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The ESC's support for the merger stands in sharp contrast to its opposition to a proposed merger proposed between UPS and TNT in 2012.
The International Longshore and Warehouse Union and Pacific Maritime Association ratified a new labor contract in May, signaling an end to the painful and expensive West Coast port congestion experienced in Q1 2015.
An official from the U.S. Agency for International Development said discussions about the Maritime Security Program are ongoing.
The U.S. Department of Commerce’s Bureau of Economic Analysis also revised a previous prediction of a 0.2 percent decrease in first quarter gross domestic product to a 0.6 percent increase.
The South Korean shipbuilder attributed the heavy second quarter losses primarily to a 2.3 percent decrease in overall revenues from last quarter.
Senat Shipping claimed no wrongdoing or illegal activity on its part, and said the Treasury Departments action is a “misguided measure purely based on Senat's historical dealings with OMM,” according to a report from Reuters.