The French ocean carrier received confirmation today for its estimated $2.4 billion acquisition of Neptune Orient Lines and its APL container shipping subsidiary by the Anti-monopoly Bureau of the Chinese Ministry of Commerce.
Dubai-based DP World Ltd. raised $1.2 billion from the sale of Islamic bonds and said a tender offer to buy back securities received 48 percent more bids than the target.
Container lines have bungled the International Maritime Organization's new container weight verification requirement, and some now realize they face high internal costs unless they offer a more flexible approach, Peter Friedmann said.
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House lawmakers brushed aside calls at a hearing to slow implementation of the Verified Gross Mass rule, while other shippers said compliance should be straightforward.
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.
Federal Maritime Commission Mario Cordero said Wednesday the agency has not yet received a formal filing by the container carriers that plan to establish the new OCEAN Alliance.