Pier Pass Announces TMF Increase

Pier Pass, which recently announced an increase of the Traffic Mitigation Fee effective April 3rd, has just extended the deadline to April 24, 2006. The extension was created in order to “provide an additional three weeks for members of the goods movement industry to adjust their rate structures.”

The new TMF rate for container traffic using marine terminals day gates will be $50 per TEU and $100 per FEU. This represents a $10 per TEU increase.

PierPASS is a not-for-profit organization created by marine terminal operators to reduce congestion and improve air quality in and around the Ports of Los Angeles and Long Beach.

OffPeak is the off-peak hours program created by PierPASS. OffPeak provides an incentive for cargo owners to move cargo at night and on weekends, in order to reduce truck traffic and pollution during peak daytime traffic hours and to alleviate port congestion.

Ikea to build logistics center in Shanghai

Ikea recently announced plans to build a $150 million logistics facility in Shanghai’s southern county of Fengxian. The facility will be approximately 200,000 cubic meters in size and will be Ikea’s 28th logistics center worldwide. Ikea currently sources 18% of it’s product from China and expects to increase that amount to 25% in three years according to Hu Dawei, president of Ikea’s logistics for the Asia Pacific region.

Hyundai Fortune fire expected to be biggest cargo insurance claim

I was e-mailed pictures of the burning vessel while at work on Friday. According to latest reports, the damage caused by the fire is expected to be the largest cargo insurance claim ever as more than half of the 5,000 containers caught fire.

Lloyd’s underwriters anticipate the claims for the cargo to be around $100 million and claims for the replacement of the vessel to be close to $80 million.

Ouch.

Hyundai Fortune fire expected to be biggest cargo insurance claim

I was e-mailed pictures of the burning vessel while at work on Friday. According to this article the damage caused by the fire is expected to be the largest cargo insurance claim ever as more than half of the 5,000 containers caught fire.

Ouch.

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