. 10 to shareholders of record on Aug. 1.The Norfolk, Virginia, company is scheduled to report its second-quarter results before the market opens on Wednesday.

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  • APM facility in Portsmouth to be sold, executive says

    PORTSMOUTHJust seven years after it opened and only four years after it wasleased to the Virginia Port Authority, APM Terminals' state-of-the-artPortsmouth facility is about to be sold.

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  • One option for port authority: $10M treasury loan

    NORFOLKIn hard times like these, it's a deal a lot of people might want.Picture being able to borrow a few thousand bucks for mortgage or car payments you're struggling to make, drawing on a one-year loan with an interest rate of about 2 percent.

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US & INTERNATIONAL

  • Coal exports from Bellingham could ramp up rapidly

    Developers of the largest of the region’s proposed coal-export terminals have shifted their site plan to claim a dramatic reduction in impacts on wetlands. Simultaneously, SSA Marine, the Seattle international terminal operator, said it will speed up plans to operate Gateway Pacific Terminal (GPT) north of Bellingham at full capacity. The capacity planning, along with [...]

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  • Ex-Santander banker cops $US1.9m fine on BHP deal

    A banker tied to BHP Billiton’s failed bid for control of Potash Corp has agreed to settle an insider trading lawsuit in the US, Reuters reports. The US Securities and Exchange Commission announced the settlement with former Banco Santander executive Cedric Cañas Maillard at the end of last week, with Mr Cañas to pay $US960,806 [...]

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  • Hutchison in bid with ICTSI to end DP World-Patrick duopoly in Australia

    The Australian boss of Hutchison Ports has confirmed the company will hold talks with International Container Terminal Services about an east coast joint venture to compete with Patrick and DP World Australia, as it plans to offer a “compelling value proposition” to break the industry duopoly. Speaking after the official opening of its new $300 [...]

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  • FMC members cite progress in cross-border report

    Two Federal Maritime Commission members hailed U.S. dredging legislation and Seattle-Tacoma port cooperation as “significant” steps to help U.S. ports compete with Canadian and Mexican gateways for shipments to U.S. points. Commissioners Richard A. Lidinsky Jr. and William P. Doyle … noted this year’s passage of the Water Resources Reform and Development Act, which among [...]

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  • Matson settles lawsuit on overbilling; still working out agreement after molasses spill

    Two updates this week on Matson’s recent legal issues: Matson settles fuel surcharge suit for $10M Ship and Bunker U.S. shipping company Matson Inc. [NYSE:MATX] (Matson) will pay $9.95 million to settle a lawsuit over improperly billing the government for fuel surcharges, Pacific Business News reports. The lawsuit had claimed that Matson and fellow [...]

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