The world’s second largest shipbuilding company attributed the operating loss of 26.3 billion won in the first quarter of 2016 primarily to costs associated with completing offshore oil projects as crude prices continued to plummet.
The total value of cross-border freight between the United States and North American trading partners Canada and Mexico slipped 2 percent year-over-year following a 7.7 percent drop in January, according to the Bureau of Transportation Statistics.
The U.S. Surface Transportation Board has filed a supplemental notice to a proposed rulemaking that would require Class I railroads and the Chicago Transportation Coordination Office to submit weekly data reports on service performance.
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Meanwhile, the ocean carrier alliance members reconfirmed their current cooperation scheme on east-west trades until the end of March 2017.
Ocean carriers CMA CGM, COSCO, Evergreen Line and OOCL revealed they will form a new alliance next April.
House lawmakers brushed aside calls at a hearing to slow implementation of the Verified Gross Mass rule, while other shippers said compliance should be straightforward.