Latest news with #CIMC
Yahoo
20-05-2025
- Business
- Yahoo
CIMC Modular Building Systems Pioneers Sustainable Modular Hotel Construction in Saudi Arabia, Setting a New Benchmark in the Middle East
SHENZHEN, China, May 20, 2025 /PRNewswire/ -- CIMC Modular Building Systems (MBS), a global leader in modular construction, has signed a landmark agreement to deliver the Earth Riyadh Hotel in Saudi Arabia. As the company's first hospitality project in the region, this milestone reinforces CIMC MBS's commitment to advancing sustainable building practices and offering innovative solutions to the global hospitality sector. Setting a New Benchmark for Modular Construction in the Middle East Earth Hotels, a conscious and design-forward hospitality group built for the modern, mindful traveler, is setting the stage for its bold new openings across Saudi Arabia and Europe. The Earth Riyadh Hotel is a three-story, four-star boutique property with a total floor area of 11,000 square meters, scheduled for completion in 2026. Located in the vibrant Al Maathar district near key attractions and the Diplomatic Quarter, the hotel will offer 86 signature rooms, lofts, and suites designed for both business and leisure travelers. More than just a place to stay, Earth Riyadh promises an immersive experience that blends Saudi cultural with laid-back vibes, bold locally inspired designs, and purposeful hospitality. CIMC MBS will provide a full spectrum of services including module design, offsite manufacturing, and on-site installation. This advanced modular construction technology is expected to shorten the construction timeline by over 50% compared to traditional methods, while significantly enhancing resource and energy efficiency. "We are proud to contribute our modular expertise to this landmark project in Riyadh," said Victor Zhu, Managing Director of CIMC MBS. "It reflects our commitment to delivering efficient, sustainable building solutions to partners worldwide." The hotel's developer praised CIMC MBS's proven technical competence and execution capabilities, noting the project as a model for supporting Saudi Arabia's smart city and tourism ambitions. Driving Innovation and Global Collaboration With more than 20 years of international project experience, CIMC MBS has delivered modular building solutions across over 20 countries and regions. The Earth Riyadh Hotel project marks a significant step in the company's global expansion and underscores its role in shaping the future of sustainable construction. This project is expected to play a key role in enhancing Saudi Arabia's tourism infrastructure and serves as a compelling example of international cooperation in the construction industry. View original content to download multimedia: SOURCE CIMC Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
01-03-2025
- Automotive
- Yahoo
US chassis makers allege foreign dumping again
A group of U.S. intermodal equipment manufacturers is petitioning the Trump administration for anti-dumping duties on foreign-made chassis. The U.S. Chassis Manufacturers Coalition on Wednesday filed petitions alleging that chassis imported from Mexico, Thailand and Vietnam are hurting American producers. Chassis are the skeletal trailers used to transport shipping containers by road. The petitions with the Commerce Department and United States International Trade Commission (USITC) ask for anti-dumping duties to counteract what the makers say are unfair trade practices, according to a release from Wiley Rein LLP, a Washington law firm representing the chassis coalition. It's the second time that the domestic industry has asked for protection against imported chassis. In 2020, chassis makers petitioned the first Trump administration for anti-dumping duties on China-based manufacturer CIMC, which were eventually granted by the Biden administration in 2021. Those duties helped push up prices of domestic-made chassis but also contributed to massive supply chain issues during the coronavirus pandemic. 'The U.S. chassis industry suffered years of injury at the hands of unfairly traded Chinese chassis,' said attorney Robert DeFrancesco of Wiley Rein, in the release. 'After having successfully achieved relief, the U.S. industry saw a second surge of unfair imports from new sources. While the sources of dumped and subsidized imports have shifted, they still have the same effect: taking domestic market share and eroding a proud American manufacturing industry.' DeFrancesco called on Commerce and the USITC to 'apply our long-standing trade laws to remedy these unfair trade practices.' The manufacturers are seeking anti-dumping duties of 32.37% on chassis imported from Mexico, 234.06% on those from Thailand and 304.68% on chassis from Vietnam. DeFrancesco did not immediately respond to calls seeking comment. The coalition in the petition alleges that producers in Mexico and Thailand benefit from subsidies and other government support. 