The Houston, Texas-based tank barge operator posted a net income of $32 million for the quarter, a 43.7 percent drop from $56.8 million in the third of quarter 2015, according to the company’s most recent financial statements.
Ocean freight rate benchmarking platform Xeneta said transpacific rates have been gradually rising since April, stripping out the short-term impact of Hanjin Shipping’s insolvency in late August.
The French shipping company, which acquired Neptune Orient Lines and its APL subsidiary earlier this year, is seeking a buyer for the APL container terminals.
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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.
Meanwhile, a judge in STX Offshore’s Korean bankruptcy proceedings has ordered the troubled shipbuilder to put its shipyard up for sale along with its profitable cruise ship subsidiary based in France, according to multiple media reports.
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.