Freight News: Week of December 18th, 2024

Port of Portland Reaches Deal to Secure Future of Terminal 6

In early December, the Port of Portland announced a tentative agreement with Harbor Industrial to manage the port’s Terminal 6, which had been at risk of closing this year due to significant financial losses – read more about that. The port is hopeful that they will double their current volume by 2032.

As the port said in their statement, the agreement outlines that the port will receive $5 million in state support to offset ongoing losses from container operations, contingent on securing a $20 million state investment for capital improvements at the terminal. More details about the terms of the agreement is anticipated by summer of 2025, when the Port Commission votes on a lease.

EU Fuel Regulations in 2025

Ocean carriers are incorporating the upcoming European Union fuel regulations into their surcharges for next year, as carbon taxes on emissions and fuel intensity compliance continue to rise.

At the beginning of next year, the Emissions Trading System (EU ETS) will increase its tax to cover 70% of carrier emissions—up from 40% this year—for transits starting or ending in the EU. The EU ETS is a “cap and trade” method, in an effort to decrease greenhouse gas emissions. As such, the new FuelEU maritime regulation will set limits on the average yearly greenhouse gas (GHG) intensity of fuel used by vessels visiting European ports. 

Advisories from CMA CGM, Maersk, and Hapag-Lloyd indicate that these carriers will simplify compliance by combining both the EU ETS and FuelEU regulations into a single fuel surcharge, the JOC reported.

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