The independent containership owner and manager purchased the vessels for $195.6 million.
The U.S. Commerce Department’s International Trade Administration released a report Wednesday, showing that 92 percent of more than $1.3 trillion worth of U.S. goods exported in 2015 were likely affected by foreign technical regulations.
The Arab ocean carrier's shareholders would own 28 percent of the combined company, while the existing shareholders of Hapag-Lloyd would own 72 percent of the new company.
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Pacific Maritime Association President and CEO James McKenna said he expects to hear from International Longshore and Warehouse Union this summer on whether it wants to discuss the extension of the five-year labor contract.
Meanwhile, the struggling South Korean ocean carrier said in a statement Sunday it expects to reach an agreement with ship owners regarding charter rate renegotiations “soon.”
Recently purchased APL parent Neptune Orient Lines couldn’t cut costs fast enough to compete in an increasingly commoditized market, chief executive Ng Yat Chung said in a surprisingly candid interview with Singapore’s Straits Times.