The new president immediately put the world on notice that his administration will combat unfair trade practices, which many interpret as a return to protectionism.
Just 10 percent of longshoremen requested by terminal operator employers came to work on Friday, bringing vessel operations to a near standstill at the Northern California port, according to port spokesman Mike Zampa.
Chaos in the ocean shipping industry has led to a winter of shippers’ discontent as freight transportation managers scramble to determine how carriers will meet their transportation requirements after several carrier mergers and acquisitions took place.
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Five large terminal companies and the Port of Rotterdam Authority filed the “Global Ports Group Agreement” with the Federal Maritime Commission to promote the efficiency and effectiveness of the container port industry.
The World Container Index has increased by 62 percent since the bankruptcy of Hanjin at the end of August 2016, London-based shipping research and consulting firm Drewry said.
The contract freight rate benchmarking company warned, however, that stability will be hard to come by, and if just one or two carriers begin to drop rates and chase market share again, prices will likely fall across the board.