The Houston-based tank barge operator’s net earnings fell 27.8 percent year-over-year in the first quarter of 2017 to $27.5 million.
In segments described as liner or containership operations, NYK, MOL and “K” Line reported a combined loss of 77 billion yen (U.S. $691 million) for the fiscal year ending March 31, 2017, resulting from historically low freight rates.
United States gross domestic product increased just 0.7 percent in the first quarter of 2017, down from from a 2.1 percent growth rate the previous quarter and the slowest in three years, according to the “advance” estimate from the Department of Commerce.
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House Reps. Mike Kelly, R-Pa., and Peter DeFazio, D-Ore., have introduced bipartisan legislation that would increase investments in harbor and port projects by 29 percent from current funding levels without raising user fees or taxes.
Bipartisan legislation was reintroduced last week to address deficiencies in the Transportation Security Administration’s (TSA) efforts to protect rail, transit, highway, and maritime passenger and freight transportation.
Michael Khouri, acting chairman of the Federal Maritime Commission, said such pacts can help terminals improve service and operations to benefit the American shipper and consumer.