#Port&Shipping –The latest IMDO Weekly Market Review includes the following stories as detailed below.
Irish Ports: Cork Harbour to Get €1bn Makeover into 'Sydney of Europe' - Over 100 years of under-investment and problematic industrial projects has left Cork with a depressing harbour legacy. Now, however, under a landmark redevelopment programme by Marine Minister Simon Coveney, the aim is to transform Cork into the 'Sydney of Europe' by the end of 2018.
Global Maritime News: Long Beach and LA seek FMC permission to work together on congestion - The US west coast ports of Long Beach and Los Angeles have filed a petition with the US Federal Maritime Commission that will enable them to work together to help ease the flow of cargo. The ports want to collaborate with each other on matters including rail operations, chassis supply and storage, vessel calls, truck turn times and marine terminal operations.
Chinese Ports: China further deregulates port tariffs - China has moved closer to fully deregulating port tariffs in the government’s latest market-based reform, which analysts said will have positive but limited impact on terminal firms’ business operations. The Chinese transport ministry and National Development and Reform Commission will not set mandatory or guideline prices for terminal operators handling containers, dry bulk and passengers from next January.
European Banks: In search for yield, European banks hop back on board shipping industry - European banks are resuming lending to shipping companies after staying away from the industry since the financial crisis, as seen on Hellenic Shipping News. Germany, British, French and Norwegian banks were traditionally predominant lenders to the capital-intensive industry until 2008, when the crisis sent several high-profile lenders into distress, leaving their shipping portfolios with non-performing loans.
Irish Exports: Ireland granted full access to US beef market - Ireland is to be the first European country to be granted full access for its beef in the US market after the US lifted a ban on European beef imports. The ban had been in place for almost 16 years, since the BSE crisis in the 1990s. The announcement represents a multi-million euro boost for the Irish beef industry.
For more on each of the above and other stories click the IMDO Weekly Markets Review (Week 1). In addition to dedicated coverage Afloat.ie's Port & Shipping news section.
