Without clear carbon controls from the International Maritime Organization, the shipping industry may have to adhere to multiple sets of regional regulations, according to Esben Poulsson, chairman of the International Chamber of Shipping.
The Warren, Mich.-based trucking carrier and third-party logistics provider saw net income plummet 39.2 percent year-over-year to $24.2 million as revenues slid 5 percent to $1.07 billion, according to the company’s most recent financial statements.
Hyundai Heavy Industries’ shareholders on Monday voted to approve the company’s restructuring plans despite strong union opposition.
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Shares in Orient Overseas International Ltd., the parent company of ocean carrier Orient Overseas Container Line, have jumped more than 25 percent since the end of 2016, reaching a 52-week high on Wednesday.
Investments in new projects are slowing, and Neil Davidson, senior analyst in Drewry’s ports and terminals practice, warned that a sudden rebound in demand could be a problem.
South Korean ocean carrier Hyundai Merchant Marine is backing out of a joint bid with MSC for Hanjin’s 54 percent stake in the largest container terminal at the Port of Long Beach, according to a report from the Wall Street Journal.