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.
Registration takes less than 1 minute.
Capacity in the major east-west trades leveled out during fourth quarter 2016 as merger and acquisition announcements continued to filter into an already unstable market, according to the latest quarterly World Liner Supply Report from BlueWater Reporting.
Warren T. Burns, a partner at the Dallas-based law firm Burns Charest, which has represented shippers, said the decision was inconsistent with the position taken by the Federal Maritime Commission and U.S. Department of Justice.
E-commerce growth, products no longer being fully built at just one facility, and “building to order” replacing “building to stock” have resulted in a more complex supply chain.