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Mid-size importers are not likely to shift cargo from the West Coast of the United States to East Coast ports because it is cost prohibitive, according to logistics expert Stephen Craig.
No sighting of lifeboat yet as multiple aircraft and ships search the area for TOTE Maritime Puerto Rico ship and crew.
The independent containership owner and manager signed a Framework Cooperation Agreement with the Export-Import Bank of China for up to $1 billion in export credit facilities.
The Israeli ocean carrier recently returned to the black, posting adjusted net profits of $23 million in the second quarter of 2015 compared with a net loss of $50 million the previous year.
With more tonnage to be delivered next year, London-based shipping consultant Drewry says "the overhang of excess capacity [in the ocean freight industry] will be even greater than that experienced in 2009."
Capacity growth was relatively stagnant across the three major east-west trades in the third quarter of 2015, as slowing global trade and an economic recession in China caused volumes to remain weak even during the summer peak shipping season.