Judge John Sherwood decided to confer with the South Korean court before making a decision about Hanjin’s sale of its 54 percent stake in Total Terminals International to 46 percent minority owner Terminal Investment Ltd.
Drewry’s investment research arm said it believes CMA CGM of France is best positioned among the major carriers to be a perfect suitor for Orient Overseas (International) Limited, the parent company of Hong Kong-Based OOCL.
NYK, “K” Line and MOL each reviewed the past year and plans for the future, including the new joint venture between the three companies, which they plan to form in July.
Hyundai Merchant Marine said Tuesday its consortium with Heung-A Shipping and Sinokor Merchant Marine will give it full access to the two carriers’ intra-Asia networks.
A source told American Shipper that Korea Line's parent company, Samra Midas Group (SM Group), will create a separate company called SM Lines that will operate Hanjin's liner business between the Far East and United States.
Fellow South Korean ocean carrier Hyundai Merchant Marine expects to finalize the purchase of a 100 percent stake in Total Terminal International Algeciras in late December, subject to due diligence, the company said in a statement.
A chartered ship will evacuate 4,300 of an estimated 6,000 containers leased by Hanjin, freeing up chassis for use by other port customers.
In addition to the six 13,010-TEU Hanjin Shipping vessels to be chartered to Maersk Line, a group led by HSH Nordbank could also acquire another three ships and lease them out to Maersk’s 2M Alliance partner MSC, according to multiple media reports.
Geneva-based Mediterranean Shipping Co. has confirmed it is looking to buy the now insolvent South Korean shipping company’s 54 percent stake in the Southern California container terminal.
The total bill for bankruptcies and bailouts in South Korea’s ocean freight transportation and shipbuilding sector could also result in redundancies and layoffs of around 10,000 workers, according to a recent report from the International Monetary Fund.
President-elect Donald Trump warned German automakers of a 35 percent tariff on imports from Mexico if they continue producing cars there instead of building them in the United States.
Alain Bédard, chairman, president and chief executive officer of TFI International, formerly known as TransForce, said the acquisition diversifies the company into the medical last mile business.
The United States and Paraguay recently negotiated the Trade and Investment Framework Agreeement, establishing a platform for the two countries to discuss a range of bilateral economic issues.
President Obama has designated Missouri Democrat Rhonda Schnare Schmidtlein chairman of the U.S. International Trade Commission for a term that will expire June 16, 2018.