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Ocean carrier members of the G6 Alliance announced they will void additional sailings on their Loop 1, Loop 4, Loop 5, Loop 6 and Loop 7 services between Asia and Europe.
The ocean carrier placed newbuild orders worth an estimated $1.5 billion at four shipyards that are to be delivered in 2018.
Current rates only make a "nominal contribution" to a round-trip transpacific sailing, and "barely compete for space aboard ships with empty repositioned containers needed in Asia,” according to the Transpacific Stabilization Agreement.
Exports helped drive record throughput in September at the Port of Long Beach, but were the main reason the Port of Oakland experienced a 4.8 percent drop in container volumes.
The derailment of a CSX train carrying Bakken crude, which resulted in a fire that forced the evacuation of hundreds of area residents, was caused by a defect that was missed on two separate inspections, according to the Federal Railroad Administration.
In a response to the ITF recommendations, the International Chamber of Shipping said it prefers a fuel levy, rather than an emissions trading scheme, to reduce greenhouse gas emissions from shipping.