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The five Market Development Cooperator Program-backed projects are expected to generate more than $653 million in U.S. exports over the next three years in return for the one-time $1.4 million federal investment.
Höegh Autoliners appointed Scandinavian Shipping & Logistics, which has already worked with the Norwegian ocean carrier in Sweden and Norway for several years, as its agent in Finland, effective Dec. 1., 2015.
Year-over-year throughput of crude oil and other petroleum products dropped 22 percent last week compared to the same period last year, according to the American Association of Railroads.
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.