The route, which runs through Sweden, Hull, Amsterdam and Antwerp will also pick up dolomite in the UK and Thor is confident that the addition of Antwerp will ensure the route remains viable.

Eric Hjalmarsson, Director, Thor Shipping & Transport AB, said: “We have the combination with Antwerp, which is bringing some additional business to the service.

“We’re also looking at a growing waste-for-energy market. We see a perfect balance in shipping steel to the UK and shipping waste back as a base cargo.”

One of the world’s largest facilities for burning refuse-derived fuel (RDF) has just been built close to Thor’s headquarters in Västerås, Sweden.

Mr Hjalmarsson believes a long-term deal with steel maker SSAB will also give the route added security.

“We will be successful with this because we’re a small organisation with fewer overheads,” he said. “We have a good agreement with ABP and we’ve also signed a five-year contract with SSAB for their steel, which is the longest contract they’ve ever signed.

“Hull is a very good location for the UK base as it’s very close to a big area of production.”

As well as 140,000 tonnes of steel, a large volume of which is transported to the Midlands by train straight from the quayside, Thor also handle armoured steel plate for the defence industry.

ABP Business Development Manager Humber, Gareth Russell said: “This deal will bring more investment into the Port of Hull and will secure and create jobs going forward. We’re delighted Thor has come in, and we hope to have a long and successful partnership with the company.”

They are to be delivered in the fall of 2014 to the Libra terminal in the Bay of Rio de Janeiro. The company operates ports in Rio and Santos and is part of the Libra Group, a leading Brazilian logistics corporation. The cranes will be shipped to Rio, already assembled, from the TPS plant in Xiamen, PR China. TPS’ Brazilian distributor, Terminal Full Dealer (TFD), who facilitated the order, will be responsible for unloading, commissioning and hand-over on site.

This investment is Libra’s response to the considerable increase in handling rates at the terminal in Rio de Janeiro, as João Pedro? Rotta from Libra’s management explains: “We are currently handling approximately 250,000 TEU per year, a volume which stretched our previous infrastructure to its limits.” The company therefore decided to expand its existing fleet and to diversify at the same time, Rotta continues. In so doing, for the first time in 20 years Libra has decided to rely on a new supplier in the form of Terex Port Solutions: “For us, the 12 Terex cranes are not only extending our fleet, they are also bringing us forward by virtue of their performance and equipment features. Furthermore, they will work in a cost-effective and environmentally friendly manner.”

The cranes are designed in the Terex E-RTG variant and are powered with electricity from the terminal’s electricity supply. The power is fed to the crane via a cable which passes over a cable drum on the crane. The advantage over cranes with a conventional diesel-electric drive is that they do not generate any local exhaust emissions and have low noise emissions. The energy costs are also substantially lower thanks to the improved efficiency rating. To enable the cranes to move freely around the terminal for site changes or for maintenance purposes, Libra has also ordered three mobile diesel generators which can be used in the cranes, if required, to provide the electricity supply. 

To help Libra with the sustained expansion of its cargo handling performance, the cranes provide a 40 t lifting capacity, have a hoisting height of 21 m under the spreader and can stack standard containers 1?over?6. They have a span of 26.5 m, allowing them to cover seven rows of containers and a truck lane. In addition to the remarkable performance data, Libra was particularly impressed by the competitive operating, maintenance and life-cycle costs of the Terex E-RTG cranes.

AAs reported in the Guardian plans were revealed for the new Panama Canal and now the Government of Egypt has announced plans to build a new Suez Canal alongside the existing 145-year-old historic waterway in a multi-billion dollar project to expand trade along the fastest shipping route between Europe and Asia. The canal, which allows ships to travel from Europe to Asia without passing southern Africa, only provides for one-way traffic, with occasional room for ships to pass each other. The new 45-mile lane, plans for which were announced on Tuesday, 5 August, by Egypt’s president, Abdel Fatah al-Sisi, would allow ships to travel in both directions for just under half of the canal’s 101 miles. Currently, the Suez Canal earns Egypt about USD 5 billion a year in revenues which makes it a vital source of hard currency for a country that has suffered a slump in tourism and foreign investment since the 2011 uprising that preceded Mursi’s presidency. Expectations are that the new canal is set to boost annual revenues to USD 13.5 billion by 2023.

This is an increase of 23 percent over the US$413.7 million reported for the same period last year, Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) of US$212.2 million, 13 percent higher than the US$188.1 million generated in the first half of 2013, and net income attributable to equity holders of US$101.7 million, up 23 percent over the US$82.9 million earned in the same period last year.

