The 33,000 containers handled at JadeWeserPort since Germany’s only deepwater docks opened for business in September are a far cry from the annual 2.7 million forecast when state governments embarked on the 1 billion-euro ($1.3 billion) project a decade ago.
A group led by Kiewit Corp. and a Macquarie Group Ltd. unit won a Port Authority of New York and New Jersey contract to finance, design and build a $1.5 billion replacement for the 85-year-old Goethals Bridge.
The rout in rates for tankers that haul 20 percent of the world’s crude is poised to last another two years as China passes the U.S. as the world’s biggest oil importer, causing voyage durations to contract.
Record delays for vessels loading corn and soybeans in Brazil, the biggest exporter, are failing to diminish enough of the global capacity glut in shipping to return Excel Maritime Carriers Ltd. and other owners to profit.
STX Pan Ocean Co., a commodities shipping operator, led drops among STX Group units in Seoul trading after failing to draw buyers for a stake as part of plans to raise 2.5 trillion won ($2.2 billion) to pay debt.