The logistics services provider Agility earned a net profit of $164.1 million, a year-over-year increase of 37 percent, according to financial results released Thursday. Net revenue for the Kuwait-based company fell 3 percent, to $4.8 billion, with revenue for its core Global Integrated Logistics division falling 4.5 percent. GIL revenue represents about 80 […]
While the Port Authority of New York and New Jersey claims congestion at its marine terminals has eased in recent weeks, a coalition of business and labor leaders are planning a rally Tuesday morning to complain about regulation of the port’s workforce by the Waterfront Commission of New York Harbor. A press release […]
An India-based, automobile-focused joint venture between APL Logistics and VASCOR Automotive has ordered more rail capacity after securing deals with original equipment manufacturers that intend to use the joint venture’s AutoLinxSM product. The product, scheduled to be operational by mid-2014, provides finished vehicle distribution across India on covered double-decker rail wagons with adjustable […]
Port of Los Angeles’ Interim Executive Director Gary Lee Moore announced Friday that he will not apply for the permanent position, but will return to his duties as city engineer of Los Angeles after an executive director is selected.
CMA CGM, UASC and China Shipping are introducing a new weekly container service between the Red Sea and the Far East. CMA CGM said the new Asia Southern Red Sea Express will improve port coverage and offer fast transit time.
The Port of Houston’s Ship Channel remained closed Monday morning as the U.S. Coast Guard and other authorities continued to respond to a Saturday oil spill that resulted from the collision of a bulk ship and barge transporting fuel oil near Texas City, Texas. The bulk ship Summer Wind collided with the barge, […]
The Chilean container shipping company CSAV has reported that 84.5 percent of its shareholders approved a merger with Germany’s Hapag-Lloyd on Friday during a special shareholders’ meeting in Valparaíso. In January, the companies announced a non-binding memorandum of understanding to combine, subject to a due diligence currently underway. CSAV’s Chief Executive Officer Oscar […]
Valero Energy Corp. on Friday announced the purchase of a 110-million gallon ethanol plant at the Port of Indiana-Mount Vernon from Aventine Renewable Energy through its subsidiary Valero Renewable Fuels. It plans to reopen the idled facility later this year. Port officials said the combination of the surrounding region’s grain production capacity and […]
Amer Road’s initial public offering Friday exceeded analysts’ expectations, with the firm netting more than $62 million as its stock surged 33 percent above its offered price by the end of the day.
Shipper groups praised the FMC for close examination of the P3 Network that Maersk, MSC and CMA CGM plan to set up later this year, as well as its plan to monitor the vessel-sharing agreement to determine whether it harms competition.
Damen Shipyard Group has opened a new shipbuilding yard facility along Vietnam’s Cam River. The yard is built on a 43-hectare (430,000 square meters) site with direct access to the open sea. It will be operated as a joint venture with the firm Song Cam. Damen, based in the Netherlands, has been […]
The White House on Friday notified Congress of its intent to enter into negotiations on a new trade agreement in the World Trade Organization aimed at eliminating tariffs on a wide range of environmental goods. Earlier this year, the United States and 13 other WTO members, accounting for 86 percent of global trade […]
The U.S. Export-Import Bank and the Philippine government’s Department of Energy entered a memorandum of understanding Friday to exchange information related to matching development needs in the Philippines with goods and services offered by American exporters. More specifically, the MOU targets renewable-energy and liquefied natural gas projects in the hopes of upgrading and […]
The U.S. Federal Maritime Commission said Thursday that its members voted not to block the P3 Network that Maersk, Mediterranean Shipping Co. and CMA CGM plan to start later this year. The three largest container carriers expect to begin operating a vessel-sharing agreement in the transpacific, transatlantic and Asia-Europe trades. They first […]
Shippers choosing ocean transport for cargo previously carried by aircraft has cost the air cargo sector almost 2 percentage points of annual growth since 2000, according to research by Seabury Group and the International Air Transport Association.
The global trade management solutions provider Amber Road went public on the New York Stock Exchange on Friday, offering 20,948,384 shares of common stock in its initial public offering.
The United States and the Philippines have agreed to a program of expanded engagement in coming months on bilateral, regional and multilateral issues after a two-day meeting Thursday under the Trade and Investment Framework Agreement.
Hong Kong-based Cathay Pacific Airways will officially start its twice-weekly Boeing 747-8 freighter service into Columbus, Ohio’s Rickenbacker International Airport when the first aircraft lands at 5 p.m. Friday. Columbus will be Cathay’s 12th freighter destination in North America. “Our 13 Boeing 747-8F freighters are the ideal aircraft to link Hong Kong […]
NYK said that starting May 1, it will no longer provide chassis at marine, truck depot and intermodal rail facilities in Long Beach, Calif.; Los Angeles; San Diego, Calif.; and Phoenix, Ariz.
The container ship charter Global Ship Lease said a new capital structure it is creating will allow it to take advantage of opportunities to grow and possibly pay dividends to shareholders.
