Transportation planners and industry executives briefed House lawmakers last week on progress made so far with implementing freight provisions of the FAST Act.
The parcel carrier’s expedited shipping segment will raise prices by an average of 3.9 percent in Germany, effective Jan. 1, 2017, with prices in other countries varying based on local conditions, the company said in a statement.
The total value of cross-border freight between the United States and North American trading partners Canada and Mexico slipped another 6.4 percent year-over-year in June 2016, according to the Bureau of Transportation Statistics.
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Korea’s Financial Services Commission said the government will promote sales of Hanjin Shipping’s core assets to Hyundai Merchant Marine in a bid to maintain competitiveness of the Korean shipping industry.
The future of South Korea’s largest container shipping company looks grim, with numerous media outlets reporting lenders are refusing to extend the company additional credit.
The South Korean ocean carrier filed for recognition of its Korean insolvency proceeding in the United States Friday in the U.S. Bankruptcy Court for the District of New Jersey and the court ordered a hearing on the request for Tuesday.