Prior to going bankrupt, Hanjin Shipping had chartered five, 3,400-TEU vessels and eight, 10,100-TEU vessels from Danaos.
The United States Maritime Alliance, the employer group that negotiates the master contract with the International Longshoremen's Association, called the ILA’s planned work stoppage threat “disturbing.”
The terminal operator increased spending from $70 million to $200 million in preparation for ultra large containerships.
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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 Shanghai Containerized Freight Index, an estimate of spot rates published each Friday from Shanghai to 15 regions around the world, fell 0.6 percent since last Friday to a reading of 948.08.