The U.S. Department of Agriculture said the nation's agricultural trade surplus is also expected to increase to $19.5 billion for fiscal year 2017, up 40 percent from $13.9 billion for fiscal year 2016.
With 13 of the top 20 container lines reporting combined losses of $2.5 billion in the first half alone, industry losses will likely range from $8 billion to $10 billion for the full year, according to Lars Jensen, CEO of SeaIntelligence Consulting.
The U.S. Department of Transportation said it is seeking to make speed limiting devices a requirement on all newly manufactured trucks with a gross vehicle rating of more than 26,000 pounds.
Registration takes less than 1 minute.
C.C. Tung, chairman of OOIL, said the industry faced difficult market conditions in the first half of 2016, and the second half of the year will be difficult if deployed capacity continues to substantially exceed demand.
Members of the U.S. Federal Maritime Commission voted in favor of requesting additional information from the four shipping companies planning to create the Ocean Alliance.
The alliance, which was formed one year ago between the ports of Seattle and Tacoma, is 90 percent complete with the design for Terminal 5 in Seattle, another terminal that could eventually handle megaships.