The international oil shipping services provider, which paid Bretta Tanker Holdings $15.1 million in the second quarter of 2016, saw profits for the first half of 2016 slip 11.3 percent year-over-year to $153.7 million.
The Port of New York and New Jersey, which experienced the second busiest June ever for box volumes, was called by a 10,077-TEU containership at the GCT Bayonne Terminal.
The U.S. gross domestic product increased 1.2 percent in the second quarter of 2016, according to the “advance” estimate from the Department of Commerce, following a revised increase of just 0.8 percent in the first quarter.
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Gerry Wang, chief executive officer of Seaspan, expressed how he believes the industry will gradually improve if scrapping remains high and new ship orders remain low.
Chainalytics Vice President of Transportation Kevin Zweier explained that collaborative transportation is a useful strategy, provided shippers put in the homework before and after bid events.
The expanded Panama Canal locks, which just opened June 26 to handle vessels up to 14,000 TEUs, are expected to reshape U.S. East Coast port operations.