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Cork City Docklands hopes to become world-class shipping hub

DELAY in Dublin to establish a shipping cluster at the mouth of the River Liffey, has caused the eye of developers to turn to the republic's second city, Cork.

Cork's Docklands, at the southern end of the island nation can become a "world-class" port if ambitious plans to bring the proposed International Shipping Services Centre (ISSC) to Leeside are realised.

Cormac Megannety, a consultant at the Irish arm of Fortune 500 real estate firm CBRE, and the ISSC had been working on the project for Dublin over five years.

But the Dublin proposal is believed to have been stalled and Cork stakeholders have stepped in to pitch Cork's Docklands instead.

Meetings regarding Cork as the preferred ISSC home have been attended by the Irish Maritime Development Organisation, and IDA Ireland, the Port of Cork and city officials.

Irish Foreign Minister Simon Coveney and Agriculture and Marine Minister Michael Creed have indicated support, reports the Cork Examiner.

Port of Cork commercial manager Michael McCarthy said he believes the ISSC was a "natural fit" for Cork City and harbour because of its state-of-the-art facilities.

In 2016, Ireland's marine economy had a turnover of €EUR5.7 billion (US$6.4 billion), more than a third of which was attributable to the shipping and maritime transport sector. The report said the direct economic value of Ireland's marine economy was €EUR1.8 billion in 2016, almost one per cent of GDP, which represents an increase of 20 per cent on 2014.

CMA CGM ups ECSA rate to Africa, Gulf, northwest India US$250/box

FRENCH shipping giant CMA CGM has announced a rate increase for cargo from the east coast of South America to West Africa, South Africa, Arabian Gulf and northwest India from August 1.

Calling the increase a "Rate Restoration" it will apply to all cargo including dry, reefer, OOG and breakbulk at US$250 per container regardless of size.