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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."
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.
Exports helped drive record throughput in September at the Port of Long Beach, but were the main reason the Port of Oakland experienced a 4.8 percent drop in container volumes.
The derailment of a CSX train carrying Bakken crude, which resulted in a fire that forced the evacuation of hundreds of area residents, was caused by a defect that was missed on two separate inspections, according to the Federal Railroad Administration.
In a response to the ITF recommendations, the International Chamber of Shipping said it prefers a fuel levy, rather than an emissions trading scheme, to reduce greenhouse gas emissions from shipping.