The higher net income attributable to equity holders for the first semester was mainly due to strong operating income from its three geographic segments and gains recognized on the sale of a non-operating subsidiary in Cebu, Philippines, the termination of management contract in Kattupalli, India, and the settlement of the insurance claims in Guayaquil, Ecuador of US$13.2 million, US$1.9 million and US$1.5 million, respectively.  Excluding the non-recurring items, recurring net income would have been three percent higher at US$85.1 million.  Diluted earnings per share for the period was likewise higher by 23 percent at US$0.043 from US$0.035 in 2013. For the quarter ending June 30, 2014, revenue from port operations increased 28 percent from US$204.4 million to US$261.4 million while EBITDA was 20 percent higher at US$108.6 million from US$90.6 million.  Net income attributable to equity holders grew 17 percent from US$42.2 million to US$49.3 million.  Excluding the non-recurring gains from the termination of the management contract in India and the settlement of CGSA’s insurance claims, recurring net income would have increased nine percent to US$45.9 million.  Diluted earnings per share for the quarter improved 16 percent to US$0.021 from US$0.018 in 2013. 

ICTSI handled consolidated volume of 3,566,023 twenty-foot equivalent units (TEU) for the first six months of 2014, 18 percent more than the 3,027,005 TEUs handled in the same period in 2013.  The increase in volume was mainly due to the continuous growth in international and domestic trade in most of the Company’s terminals and the volume generated by Contecon Manzanillo S.A. (CMSA) and Operadora Portuaria Centroamericana, S.A. de C.V (OPC), the Company’s new container terminals in Manzanillo, Mexico and Puerto Cortes, Honduras, respectively.  Excluding the volume from the two new terminals, organic volume growth increased one percent.  The Company’s seven key terminal operations in Manila, Brazil, Poland, Madagascar, China, Ecuador and Pakistan accounted for 70 percent of the Group’s consolidated volume in the first half of 2014.  For the quarter ending June 30, 2014, total consolidated throughput was 18 percent higher at 1,808,928 TEUs compared to 1,530,543 TEUs in 2013.

Gross revenues from port operations for the first six months of 2014 surged 23 percent to US$510.3 million from the US$413.7 million reported in the same period in 2013.  The increase in revenues was mainly due to the revenue contribution from the new terminals in Puerto Cortes, Honduras and Manzanillo, Mexico, favorable volume mix, stronger revenues from ancillary services and tariff increase in certain key terminals.  Excluding the revenues from the new terminals, organic revenue growth was at seven percent.  The Group’s seven key terminal operations in Manila, Brazil, Poland, Madagascar, China, Ecuador and Pakistan accounted for 75 percent of the Group’s consolidated revenues in the first half of 2014.   Gross revenues from port operations for the quarter ended June 30, 2014 surged 28 percent to US$261.4 million from the US$204.4 million reported in the same period in 2013.

Consolidated cash operating expenses in the first half of 2014 grew 29 percent to US$221.0 million from US$171.9 million in the same period in 2013. The increase was mainly driven by higher volume-related expenses (i.e., on-call labor, fuel, power and repairs and maintenance), government-mandated and contracted salary rate increases in certain terminals, increased business development activities, cessation of ICTSI Oregon’s rent rebate program beginning January 2014 and cash operating expenses and start-up costs of new terminals.  Excluding the cash operating expenses of the new terminals in the same period in 2013, total cash operating expenses would have increased by only five percent. 

Consolidated EBITDA for the first half of 2014 increased 13 percent to US$212.2 million from US$188.1 million in 2013 mainly due to the contribution of the new terminals in Puerto Cortes, Honduras and Manzanillo, Mexico, stronger revenues from ancillary services and tariff increase in certain key terminals.  Excluding the impact of the new terminals, consolidated EBITDA would have increased by three percent. Meanwhile, consolidated EBITDA margin decreased to 42 percent in the first six months of 2014 compared to 45 percent in the same period in 2013 due to the higher port fees and cash operating expenses.  For the quarter ended June 30, 2014 consolidated EBITDA increased 20 percent to US$108.6 million from US$90.6 million in 2013 while consolidated EBITDA margin declined to 42 percent compared to 44 percent in the same period in 2013. 

Capital expenditures for the first half of 2014 amounted to US$104.5 million, approximately 34 percent of the US$310 million capital expenditure budget for the full year 2014.  The established budget is mainly allocated for the completion of phase one development in the Company’s new container terminals in Mexico and Argentina, and to start the development of the terminals in Honduras and Democratic Republic of Congo.  In addition, ICTSI invested US$23.9 million in the development of SPIA, its joint venture container terminal development project with PSA International Pte Ltd. (PSA) in Buenaventura, Colombia.  The Company’s expected share for 2014 is approximately US$120.0 million.