The Port of Houston authority announced its new policy on container weights, as well as container throughput for the the first quarter and developments with ongoing infrastructure improvement projects.
Overall revenues for NYK, MOL and "K" Line fell 5.4 percent, 6 percent and 8.1 percent, respectively, for the last fiscal year ended March 31, 2016.
The Atlanta, Ga.-based parcel giant posted a net income of $1.1 billion for the first quarter of 2016 on revenues of $14.4 billion, year-over-year increases of 10.2 percent and 3.2 percent, respectively.
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The 3rd Circuit U.S. Court of Appeals decision, which relies on a 1866 Supreme Court opinion, is being heralded as a victory for ocean carriers.
Federal Maritime Commissioner William P. Doyle praised the statement from ocean carrier group OCEMA, but noted officials "still need to address an important liability issue for the shippers" in order to implement new verified gross mass requirements.