The Chilean container shipping company CSAV said it has priced a rights offering for 6.75 billion shares of stock it is selling at about 4.88 cents per share. The company said based on the price it expects to collect funds of about $330 million. CSAV’s board approved a capital increase of $500 million […]
T. Parker Host Jr., the owner of the steamship agency T. Parker Host Inc., died on Sunday in Virginia Beach, Va., at the age of 88. After serving in the Army Air Corps, he joined the company in 1948, which was founded by his father. He served as both president and chairman of the […]
They’re increasingly opting for quality goods at higher prices and adopting on-line shopping and social media to gather product information, according to a report released today.
In an interview with Politico, Jim Oberstar, who served as chairman of the House Transportation and Infrastructure Committee from 2007 to 2011, said the slow pace of Congress may mean the Obama administration should take action on transportation policies on its own. Funding for the Department of Transportation will run out in 41 […]
In July, the American Trucking Associations’ for-hire truck tonnage index fell 0.4 percent, the index’s first drop since April. Last month, the index inched up 0.1 percent. “After gaining a total of 2.2 percent in May and June, it isn’t surprising that tonnage slipped a little in July,” ATA’s Bob Costello said […]
The private equity firm KKR said Tuesday it has formed a new business, Maritime Finance Co., that will focus on lending to the offshore oil field services and traditional shipping sectors to “fill a void left by exit of traditional lenders.” Led by former Helios Advisors partners Kristan Bodden and Gabriel Tolchinsky, Maritime Finance […]
Damco, the third-party logistics arm of A.P. Moller-Maersk, has been granted a license to operate in Myanmar and has started setting up an office in the region. The company has already started a freight station operation in Yangon and is managing shipments for global accounts. Damco is also working toward a plan of […]
The 21.4 billion miles traveled on California’s Interstate 5 during 2011 (the most recent year available) puts the road in the top spot as the nation’s busiest interstate. Los Angeles can lay claim to the busiest interstate in a U.S. city.
FDOT on Monday awarded $5 million worth of grants to four logistics projects in the state, including $2.5 million for the South Florida Logistics Center in Miami, from the state’s new intermodal infrastructure support program.
In this role, Tom Nightingale will be responsible for growing revenue and expanding GENCO’s logistics business. Today, the Pittsburgh-based 3PL firm manages more than $1.5 billion in freight annually.
The Virginia Port Authority has converted its terminal operating company, Virginia International Terminals, from a non-stock corporation to a limited liability company under more direct control of the authority. The move is part of a wider reorganization of the Port of Virginia’s management structure prompted by Gov. Bob McDonnell’s administration and accelerated by pressure […]
Maersk said it will implement a general rate increase on Sept. 16 for cargo leaving Houston and New Orleans to Chile, Peru, Ecuador, Bolivia and Colombia. The rate will be $150 per 20-foot, 40-foot, 40-foot high cube, and 45 foot dry boxes.
The National Customs Brokers and Forwarders Association of America said it has asked U.S. Customs and Border Protection to revoke or modify a number of long-standing rules interpretations regarding safeguards for protection of confidential customer information. The group, which represents about 850 trade intermediaries, says the rules are too strict and hinder the development of […]
Navios Group, composed of three New York Stock Exchange-listed affiliates – Navios Maritime Holdings Inc., Navios Maritime Acquisition Corp., and Navios Maritime Partners L.P. – said a new company, Navios Europe, has been formed as the next step in concluding a deal with HSH Nordbank, first announced in April, to acquire five container vessels […]
Container volume in July at Southern California’s ports continued to trend in opposite directions, with Long Beach’s throughput rising 7.6 percent year-on-year and Los Angeles’ dropping 1.5 percent. Total throughput at Long Beach rose to 562,166 TEUs during the month, while it fell to 715,640 TEUs at Los Angeles. For the year, Los […]
Old Dominion Freight Line has opened the 100-door Chicago West Service Center in Crest Hill, Chicago, which will employ 91 people. The less-than-truckload carrier will service West Chicago, Downer’s Grove, Aurora and 10 additional areas from the facility, which is Old Dominion’s seventh service center in Illinois. “This new facility bolsters Old Dominion’s growing […]
“This convention is a milestone in maritime history,” said ILO director-general. “The product of tripartite dialogue and international cooperation, it enables decent working and living conditions for seafarers.”
IAG Cargo has launched its Cargo Connector service, which focuses on consignments of less than 200 kilograms, at airports in Dallas/Fort Worth and Atlanta. The service is being pitched to freight forwarders who need to book cargo on short notice. IAG Cargo officials will now collect and courier cargo from a forwarder’s facility to […]
SeaIntel Maritime Analysis said the proposed P3 Network of Maersk Line, Mediterranean Shipping Co. and CMA CGM will be a difficult for competing carriers to challenge on the Asia-Europe trade lane in terms of economies of scale, where lower unit cost becomes essential to all the carriers engaged in this trade. The company also believes […]
American Airlines Cargo has commenced full cargo service in Indianapolis, offering non-stop service to Indianapolis and Dallas. Non-stop service from Indianapolis to Los Angeles will begin Aug. 27. The carrier now adds Priority Parcel Service, ConfirmedFS, ExpediteFS and ExpediteTC to its services in this area. “We are very excited to bring […]
