Container transport revenues at the Danish shipping conglomerate fell 20 percent year-over-year for the quarter due to a 26 percent decline in average freight rates.
The troubled South Korean ocean carrier received approval from seven lenders to restructure debts and will now turn its focus to restructuring ship chartering agreements.
SSA Marine's Oakland International Container Terminal, which has operated nights and Saturdays for two months to ease pressure on busy weekday cargo operations, will stay open three nights a week in a during a four-week trial.
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The Dubai-based terminal operator will charge $245 Canadian for boxes arriving at the West Coast ports by truck or rail without verified gross mass data after the new International Maritime Organization rule goes into effect July 1.
Sluggish global trade and the recession in China resulted in a nearly non-existent peak shipping last year, and from the looks of things 2016 isn’t shaping up to be much better, according to the latest World Liner Supply Report from BlueWater Reporting.
The South Korean shipping conglomerate is also considering sale of its tanker business as part of its "self-rescue" plan to increase liquidity and improve its finances, according to local media reports.