High Shipping Costs Are Here to Stay, Says Bloomberg
By Henry Ren (Bloomberg) Stubbornly high shipping expenses for businesses are getting sealed into contracts for the next 12 months, forcing companies to pass the extra costs on to consumers....
1 person is confirmed dead and 14 are still missing after their cargo ship, the
Myanmar Panamanian-flagged M/V Arita Bauxite, sank off the northwest coast of the Philippines late Saturday.
“Initial reports said that it encountered engine trouble and experienced rolling and eventually sank,” Philippine Coast Guard (PCG) Spokesman Armand Balilo told reporters.
Word of the sinking was relayed to the Philippine Coast Guard via the Chinese bulk carrier M/V Jin Cheng who managed to recover 10 Myanmar nationals at around 6:25 AM, February 17, 2013, onboard two life rafts at approximately 22 nautical miles off Cape Bolinao, Pangasinan. Two of the recovered sailors reportedly suffered minor injuries.
A full search and rescue effort by the Philippine Coast Guard is currently underway.
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