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The entire investigation into the loss of TOTE Maritime Puerto Rico ship will take 12-18 months, but the NTSB will release findings on an "as needed" basis in advance of its final report.
With more tonnage to be delivered next year, London-based shipping consultant Drewry says "the overhang of excess capacity [in the ocean freight industry] will be even greater than that experienced in 2009."
Capacity growth was relatively stagnant across the three major east-west trades in the third quarter of 2015, as slowing global trade and an economic recession in China caused volumes to remain weak even during the summer peak shipping season.
The fund will be held and administered by the Seamen’s Church Institute, North America’s largest mariners’ service agency, following the structure put in place by TOTE.
The national mail carrier of Singapore and aspiring global logistics provider has agreed to purchase a 71.1 percent share in Jagged Peak, Inc. for $15.8 million.