'There is also evidence that the government of the People's Republic of China has provided crossborder subsidies that benefit chassis manufacturers in Mexico and Thailand,' the release stated. The makers said CIMC dodged the punitive duties by relocating U.S.-dedicated production to Thailand. 'As a result of the decreasing volumes caused by unfairly traded imports, U.S. producers have suffered significant declines in production, shipments, profits, and employment,' the release stated. Dorsey Intermodal, Hercules Chassis, Pratt Intermodal Chassis and Stoughton Trailers were among the domestic makers backing the original China petitions. In a statement, CIE Manufacturing Vice President of Sales and Marketing Ben Evans called the allegations 'baseless,' accusing domestic makers of weaponizing trade regulations at the expense of the industry. Evans characterized the CIMC charges as a pyrrhic victory, helping push up chassis prices by 75% while shrinking available capacity. CIE imports chassis frame subassemblies from Thailand, Evans said, with final assembly of other components, including suspensions and axles, in Emporia, Virginia, and Southgate, California. Industry sources said a chassis that sold for $10,000 to $15,000 prior to the CIMC duties now costs $20,000 to $25,000. There are more than 750,000 chassis in North America registered with the Global Intermodal Equipment Registry. In an interview with FreightWaves, DeFrancesco said the overwhelming majority are foreign-made. 'It feels like we're being targeted,' Evans said in an interview with FreightWaves. 'We originally imported entire chassis from China, and after those duties changed our entire business model. Now we have to go through the whole process again. It's a huge disruption to our business.' The Commerce Department will determine whether to initiate the investigations within 20 days of the filing, and the USITC will reach a preliminary determination of material injury or threat of material injury within 45 days. The entire investigative process will take approximately one year, DeFrancesco said, with final determinations likely in early 2026. He said duties can attach to imports of the subject chassis at the time of the preliminary determinations in the case, or even earlier. Find more articles by Stuart Chirls California port, NYK Line team on green auto shipping corridor After bridge collapse, Port of Baltimore sees second-best year for cargo Freightos: Ocean container rates falling but still above year-ago levels ILA members overwhelmingly approve new contract covering East, Gulf coast ports The post US chassis makers allege foreign dumping again appeared first on FreightWaves.
Yahoo
14-02-2025
- Business
- Yahoo
Golar LNG exits from LNG shipping segment with sale of Golar Arctic
Bermuda-based liquefied natural gas (LNG) company Golar LNG has announced the sale of its LNG carrier, Golar Arctic, marking the company's departure from the LNG shipping business. The vessel is being sold for $24m, before transaction-associated expenses. Built in 2003, the vessel, flagged under the Marshall Islands, boasts a capacity of 140,000m³ and a gross tonnage of 94,934. It also features a steam propulsion system. The sale is expected to close with the LNG carrier ready for handover to the new owner within the first quarter of 2025 (Q1 2025). Golar CEO Karl Fredrik Staubo commented: 'The sale of the Golar Arctic marks the conclusion of Golar's planned exit from the LNG shipping segment, 50 years after taking delivery of our first LNG carrier in 1975. 'Over the last 50 years LNG shipping has been the foundation for Golar's pioneering maritime LNG infrastructure advances, including FSRUs [floating storage regasification units] and FLNGs [floating liquefied natural gas units]. Golar's transition into a focused FLNG infrastructure company is now complete. We look forward to expanding our market-leading FLNG position.' Last month, the company's LNG carrier Fuji LNG discharged its final cargo as an LNG carrier and has since arrived in China, where it is set to enter CIMC shipyard for conversion into a MK II FLNG vessel later this month. In September 2024, Golar LNG signed a $1.6bn engineering, procurement and construction contract with CIMC Raffles for the MK II FLNG. Once converted into an FLNG vessel, MK II FLNG will have a capacity of 3.5 million tonnes per annum. Last year, in July, Golar LNG signed agreements with Pan American Energy, including a 20-year deal for the deployment of an FLNG vessel, in Argentina. Set to commence LNG exports in 2027, this FLNG project is set to leverage Argentina's vast Vaca Muerta shale gas reserves in the Neuquina Basin. "Golar LNG exits from LNG shipping segment with sale of Golar Arctic" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
