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The Federal Maritime Commission found the Northwest Seaport Alliance is not likely to reduce competition or result in an unreasonable increase in cost or reduction in service.
Net income at Canadian Pacific Railway increased 5 percent to $390 million Canadian in second quarter 2015 compared to second quarter 2014, according to the company’s most recent financial statements.
“We’re reaping the benefits of a strong regional economy and labor uncertainty on the West Coast,” New York and New Jersey Port Director Richard Larrabee said of the results.
The U.S. Maritime Administration is trying to find maritime applications for zero emission hydrogen fuel cells, which have the potential to provide cleaner air and reduce costs for shippers.
The group reported a 66.7 percent increase in net profits to $156 million on revenues of $4.2 billion for the second quarter.
A deal for GE Capital Rail Services, which has assets valued at over $4 billion, could come by Labor Day, according to initial reports from Bloomberg Business.