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APL said it plans to hike refrigerated container rates globally by $1,500 on Jan. 7.
"Rates are currently at
unsustainable levels, and we face the challenge of escalating
operational costs, which show no signs of abating," the Singapore-based carrier said.
APL's action follows similar decisions to hike reefer rates by other carriers, including Maersk.
A tie-up between Singapore's Neptune Orient Lines, parent of liner company APL, and CMA CGM of France would combine the third and thirteen largest container carriers worldwide.
Industry officials say there are many practical issues to work out prior to new International Maritime Organization regulations going into effect July 1, 2016.
Stock in both Canadian Pacific Railway Ltd. and Norfolk Southern Corp. shot up yesterday amid rumors the second-largest Class I railroad in Canada is mulling a potential takeover of NS.
Industry groups said they are willing to work with the port to speed cargo through POLB, but expressed concern about how the plan might affect shippers, who want to pick up containers faster but say getting chassis and trucking capacity can be difficult.
U.S. Agriculture Secretary Tom Vilsack said at the conclusion of the JCCT meeting Monday that China indicated it will review 11 biotechnology applications and continue the dialogue on U.S. beef.
Port of Miami Terminal Operating Company, the only non-carrier affiliated terminal, saw its volumes double to 22,225 TEUs, the largest percentage gain among the three container terminals at the South Florida port.