Prior to going bankrupt, Hanjin Shipping had chartered five, 3,400-TEU vessels and eight, 10,100-TEU vessels from Danaos.
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.
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Fellow Japanese ocean carrier “K” Line exited the Transpacific Stabilization Agreement Aug. 19, while MOL, the other major ocean carrier based out of Japan, left the group in 2008.
Bulk shipping company Korea Line Corp. has been picked over Hyundai Merchant Marine to acquire Hanjin’s operations between Asia and the United States.
With just a few months before the new ocean carrier vessel sharing agreement THE Alliance, of which Yang Ming is a member, is set to launch, work still needs to be done to finalize port rotations and vessel deployment plans.