JUNE 20, 2016

BUDGET/FINANCES

Port policy questioned after giving tenant $100K rent break

Samantha Wohlfeil, June 19, 2016, Bellingham Herald

In April, the Port of Bellingham commissioners effectively gave one of the port’s tenants a $114,000 break on its lease for the year, despite protests from competing tenants.

The Landings at Colony Wharf, a boatyard and barging facility that sub-leases its space to a variety of small ship repair outfits, was set to switch from a rental agreement based on a percentage of its income to a set fee of $16,300 per month on May 1.

Read more here: http://www.bellinghamherald.com/news/local/article84527597.html#storylink=cpy

 

RAIL

Despite fears, number of oil trains still increasing in Port of Tacoma

Derrick Nunnally, June 17, 2016, The News Tribune

The Union Pacific oil train that derailed June 3 in Mosier, Oregon, rolled into the Port of Tacoma Sunday with little notice, despite the intense scrutiny its wreck, spill and fire attracted to the expanding practice of shipping crude oil by rail through the Columbia River gorge and the greater Pacific Northwest.

For Tacoma Rail, it was almost just another routine arrival in a series of hundreds of oil trains the city-owned utility has steered through Tideflats rail yards to the U.S. Oil refinery in the port. The difference: this time, only 90 full oil tankers out of the train’s original 96 27,000-gallon cars got to Tacoma, in two parts, because of the wreck.

Read more here: http://www.thenewstribune.com/news/local/article84499422.html#storylink=cpy

 

TRADE

The Panama Canal Expands

By Costas Paris in London, Robbie Whelan in New York and Kejal Vyas in Bogotá, Colombia, June 20, 2016, Wall Street Journal

The giant Panama Canal expansion opens June 26 amid much fanfare and one of the worst shipping industry slumps ever. While it won’t do anything to help the dire state of the industry near-term, the changes are critical to Western trade in the long run.

The canal, which handles about a third of Asia-to-Americas trade, had no choice but to expand. As the industry copes with its downturn, major shipping companies are pooling their resources and using fewer but much bigger ships—ones that are too large to fit through the pre-expansion Panama Canal

Read more here: http://www.wsj.com/articles/the-panama-canal-expands-1466378348

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