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No reasons was given for NYK's decision, but industry officials say it is tough for carriers to make money in the north-south trade lanes today.
The Danish shipping conglomerate has also begun a program to buy back $1 billion in company shares over the next year.
The builders of the new locks will reinforce the sills in all the locks, even where no leaks observed, and still expect to meet their April 2016 deadline, according to a statement from the Panama Canal Authority.
The TPP agreement, which includes the United States and 11 other countries in the Pacific Rim and the Americas, covers a range of industries and promises to reduce or eliminate tariffs and quotas on numerous products.
The ECT City Terminal, the oldest container terminal at the Port of Rotterdam, closed its doors last week as a result of not being able to handle the increases in scale in container shipping.
Year-over-year throughput of crude oil and other petroleum products dropped 22 percent last week compared to the same period last year, according to the American Association of Railroads.