BP $250MM Spin-Off to INEOS

BP completed its $250MM spin-off to INEOS of the Forties Pipeline System and Kinneil Terminal.

The Forties Pipeline System (FPS) is an integrated oil and gas terminal, transportation and processing system serving the Central North Sea and currently transporting around 500,000 barrels a day.

Kinneil serves up to 50 fields with a 1,000,000 BBL/D capacity or 40% of total UK oil production.

BP Forties

$50MM Food Equipment Company Sold

The Middleby Corporation (NASDAQ: MIDD) today announced the acquisition of Globe Food Equipment Company, a leading brand in slicers and mixers for the commercial foodservice industry.  Based in Dayton, Ohio, Globe has approximately $50 million in annual sales.

globe

Kobe Steel + Fake Certifications

Kobe Steel will co-operate with the U.S. Department of Justice after the DOJ requested documents related to the fake data scandal besetting Japan’s third-biggest steelmaker.

Kobe has declared 500 companies worldwide are in a supply chain tainted by admissions it falsified certifications on the strength and durability of metals over the past 10 or more years, including Boeing, Ford and General Motor

Steel Annealing Operations Inside The PRO-TEC Coating Co.

Airbus + Bombardier C-Series Deal

Airbus and Bombardier partner on the C-Series with a 50.1% interest to be held by Airbus.

The partnership provides Bombardier with the financial and marketing power of Airbus. The 300% US tariff for the C-Series will potentially be avoided by Airbus assembling the planes in its Alabama plant.

bardier c-seri

Port of Savannah Mega Rail 2020

$128MM investment to consolidate 2 docks and add infrastructure to enable vessel on/off lift capacity of 1300 containers per hour and 1 million rail TEUs per year to accomodate a 50% gain in neo-Panamax vessel traffic in 2017 alone.

Private investment includes the 630,000 SF and 345,000 SF warehouses being built by Noble House and Best Choice, respectively.

Savannah

CP Extends Reach into Ohio Valley with Bluegrass Farms and G&W

CP entered an exclusive contract with G&W and Bluegrass Farms to use Bluegrass’s 90-acre intermodal facility in Jeffersonville, OH.  The facility is located on the I-71 corridor and serves Columbus, Cincinnati and Dayton.

The site provides CP and G&W with a full service intermodal facility as well as the ability to transload bulk agricultural products into containers.

CP Bluegrass Farms

Crowley Continues Strong Harvey Response

Crowley Maritime Corporation will have offloaded more than 6,500 loads of FEMA and commercial cargo from 20 vessels at its San Juan, Puerto Rico terminal since Hurricane Maria struck the island in late September.

Crowley projects another 9 vessels, carrying between 2,500 and 3,000 loads, will arrive in Puerto Rico next week.

Crowley Barge

CSX Precision Scheduled Railroading Gains

Since mid-July, system-wide train velocity on CSX’s 21,000-mile network has increased by almost 16 percent, and is now higher than the 2016 full-year average.

Transit times for scheduled merchandise trains have returned to a normal range, and are lower than transit levels at the outset of CSX’s PSR implementation in 1Q 2017.

Average terminal dwell (the number of hours cars spend in terminals between origins and destinations) has steadily improved over the last two months and is currently 11.2 hours, declining more than 15% since the summer. Dwell is now lower than 2016 full-year average.

CSX Intermodal