The world’s second largest shipbuilding company attributed the operating loss of 26.3 billion won in the first quarter of 2016 primarily to costs associated with completing offshore oil projects as crude prices continued to plummet.
The total value of cross-border freight between the United States and North American trading partners Canada and Mexico slipped 2 percent year-over-year following a 7.7 percent drop in January, according to the Bureau of Transportation Statistics.
The U.S. Surface Transportation Board has filed a supplemental notice to a proposed rulemaking that would require Class I railroads and the Chicago Transportation Coordination Office to submit weekly data reports on service performance.
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China COSCO Holdings Co. Ltd., which now includes the combined operations of China Shipping Container Lines Co., reported losses in both its container shipping and dry bulk operations during the first quarter as rates in both segments plummeted.
The European Union competition watchdog said a trustee will monitor both companies to ensure there is no information sharing between the Ocean3 and G6 ocean carrier alliances, of which CMA CGM and Neptune Orient Lines subsidiary APL are currently members.
The larger, more efficient ships will reduce emissions per TEU by 65 percent, according to Atlantic Container Lines.