Container transport revenues at the Danish shipping conglomerate fell 20 percent year-over-year for the quarter due to a 26 percent decline in average freight rates.
The troubled South Korean ocean carrier received approval from seven lenders to restructure debts and will now turn its focus to restructuring ship chartering agreements.
SSA Marine's Oakland International Container Terminal, which has operated nights and Saturdays for two months to ease pressure on busy weekday cargo operations, will stay open three nights a week in a during a four-week trial.
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Ocean carriers CMA CGM, COSCO, Evergreen Line and OOCL revealed they will form a new alliance next April.
The non-asset based supply chain management provider posted a net loss before taxes of $35 million for the first quarter of 2016, compared to a $77 million loss the previous year, despite revenues dropping 11.8 percent year-over-year to $1.57 billion.
The Seattle, Wash.-based global logistics provider's revenues, which industry advisory firm Stifel said were hindered by lower air and ocean rates, tumbled 15.4 percent year-over-year to $1.4 billion for the quarter.