Without clear carbon controls from the International Maritime Organization, the shipping industry may have to adhere to multiple sets of regional regulations, according to Esben Poulsson, chairman of the International Chamber of Shipping.
The Warren, Mich.-based trucking carrier and third-party logistics provider saw net income plummet 39.2 percent year-over-year to $24.2 million as revenues slid 5 percent to $1.07 billion, according to the company’s most recent financial statements.
Hyundai Heavy Industries’ shareholders on Monday voted to approve the company’s restructuring plans despite strong union opposition.
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Federal Maritime Commissioner Rebecca Dye said the reduction from four to three major container shipping alliances should decrease rates on the transpacific trade, but the decline could be offset by upward rate pressure due to expected mergers.
Drewry research conducted on behalf of software provider CargoSphere found that forwarders spend about $500 million a year on ocean freight rate acquisition and management.
Prior to going bankrupt, Hanjin Shipping had chartered five, 3,400-TEU vessels and eight, 10,100-TEU vessels from Danaos.