The San Francisco-based freight forwarder, which has now raised a total of $94 million to fund global expansion, said it is constructing a new operating system for global trade that will unite the world in a seamless web of commerce.
Citing the ongoing economic slowdown in China and waning U.S. imports, the World Trade Organization on Tuesday slashed its 2016 global trade forecast to 1.7 percent from a previous projection of 2.7 percent growth this year.
For the port’s 2016 fiscal year, the Paul W. Conley Container Terminal handled 247,329 TEUs, a 12 percent increase from the 2015 fiscal year.
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Members of California’s congressional delegation asked the federal government to get involved in the Hanjin insolvency, and Rep. Loretta Sanchez said Hanjin’s stranded ships may have goods needed to keep U.S. assembly lines running.
Judge John Sherwood of the U.S. Bankruptcy Court for the District of New Jersey moved to recognize receivership proceedings in South Korea for the now insolvent ocean carrier Hanjin Shipping.
Mumbai-based Allcargo Logistics now operates the largest number of offices of any less-than-containerload consolidator in the world, with 300 offices across 160 countries.