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NEWS BULLETIN
Thursday, July 28, 2016

Port of Vancouver Commissioners
Ok Vanport Trucking lease extension

Trade between NAFTA partners
drops during month of May

MOL subsidiary approves deal
for new floating regasification unit

Drewry report eyes future
of LNG shipping segment

General Dynamics NASSCO delivers
seven vessels in little more than a year

Port of Vancouver Commissioners
Ok Vanport Trucking lease extension

VANCOUVER, WA — At their July 26 meeting, the Port of Vancouver USA Board of Commissioners unanimously approved a new lease agreement with longtime port tenant Vanport Trucking. The company currently employs 22 full-time workers and occupies 31,500 square feet of warehouse at the port. The new lease will begin August 1, 2016 and run through July 31, 2026. It includes two options to extend for two years. According to the new agreement, Vanport will pay $11,675 per month in rent, subject to annual increases plus taxes and fees. The lease is expected to generate $1.55 million in revenue to the port over the initial 10-year term.

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Drewry report eyes future
of LNG shipping segment

LONDON — Despite the current weakness in LNG shipping rates, Drewry maintains its bullish long-term outlook for LNG shipping and believes that the market will require more vessels than listed on the current orderbook, according to the latest edition of the LNG Forecaster report published by global shipping consultancy Drewry. Spot rates for dual fuel diesel electric LNG vessels have been hovering around $30,000 per day since the second quarter of last year, representing a decline of 80 percent compared to the last market peak in 2012. Strong fleet growth coupled with weak cargo demand has been the principle cause. The impact of weak rates is clearly visible on falling newbuilding activity as only four LNG vessels had been ordered in the first six months of the year. By comparison, an average of 44 vessels per annum were ordered over the prior five-year period. Continuingly weak ordering is expected to slow fleet growth from 2019, exactly at the time by when almost all of the currently under-construction LNG plants will come online. Drewry reiterates that the long-term outlook for LNG shipping is still strong and the limited new ordering is not based on market fundamentals.

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Trade between NAFTA partners
drops during month of May

WASHINGTON, DC — Trucks carried more U.S. freight by value with North American Free Trade Agreement (NAFTA) partners Canada and Mexico in May 2016 compared to May 2015 but declines in all other freight modes led to a 3.1 percent decrease to $89.8 billion in the total current dollar value of cross-border freight. May was the 17th consecutive month that the total value of U.S.-NAFTA freight declined from the same month of the previous year, according to the TransBorder Freight Data released by the U.S. Department of Transportation’s Bureau of Transportation Statistics (BTS). Trucks carried 66.0 percent of U.S.-NAFTA freight and continued to be the most heavily utilized mode for moving goods to and from both U.S.-NAFTA partners. Trucks accounted for $31.2 billion of the $47.9 billion of imports (65.3 percent) and $28.1 billion of the $42.0 billion of exports (66.9 percent). Rail remained the second largest mode by value, moving 15.8 percent of all U.S.-NAFTA freight, followed by vessel, 5.4 percent; pipeline, 3.9 percent; and air, 3.7 percent. The surface transportation modes of truck, rail and pipeline carried 85.8 percent of the total value of U.S.-NAFTA freight flows.

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General Dynamics NASSCO delivers
seven vessels in little more than a year

SAN DIEGO — On Monday, July 25, General Dynamics NASSCO marked its seventh ship delivery in the span of just over a year. The GARDEN STATE, an ECO Class tanker built for longtime customer American Petroleum Tankers, was delivered during a special signing ceremony and is one of three classes of ships delivered by the San Diego-based shipyard since June of last year. Within the year, NASSCO has delivered the world’s first two containerships to be powered by liquefied natural gas. The 764-foot-long ships -- the ISLA BELLA and the PERLA DEL CARIBE -- currently service the Puerto Rican-Jacksonville trade route. NASSCO also delivered four ECO Class product tankers within the same time period, three for American Petroleum Tankers and one for a partnership between SEA-Vista LLC and SEACOR Holdings, Inc. In June of last year, NASSCO delivered the U.S. Navy’s first Expeditionary Sea Base (ESB) as part of the original Mobile Landing Platform program. The USNS LEWIS B. PULLER was built with a 52,000 square-foot flight deck, stowage and accommodations spaces for up to 250 personnel.

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MOL subsidiary approves deal
for new floating regasification unit

TOKYO — Mitsui O.S.K. Lines, Ltd. (MOL) has announced that Lakler S.A., a 100 percent subsidiary of MOL, has officially agreed to a long-term charter contract with Gas Sayago of Uruguay, a joint venture between Uruguay's state oil company ANCAP and state power company UTE, for a floating storage and regasification unit (FSRU) project, led by Gas Sayago. The FSRU will be equipped with the largest LNG storage tank (263,000m3) of any FSRU in the world, and supply gas to Uruguay and its neighboring countries. It is currently under construction at Daewoo Shipbuilding & Marine Engineering Co., Ltd. in South Korea. After completion, it will enter a 20-year charter starting in the first half of 2018.

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