In a recent decision affecting ocean freight operators, the International Maritime Organization's Marine Environment Protection Committee (MEPC) adopted amendments to the MARPOL Convention to set a date for the implementation of "Tier III" standards within emission control areas (ECAs) and to make the IMO Member State Audit Scheme mandatory.
In the coming years, the global shipping industry is expected to decline by five percent to 10 percent, according to Global Shipping Industry 2013 - Forecast, Trends and Opportunities, a report from Taiyou Research.
Construction has begun on a three-year $1.6bn overhaul of the largest container port in Australia, with Victorian state government saying the work is necessary to avoid capacity constraints and adding that it will create around 1,100 jobs.
The GCC countries are allocating $36bn to further develop their port infrastructure amid increasing foreign non-oil trade volumes. Saudi Arabia is powering ahead with port infrastructure development with more than $750m allocated to Dammam's King Abdul Aziz Port, which includes the launch of a second high-tech container terminal in 2015 with capacity for 1.8 million TEUs per annum.