The new president immediately put the world on notice that his administration will combat unfair trade practices, which many interpret as a return to protectionism.
Just 10 percent of longshoremen requested by terminal operator employers came to work on Friday, bringing vessel operations to a near standstill at the Northern California port, according to port spokesman Mike Zampa.
Chaos in the ocean shipping industry has led to a winter of shippers’ discontent as freight transportation managers scramble to determine how carriers will meet their transportation requirements after several carrier mergers and acquisitions took place.
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Jakob Stausholm, chief financial officer at Maersk Line, said the Danish ocean carrier's gains in market share, utilization, and lower unit costs have been overshadowed by very low freight rates.
The Port of Long Beach Harbor Commissioners approved the sale of Hanjin Shipping’s 54 percent stake in Total Terminals International to MSC and its sister company Terminal Investment Ltd. Wednesday night by a 3-to-1 vote.
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.