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With more tonnage to be delivered next year, London-based shipping consultant Drewry says "the overhang of excess capacity [in the ocean freight industry] will be even greater than that experienced in 2009."
Due to construction challenges and severe 2014 winter weather, the deck raising will now be completed in late 2017, with entire project to be completed in mid 2019, according to the Port Authority of New York and New Jersey.
Ocean carriers Maersk Line, CMA CGM, Hapag-Lloyd and MOL announced general rate increases.
Industry advisors to the Commerce Department are calling on the government to get involved much sooner when contract talks between dockworkers and terminal operators diminish port productivity.
A group of Republican House lawmakers on Friday exercised a rarely used “discharge petition” to gather enough support to force a vote on the chamber floor to reauthorize the U.S. Export-Import Bank.
The legislation (HR 702) also includes a provision to increase funding for the 60 ships in the Maritime Security Program from $3 million to $5 million.