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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.
Due to construction challenges and severe 2014 winter weather, the deck raising will now be completed in late 2017, with entire project to be completed in mid 2019, according to the Port Authority of New York and New Jersey.
Mid-size importers are not likely to shift cargo from the West Coast of the United States to East Coast ports because it is cost prohibitive, according to logistics expert Stephen Craig.
TOTE says "While this reflects that the ship was caught in rough seas and extreme weather, it is in no way indicative of the ship’s fate."
Rep. Stephen Fincher, R-Tenn., introduced a bill that would restore Ex-Im Bank’s operations and include various reforms, but will require a "discharge process" to reach the House floor for a vote.
The company’s minority investment in e-commerce specialist Ally Commerce Inc. is more about research than revenues, according to Rimas Kapeskas, head of UPS’s strategic enterprise fund.