The Sydney, Australia-based third-party logistics provider will build two new purpose-built ships with 40 percent more capacity to support trade between Victoria and Tasmania, the company said in a statement.
The ocean carrier’s revenue declined to $3.5 billion ($3.3 billion excluding the contribution from NOL) from the $4.1 billion in the second quarter of 2015 as the persistent pressure on freight rates drove down average revenue per TEU.
The third-party logistics provider has named James Gagne as president, effective Jan. 1, taking over for William Wascher.
While spot freight rates measured by the Shanghai Containerized Freight Index from China to Northwest Europe and the Mediterranean continued to rise, prices to the United States either remained the same or fell back from last week.
Judge John Sherwood of the U.S. Bankruptcy Court for the District of New Jersey moved to recognize receivership proceedings in South Korea for the now insolvent ocean carrier Hanjin Shipping.
The Memphis, Tenn.-based integrator’s subsidiaries - FedEx Express, FedEx Ground and FedEx Freight - will increase shipping rates Jan. 2, 2017.
The Eden Prairie, Minn.-based third-party logistics provider has added Oceania as a new region to its Global Forwarding division, thanks to the company’s acquisition of Melbourne-based APC Logistics.
The United States imported 2.99 million net tons of steel in August, an 8.5 percent month-over-month decline, driven down by lower volumes from Brazil and South Korea from a month prior.
Bernie Sanders, D-Vt., said he will fight the trade deal in the Senate, but Sen. Elizabeth Warren, D-Mass., hinted the deal could fly in 2017 if controversial language giving corporations the right to challenge a nation's regulations is removed.