Area companies can learn how to reduce costs and increase the efficiency of their global supply chain at a seminar on Foreign-Trade Zones on May 30 at Firestone Country Club in Akron. Hosted by the Northeast Ohio Trade & Economic Consortium (NEOTEC) and the Cleveland-Cuyahoga County Port Authority in conjunction with the Greater Akron Chamber, the half-day seminar will bring together nationally renowned FTZ experts to discuss the program’s benefits and how it helps companies be more globally competitive.
Presenters include Dan Griswold, president of the National Association of Foreign-Trade Zones (NAFTZ) in Washington, D.C.; Trey Boring, a NAFTZ board member and senior vice president of IMS Worldwide, Inc. in Texas; Kevin Burwell, president of the Northeast Ohio Regional Center in Wooster, Ohio; and Brandi Hanback, managing director of Rockefeller Group Foreign-Trade Zone Services in Maryland.
Topics to be addressed include FTZ basics, benefits of the program, the application and activation process, inventory control and recordkeeping, handling goods in an FTZ, and compliance regulations. Full Press Release 4.25.2013
The Cleveland-Cuyahoga County Port Authority’s Board of Directors elected officers today to new one-year terms, effective immediately.
The Board elected Marc Krantz as Chair, Chris Ronayne as Vice Chair, and Diane Downing as Secretary.
“I am honored to be elected Chair and feel fortunate to succeed Bob Smith, who has led our Board during the last two years with integrity and strong, insightful leadership,” said Krantz. “The Port will continue to build on our successes and pursue additional strategic growth in our maritime business. With last year’s expansion of the rail tracks at the Port, we have new capabilities that can be marketed to businesses in Northeast Ohio and across the globe. Through the use of our finance powers, the Port will continue to take an active role in the key development and re-development projects throughout our community, as well as provide needed capital to businesses throughout our area.” Full Press Release – Board Officers 2013
Washington, D.C. (February 5, 2013) – A comprehensive report released today has defined the modal and environmental advantages of using marine shipping to transport goods in the Great Lakes-St. Lawrence Seaway region.
A study titled The Environmental and Social Impacts of Marine Transport in the Great Lakes-St. Lawrence Seaway Region was conducted by Ontario transportation consultants Research and Traffic Group, and peer reviewed by independent experts in the U.S. and Canada. The study found that Great Lakes ships are more fuel-efficient and emit fewer greenhouse gases per thousand cargo-ton miles than land-based alternatives.
Long-term rating on important Port economic development program raised to BBB+
Standard & Poor’s Ratings Services has raised the long-term rating on the Cleveland-Cuyahoga County Port Authority’s development revenue bonds to ‘BBB+,’ its second upgrade for the Bond Fund Program in approximately three months. The outlook is stable.
In September, Standard & Poor’s upgraded the rating to BBB/Stable. The Port has since secured a new Letter of Credit (LOC) with FirstMerit Bank N.A., headquartered in Akron, Ohio. The characteristics of the new LOC were cited as the prime reason for the upgrade. Port bonds are issued through a program that has a pooled collateral system of reserves, with the most significant one being the LOC.
Continued improvements in operating metrics; spending aligned with Strategic Action Plan
December 18, 2012 – The Cleveland-Cuyahoga County Port Authority’s Board of Directors approved 2013 budgets that reflect the organization’s strong financial performance and commitment to investments tied to its Strategic Action Plan.
In 2013, the Port intends to continue improving its business lines by attracting more projects to its Foreign-Trade Zone and development finance programs, and strategically enhancing the financial performance of the maritime operation. As a result, operating revenues are expected to increase 18 percent next year, and the Port will be positioned to target more resources to strategic initiatives without significantly increasing overall operating expenditures.
New distribution center bringing jobs to the Village of Glenwillow
December 3, 2012 – The Port of Cleveland and the Northeast Ohio Trade and Economic Consortium (NEOTEC), have secured federal activation of a new Foreign-Trade Zone site in the Village of Glenwillow, OH. The new site consists of 83,000 square feet of distribution space and will be operated by Ryder Supply Chain Solutions, which is providing dedicated warehouse services for a customer’s export operation.
Work boats to remove floating debris from river and lakefront as part of Port’s environmental stewardship mission
OCTOBER 17, 2012 – The Port of Cleveland commissioned two custom-made boats today that will remove floating debris from the Cuyahoga River and downtown Lake Erie shoreline. They are part of the Port’s broader mission to help restore the health of the river and serve as a proactive environmental steward in and around our waterways.
International association lauds Port for opening the Cleveland Lakefront Nature Preserve
OCTOBER 17, 2012 – The Cleveland-Cuyahoga County Port Authority has won an international industry award for opening and managing the Cleveland Lakefront Nature Preserve, an honor that underscores the Port’s commitment to environmental stewardship and public access to the lakefront. Full Press Release >
The Port of Cleveland held a ribbon-cutting today to mark the launch of a new rail loop that will provide better and more efficient service at the port, and improve access to markets throughout North America.
Standard & Poor’s Ratings Services has given bonds issued through the Cleveland-Cuyahoga County Port Authority’s Common Bond Fund program a BBB/Stable rating, stating that it views the program’s enterprise risk profile as “strong.”