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US to invest USD 3 bn in national port infrastructure: US President Joe Biden plans to invest USD 3 bn into the nation’s port infrastructure using funds from the Inflation Reduction Act, Reuters reports. The investment will be directed towards upgrading port infrastructure by integrating cleaner equipment as well as creating union jobs. This includes USD 147 mn in awards for the Maryland Port Administration, the owner of Baltimore Port, where a container ship collided with the Francis Scott Key bridge in March.
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REMEMBER- US East Coast and Gulf Coast port workers went on a strike earlier this month that lasted three days and briefly halted operations at the ports.
Hahn & Co. to sell SK Shipping: South Korea’s private equity firm Hahn & Company is selling SK Shipping, one of the country’s top shipowners, in a transaction that could raise USD 3.1 bn, Splash reports, citing local media. Hahn has appointed Morgan Stanley to handle the sale of SK Shipping, in which it had bought a 79% stake six years ago. SK Shipping owns a fleet of 58 ships, made of tankers as well as dry bulk, LNG, and LPG carriers.
Morgan Stanley will be looking to either sell SK Shipping’s whole fleet or split it up and sell it by segment, with previous efforts being put towards selling just the tankers of the company, the news outlet reports. Hahn & Co has also been considering selling another one of its shipowning companies, H-Line Shipping.
Boeing ups its stock offering: Boeing is now offering 112.5 mn shares in common stock, up from 90 mn previously, in its share sale, putting it on track to raise up to USD 24.3 bn, according to a statement. Boeing has valued the stock offering at USD 143 per share, down 7.7% from its closing share price on Friday, Reuters reports.
Background: Boeing is offering a USD 19 bn share sale to meet its liquidity needs and prevent a possible credit rating downgrade in one of the biggest share proposals by a public company on Monday.
OTHER STORIES WORTH KNOWING THIS MORNING-
- Maersk + Danone to reduce emissions: Maersk has partnered up with food and beverage company Danone to reduce its logistics GHG emissions through the use of ECO Delivery Ocean by 40%. (Statement)
- Airbus’ A321XLR is coming soon: Airbus has delivered the first of its longest-range single-aisle jets — the A321XLR — to Spanish airline Iberia. (Reuters)
