Meanwhile, the struggling South Korean ocean carrier said in a statement Sunday it expects to reach an agreement with ship owners regarding charter rate renegotiations “soon.”
The Baltic Exchange, which had revenues of just $8.8 million last year, is more of a market-information service these days, generating indexes so members can work out fair cargo transport prices, according to Bloomberg's David Fickling and Andy Mukherjee.
The U.S. Federal Maritime Commission has received 17 ocean transportation intermediary license applications and changes for review.
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The proposed alliance would become a dominant player in the three major east-west trades, beating out total capacity currently offered by the 2M Alliance on those trade lanes, according to an analysis from BlueWater Reporting.
Shares of the fellow China-owned shipping conglomerates, which recently merged at the behest of the Chinese government, jumped as much 9.9 percent and 10 percent, respectively, in Shanghai trading yesterday.
The Commerce Department said it’s found sufficient evidence to preliminary determine that welded stainless pressure pipe imported from India is being dumped on the U.S. market.