The Berkshire Hathaway-owned Class I freight railroad will pay $50,000 in civil penalties related to a March 2015 crude oil train derailment in Galena, Ill., according to a statement from Illinois Attorney General Lisa Madigan.
Additional shippers and logistics companies have expressed support on a call for the Federal Maritime Commission to provide guidelines on detention and demurrage charges.
Hyundai Heavy Industries (HHI) is putting its restructuring plans on a shareholders’ meeting agenda for Feb. 27, but HHI workers plan to strike from Feb. 22-27 in attempts to block the meeting.
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Rates from Shanghai to North Europe fell 6 percent since last Friday to $858 per TEU, according to the Shanghai Containerized Freight Index.
A China COSCO Shipping subsidiary has sent eight vessels with an aggregate capacity of 32,574 TEUs to the scrapyard for 212 million yuan renminbi (U.S. $30.8 million), resulting in a net loss of RMB638 million, according to a statement from the company.
An estimated 1.69 million TEUs of vessel capacity is expected to be delivered in the coming year, more than twice the amount projected to be sold for scrap, according to a recent report from maritime shipping analyst Alphaliner.