“You better deepen it to 50 feet and it better happen or guess what, you will be left behind,” Biden said. “That’s because other ports along the East Coast will go ahead and do it.”

Biden also praised Governor Nikki Haley, Charleston Mayor Joe Riley and the South Carolina federal delegation for their dedication to the harbor deepening project.

“Since the last four and half years, I don’t think it’s an exaggeration to say there’s not been 10 days and two weeks that’s gone by we haven’t heard about the need to invest in infrastructure down here, particularly in the port,” Biden said.

Newsome said Biden’s visit to Charleston reinforces the Administration’s commitment to the Port of Charleston and its harbor deepening project.

The Charleston Harbor Post-45 project is now in the study phase, and the Army Corps of Engineers Charleston District has completed collecting data. The district is now analyzing that data and expects to provide a Chief’s Report by September 2015. The report will recommend a depth to dredge the harbour and will be presented to Congress.

Newsome has said the harbor must be deepened to 50 feet so SCPA can provide 24-hour access to post-Panamax ships carrying up to 9,000 TEU and drafting 48 feet.

SCS4 will represent another major step forward beyond SCS3, featuring a new hardware platform, basic functionality from SCS3 and functionality improvements based on customer and Bromma service personnel input. The new SCS4 will be installed on Bromma spreaders from 2014.

The new model will have a brighter screen and contrast colours, a more powerful processor and more internal memory. It will also have more storage memory (backup, manuals and documentation) in addition the new model will have an external battery which will be easier to replace and an external backup memory (Sparepart Plug n’ Play installation).

ICTSI, which operates 27 terminal facilities in 19 countries, and its subsidiary ICTSI Treasury exchanged US$178,885,000 of ICTSI’s US$450,000,000 7.375% notes due 2020 (the “2020 Notes”) for US$207,502,000 of ICTSI Treasury’s new notes due 2025 bearing an interest rate of 5.875% per annum (the “2025 Notes”).  The 2025 Notes will be issued by ICTSI Treasury under its US$1,000,000,000 medium term note programme (the “MTN Programme”) and will be unconditionally and irrevocably guaranteed by ICTSI.

Concurrently with the exchange offer, ICTSI invited holders of the 2020 Notes to consent to modifications to the terms and conditions of the 2020 Notes to conform certain of these terms and conditions to the terms and conditions of the 2025 Notes and ICTSI Treasury’s US$400,000,000 4.625% guaranteed notes due 2023 issued under the MTN Programme. These modifications were duly approved at the noteholder meeting held on September 10, 2013.

The exchange offer allowed ICTSI to further its practice of prudent asset and liability management, by extending the maturity profile of its liabilities to better match the tenor of its port concessions and by managing its principal redemption profile.  ICTSI’s port concessions have maturities through to 2044. 

This liability management exercise is the first concurrent exchange and consent by a Philippine corporate, while the 2025 Notes represent the first 12-year senior unsecured US$ bond offering by a Philippine corporate.

ICTSI Vice President and Treasurer Rafael J. Consing Jr. remarked:  “We are grateful for the support of the investor community. This transaction is strong proof of ICTSI’s commitment to prudent balance sheet management, cognizant of our long term concession assets worldwide.  Against a backdrop of volatile markets, we are deeply appreciative of the warm reception to this transaction by our stakeholders, and very pleased to see ICTSI set another benchmark – this time in a liability management exercise by a Philippine corporate.”

Citigroup and Credit Suisse were Joint Dealer Managers and Solicitation Agents for the transaction.

The 10,000 TEU ship will be the largest ever cargo vessel to enter the Thames.  As a result of an unplanned delay, London Gateway port agreed to accommodate the vessel at very short notice.  A spokesman for London Gateway said: “We welcome the vessel to London Gateway to allow it to undertake essential work so it can continue quickly on its way.” Opening in Q4 2013, London Gateway will be the UK’s first 21st Century major deep-sea container port and Europe’s largest logistics park. Owned and operated by DP World and situated on the north bank of the River Thames, London Gateway will provide unrivalled deep-sea shipping access to the largest consumer markets in the UK. The port’s location, with its superior operational systems and service, will ensure ships load and unload as fast as possible, making London Gateway a world class asset for the UK.