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.
Matson President and CEO Matt Cox said the Honolulu-based shipping company had “exceptional” results for the full year of 2015, while fourth quarter 2016 results were hindered by the increase in bunker fuel prices from mid-November through December.
Registration takes less than 1 minute.
Hyundai Merchant Marine said it expects to receive funding from a new South Korean government shipping entity, which will buy and charter back vessels to the shipping company.
Federal Maritime Commissioner Rebecca Dye said the reduction from four to three major container shipping alliances should decrease rates on the transpacific trade, but the decline could be offset by upward rate pressure due to expected mergers.
Michael A. Khouri is replacing Mario Cordero as acting chairman of the Federal Maritime Commission, but Cordero will remain as one of the five commissioners.