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The Transpacific Stabilization Agreement's 15 members plan a $1,200-per-FEU rate hike on Asia-U.S. West Coast trade Jan. 1 and want a minimum rate of $1,700 per FEU to the U.S. West Coast in 2016-17 contracts.
Several major logistics and transportation company stocks have fallen sharply this week amid lower-than-expected earnings announcements and concerns of weak demand going into the fourth quarter.
The Thomasville, N.C.-based less-than-truckload carrier posted net income of $84.4 million for the third quarter of 2015, an 8.3 percent increase from the third quarter of 2014.
The U.S. Gulf port also expects to benefit from continuing population migration to Texas and the expansion of Panama Canal, which is scheduled to be completed in April 2016.
Meanwhile, a Federal Aviation Administration task force released its recommendations regarding a registration program for unmanned aircraft systems that will affect the use of drones in both commercial and recreational settings.
Box volumes at the largest U.S. East Coast port were up 11 percent year-over-year in October, driven primarily by a 9.8 percent spike in loaded import containers.