Thailand plans multi-billion-dollar infrastructure investment to boost economy
01.03.2023
Thailand is to invest around US$15 billion in transport infrastructure, including upgrades to its key container port, Laem Chabang, in order to boost economic growth.
The Prime Minister's office said, "The Thai government is currently promoting several large-scale water transport projects, including an industrial port development project in the Eastern Economic Corridor (EEC) district."
It is hoped that building up Thailand's waterway transportation network will boost international trade with the export-oriented Southeast Asian country.
Of the investment amount, roughly US$3 billion will go towards upgrading Laem Chabang, to increase Thailand's export and import cargo transportation capacity. Besides Laem Chabang, the government plans to build and develop one automated container terminal along Bangkok port's West Quay in the future.
To support the deep-sea shipping ecosystem, the government also wants to develop 29 public terminals on the Chao Phraya River to strengthen water traffic safety and develop Laem Chabang into a smart port that has seamless intermodal links with transportation systems such as automobiles and railways.
Despite falling container freight rates, the Thai government has not given up on establishing a national shipping company, and is undertaking a feasibility study.
In an interview with Bloomberg aired today (28 February), Thailand's Finance Minister Arkhom Termpittayapaisith said that these infrastructure projects will insulate the economy from weaker exports.
Besides the port investments, Arkhom said there are plans to build a high-speed railway linking three airports.
Among Southeast Asian economies, Thailand's economic growth stood at 2.1% in 2022, halving from 2021, making it the slowest-growing economy among ASEAN countries.
Two container vessels suffer severe damage after collision in Vietnam
14.02.2023
Two container vessels collided on the Long Tau river in southern Vietnam on 11 February. The two ships and many containers were severely damaged.
The 2,038 TEU Wan Hai 288 and the 920 TEU Resurgence are the two involved vessels. A number of boxes from the first ship were destroyed as the port bow of the vessel was hit by Resurgence, whose bow was crunched in the incident.
According to reports, Wan Hai 288 suffered a grounding incident after the collision and was towed to a nearby repair yard, while Resurgence went to a container terminal at Ho Chi Minh City in Vietnam for inspection operations.
The Singapore vessel, Wan Hai 288, was sailing towards a port in Ho Chi Minh City when it collided with the Bahamian vessel Resurgence, which was going in the opposite direction, according to a report by the Vietnamese newspaper VnExpress.
2M alliance break-up reshuffles deck for Transpacific market
08.02.2023
The upcoming break-up of the 2M alliance is going to lead to a change in the competitive makeup of the deep-sea networks, according to Sea-Intelligence.
More specifically, although the formal break-up will not happen until January 2025, gradual changes are likely to happen during the two-year transition period.
In the hypothetical case that the other two alliances remain intact, and that the orderbook gets delivered on time, the changes in the capacity market share with a 'pure' break-up of 2M on the Transpacific would look like the following graph.
MSC will be stronger positioned compared to Maersk, but it will, still, be slightly smaller than THE Alliance, and the Ocean Alliance which will be in an extremely strong position in the market, according to Sea-Intelligence report.
Lethal earthquake paralyses Turkish ports, container lines announce operation adjustments
07.02.2023
An earthquake measuring 7.8 on the Richter scale occurred on the border between Turkey and Syria, on the morning of 6 February leading many Turkish ports to face operational challenges.
As it is already known, LimakPort Iskenderun, located in the Mediterranean coastal town of Iskenderun in the southern Turkish province of Hatay, was severely damaged, forcing the port authority to suspend the port's operations.
Therefore, global container carriers are taking measures to deal with the operational difficulties in the region. Maersk and COSO have already published customer advisories to inform about the impact on their operations and services.
Given the situation at Iskenderun, Maersk said it will need to perform a change of destination for all bookings bound for the Turkish port or already on the water.
New panamax vessel catches fire in Panama Canal
31.01.2023
The Panama Canal reports that the 11,000 TEU container vessel Cape Kortia suffered a fire outbreak in its engine room on 30 January while moving toward the PSA port in the Pacific.
The boxship remained briefly on its way to the Pacific Access Channel until it got removed by the Panama Canal staff.
According to a Panama Canal announcement, these maneuvers occurred during its regular transit window and did not cause delays to other ships transiting the Panama Canal.
The fire outbreak is under control, according to Panama Canal, while no injuries were reported during this incident. The relevant authorities are investigating the cause of the fire.
Another vessel seems to have been affected due to the fire accident of Cape Kortia, but at the time of writing the name of the affected ship is not known.