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The South Korean ocean carrier reported operating profits in its container division fell over 73 percent year-over-year in the third quarter of 2015 despite volume growth of nearly 4 percent thanks to weak freight rates caused by overcapacity.
A tie-up between Singapore's Neptune Orient Lines, parent of liner company APL, and CMA CGM of France would combine the third and thirteen largest container carriers worldwide.
The international trade deficit, a negative balance in which the overall value of a country’s imports exceed that of its exports, declined from $48.0 billion in August to $40.8 billion in September.
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.