The German ocean carrier’s shareholders of Friday approved all items on the agenda for the annual meeting, most notably including the approval of new authorized share capital, which will be used toward the merger with UASC.
The U.S. Department of Agriculture said the nation's agricultural trade surplus is also expected to increase to $19.5 billion for fiscal year 2017, up 40 percent from $13.9 billion for fiscal year 2016.
With 13 of the top 20 container lines reporting combined losses of $2.5 billion in the first half alone, industry losses will likely range from $8 billion to $10 billion for the full year, according to Lars Jensen, CEO of SeaIntelligence Consulting.
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The London-based shipping research and consulting firm said carriers can’t cut costs fast enough in an industry where revenues may be $50 billion below what they were in 2014.
Mumbai-based Allcargo Logistics now operates the largest number of offices of any less-than-containerload consolidator in the world, with 300 offices across 160 countries.
Meanwhile, just this Friday, the Shanghai Shipping Exchange said its Shanghai Containerized Freight Index declined 6.2 percent from last Friday’s reading of 670.29 to a reading of 628.59.