Mohab Mamish, chairman of Egypt’s Suez Canal Authority, told the Wall Street Journal the authority is asking regular users of the canal to pay for fees as much as five years in advance in return for a 3 percent discount.
The port terminal operator arm of the recently merged China COSCO Shipping saw net profits from continuing operations tumble 37.3 percent to $43.9 million in third quarter 2016 despite a 3.3 percent increase in revenues compared with the previous year.
The U.S. International Trade Commission has determined the domestic industry is harmed by imports of welded stainless steel pressure pipe from India, which Commerce determined is subsidized and sold in the United States at less than fair value.
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Peak season capacity took a major hit in third quarter 2016 as carriers scrambled to replace services interrupted by Hanjin Shipping’s Aug. 31 bankruptcy announcement.
The Federal Maritime Commission said Friday it concluded its review of the proposed OCEAN Alliance, allowing the new ocean carrier alliance to take effect Monday, although it is not expected to commence operations until around April 2017.
An MSC spokesperson told American Shipper the reason it sold its interest in Genoa, Italy-based logistics company Aprile to Savino Del Bene was to exit the freight forwarding business.