COSCO may make a bid of more than $4 billion for Hong Kong-based Orient Overseas Container Line, according to various media reports.
The deployment of ultra-large containerships has not only increased average vessel size on key east west trades, but has accelerated the consolidation of carriers into vessel sharing agreements and alliances.
The container freight market is strengthening as carriers begin some 2017 negotiations, and Drewry said some shippers could see contract rates rise 20-40 percent in worst case scenarios.
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The transportation and logistics industry has experienced a notable year between Hanjin’s bankruptcy, the new verified gross mass regulation and the expanded Panama Canal.
Fellow Japanese ocean carrier “K” Line exited the Transpacific Stabilization Agreement Aug. 19, while MOL, the other major ocean carrier based out of Japan, left the group in 2008.
Representatives from the Pacific Maritime Association and the International Longshore and Warehouse Union met Tuesday and discussed a possible extension of their current contract, which runs through June 30, 2019.