Without clear carbon controls from the International Maritime Organization, the shipping industry may have to adhere to multiple sets of regional regulations, according to Esben Poulsson, chairman of the International Chamber of Shipping.
The Warren, Mich.-based trucking carrier and third-party logistics provider saw net income plummet 39.2 percent year-over-year to $24.2 million as revenues slid 5 percent to $1.07 billion, according to the company’s most recent financial statements.
Hyundai Heavy Industries’ shareholders on Monday voted to approve the company’s restructuring plans despite strong union opposition.
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The joint container venture between Japan’s ‘Big 3’ will have a fleet capacity of 1.38 million TEUs, making it the sixth largest in the world, and when their 23 new ships are delivered, the merged operation will become the fifth largest carrier.
Federal Maritime Commissioner Rebecca Dye said the reduction from four to three major container shipping alliances should decrease rates on the transpacific trade, but the decline could be offset by upward rate pressure due to expected mergers.
The deal, which involves Hanjin's Asia-U.S. assets, does not include Hanjin’s five, 6,500-TEU containerships or Hanjin’s 54 percent stake in Total Terminals International at the Port of Long Beach, according to several media reports.