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Ocean carrier COSCO continues to give no details other than to say it is “contemplating a plan on a material event” but claims trading suspension in not expected to exceed an additional month.
As the U.S. Coast Guard continues to search for survivors, experts say the now-likely loss off the TOTE Maritime cargo ship could be the worst disaster involving a U.S. flag vessel in decades.
Due to construction challenges and severe 2014 winter weather, the deck raising will now be completed in late 2017, with entire project to be completed in mid 2019, according to the Port Authority of New York and New Jersey.
The Israeli ocean carrier recently returned to the black, posting adjusted net profits of $23 million in the second quarter of 2015 compared with a net loss of $50 million the previous year.
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.