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Heavy freight locomotive delivered

Heavy freight locomotive delivered-Forwardernews

The EKZ joint venture of Alstom (75%) and Transmashholding (25%), which is based at Astana in Kazakhstan, is supplying 40 Prima T8 AZ8A freight locomotives and 10 Prima M4 AZ4A passenger locomotives under a contract awarded in May 2014.
The first of the passenger locomotives was unveiled at Alstom’s Belfort plant in France in October 2017. The first of the freight locomotives have now been delivered from Astana to Biləcəri in Baku, ready for testing by Alstom over the coming months.  
The AZ8A is based on the KZ8A locomotives currently in service with KTZ in Kazakhstan, modified to meet ADY’s technical requirements and comply with GOST standards.

Fifteen Greeks Among Lloyd’s Top 100 Influential People in Shipping

Fifteen Greeks Among Lloyd’s Top 100 Influential People in Shipping-Forwardernews

As well as outnumbering all other nationalities in global shipping, many of the Greek shipowners the list were ranked higher in 2018 than in the previous year, signaling the improved image of Greek shipping.
The number one Greek individual in shipping for yet another year is Giannis Angelicoussis, who is in the sixth position, two positions higher than last year’s ranking of eighth. Kitack Lim, the South Korean Secretary-General of the International Maritime Organization is in first place.

FedEx plans buyouts after weak international 2Q shipping

FedEx plans buyouts after weak international 2Q shipping-Forwardernews

The Memphis, Tennessee-based company said it had a fiscal second-quarter profit of $935 million, or $3.51 per share. That's up $775 million, or $2.84 per share, a year ago.
But the 11 analysts surveyed by Zacks Investment Research were expecting earnings of $4.05 per share. FedEx said that if one-time costs are excluded, its quarterly profit per share would have been $4.03.
"While the U.S. economy remains solid, our international business weakened during the quarter, especially in Europe," said FedEx chairman and CEO Fred Smith. "We are taking action to mitigate the impact of this trend through new cost-reduction initiatives."

Justice Department sues freight companies for overcharging government

Justice Department sues freight companies for overcharging government-Forwardernews

The government alleges the firms defrauded the Department of Defense by millions of dollars for shipments that were actually lighter, and thus cheaper than the weights for which the defendants charged the government. YRC Worldwide said the government's claims are "totally without merit" as it also said Defense Department business represents less than 1% of YRC Freight revenue. YRC Worldwide YRCW, -28.44% shares slumped over 20% on Friday.

Leading Japanese Shipping Line Will Introduce Digital Currency

Leading Japanese Shipping Line Will Introduce Digital Currency-

The Digital Currency Will Launch By The First Quarter Of 2019

People that are familiar with the matter told Bloomberg that the company would be introducing its virtual currency for crew members.The goal is to simplify the process of “Managing”, sending and converting money into the workers’ local currencies. The coin will be tied to the USD to avoid any severe swings in value associated with virtual currencies.
However, according to the news outlet, it’s not clear whether the company’s digital currency will use the blockchain technology or a form of cryptocurrency.
The undisclosed source adds that the shipping giant has been working with banks and software development companies to ensure the digital currency can be converted into local currencies.



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