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NEWS BULLETIN
Wednesday, June 29, 2016

Port Angeles Port Commissioners
name Goschen executive director

Drewry releases latest numbers
on carrier on-time performance

Inchcape Shipping Services
warns of new rules at Vale terminals

Washington governor, Japan ambassador
sign new memorandum of cooperation

CMA CGM reaches 91.28 percent mark
in Neptune Orient Line share ownership

Port Angeles Port Commissioners
name Goschen executive director

PORT ANGELES — On June 27, the Port of Port Angeles Board of Commissioners voted unanimously to appoint Karen Goschen as their new executive director. Ms. Goschen has served as the interim executive director since January 2016 and will now officially take the helm at the Port of Port Angeles. Ms. Goschen was hired as the port’s director of finance in August 2012, and was promoted to deputy executive director in 2014. She has previously held executive-level management positions in finance and operations since 1998 and has been responsible for presenting financial and operational results to governing boards for nonprofit, government and for profit entities. She has also held positions in management consulting, focusing on process improvement, strategic planning and financial systems, and has taught college level business and finance courses.

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Washington governor, Japan ambassador
sign new memorandum of cooperation

OLYMPIA — On June 28, Washington Gov. Jay Inslee and Japan Ambassador to U.S. Kenichiro Sasae met to sign a memorandum of cooperation to strengthen trade ties between Japan and the state of Washington. In 2015, Japan was Washington state’s 3rd largest export market, with more than $5 billion in goods exports. The memorandum highlights opportunities for collaboration on aerospace, life sciences, clean energy, agriculture and information and communication technologies. In addition, the memorandum encourages representatives of Japan and Washington state to look for opportunities to work together on joint projects related to climate change mitigation and adaptation, disaster risk reduction, and education and research opportunities in the life sciences, clean energy and aerospace.

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Drewry releases latest numbers
on carrier on-time performance

LONDON — Ocean carriers achieved a six-month high for liner service reliability in May, according to Carrier Performance Insight, the online schedule reliability tool provided by Drewry Supply Chain Advisors. The on-time average of 76.0 percent for the 10 trades covered was a 4.1 point improvement on April, representing the third straight month-on-month rise. Along with the better on-time performance, there was an improvement for the average deviation from the expected arrival at port, which came down from 0.9 days in April to 0.8 days in May, the lowest it has been since December 2015. Eight of the 10 routes covered recorded month-on-month increases in May, the exceptions being Asia-Africa, down by 11.9 points to 772.5 percent, and Asia-South America that dropped by 1.5 points to 75.7 percent. The biggest improvement was seen in the Transpacific, which rose by 9.8 points to 76.3 percent, the best since September of last year. The most reliable carrier in May was OOCL, which had an on-time average of 81.1 percent, very closely followed by Wan Hai (81.01 percent) and Evergreen (80.3 percent). A further sign of the universal attempt by carriers to improve reliability was the fact that the spread between the most and least reliable carrier was below 11 points as all lines scored above 70 percent.

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CMA CGM reaches 91.28 percent mark
in Neptune Orient Line share ownership

MARSEILLE — CMA CGM S.A. (CMA CGM) has announced that it has crossed the compulsory acquisition ownership threshold in Neptune Orient Lines Limited (NOL). Following its all-cash voluntary conditional general offer for NOL which was launched on June 6, 2016, CMA CGM now owns 2,376,715,557 shares representing approximately 91.28 percent of NOL’s share capital. CMA CGM confirms that it intends to exercise its rights of compulsory acquisition to compulsorily acquire all the NOL shares held by NOL shareholders who have not accepted the Offer, at a price equal to the Offer Price of SGD1.30, in accordance with the Companies Act (Chapter 50 of Singapore). CMA CGM will exercise its rights to compulsorily acquire the remaining NOL shares as soon as practicable after the close of the offer. Payment for NOL shares that are compulsorily acquired will be made in cash within seven business days after the completion of the compulsory acquisition exercise, which is expected to take at least one month from its commencement. NOL shareholders may continue to tender their NOL shares before the close of the offer. NOL shareholders who accept the offer before the closing date will be paid SGD1.30 per NOL share in cash within seven business days after the date of receipt of their valid acceptance.

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Inchcape Shipping Services
warns of new rules at Vale terminals

CHAFFORD HUNDRED, UK — Inchcape Shipping Services reports new procedures in vessels mooring acceptances in Vale’s terminals worldwide have been established. Vale informed the new regulation in order to adopt a safe and environmental solution requiring that all ships of 130,000 gross tons and upwards must comply with the new mooring standards in all Vale terminalse, which requires vessels to use HMPE (high modulus polyethylene) ropes. The HMPE ropes must be in accordance to ISO 10325 and ISO 2307. Vale has port operations in Argentina, Brazil, Indonesia, Malaysia and Oman.

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