Meanwhile, a judge in STX Offshore’s Korean bankruptcy proceedings has ordered the troubled shipbuilder to put its shipyard up for sale along with its profitable cruise ship subsidiary based in France, according to multiple media reports.
Hanjin opposed Ashley Furniture’s motion for a freeze on the amounts it owes the carrier, along with a reduction in the amounts owed, saying in a court filing that if the motion was granted, its ability to reorganize would have been severely jeopardized.
The transportation and logistics provider’s net income dropped 41 percent to $18.9 million compared with third quarter 2015 after a similar 43 percent year-over-year decline the previous quarter, according to the company’s most recent financial statements.
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The U.S. District Bankruptcy Court in Newark, N.J. will hear from companies today that said Hanjin is not “promptly” informing creditors when ships go off charter.
The Commerce Department has launched antidumping investigations on imports of steel concrete reinforcing bar from Japan, Taiwan and Turkey, and a countervailing duty investigation on these same imports from Turkey.
Five leading shipowner groups have warned that unrealistic demands for carbon dioxide reductions could result in a shift toward less energy efficient transport modes.