The French ocean carrier reported it will pay 1.3 Singapore dollars (U.S. $0.94) for the Neptune Orient Lines’ shares it does not already own, control or has agreed to acquire.
The ocean carrier alliance, consisting of Maersk Line and MSC, will adjust its Asia-North Europe network, which includes five services.
The Icelandic government, two Icelandic municipal authorities and the EFLA engineering company signed a memorandum of understanding to promote the creation of a new port in the northeast corner of Iceland.
The Paris Memorandum of Understanding on Port State Control, which consists of 27 countries, said it will step up inspections in 2018 to ensure that vessels are burning low-sulfur fuel close to shore.
The Baltic Exchange, which had revenues of just $8.8 million last year, is more of a market-information service these days, generating indexes so members can work out fair cargo transport prices, according to Bloomberg’s David Fickling and Andy Mukherjee.
The South American nation is preparing to place a floating import terminal into service, which will be capable of unloading liquefied natural gas from tankers and turning it back into gas at a rate of 400 million standard cubic feet per day.
Industrial production in South Korea fell more than economists expected as weak exports and corporate restructuring of shipbuilders continue to hurt demand and business sentiment.
European manufacturers including Daimler, Volvo and Renault could be hit with fines surpassing the EU record 1.4 billion euro (U.S. $1.6 billion) penalty imposed in 2012 over television-tube price fixing, according to a report from the Financial Times.
Ocean carriers Maersk Line, CMA CGM, Hapag-Lloyd, MOL and UASC issued general rate increases.
World Shipping Council President John Butler said existing regulations are adequate to manage economic competition and air pollution.
SSA Marine’s Oakland International Container Terminal will make appointments mandatory for the majority of containerized import pick-ups in order to shorten lines at terminal gates and speed up cargo delivery to customers.
The company plans to accept the weights that clients provide as certified, but if clients are not able to provide the certified weight, it will weigh the cargo on their behalf.
Struggling South Korean shipbuilder STX Offshore & Shipbuilding Co. on Friday filed for receivership with the Seoul Central District Court amid mounting debt and continued losses.
The Shanghai Containerized Freight Index rose 9.8 percent since last week to a reading of 577.81, as rates from Shanghai to both Northwest Europe and the Mediterranean jumped 36.6 percent and 21.8 percent, respectively.
The rate management and outsourced logistics services provider will use INTTRA’s eVGM capability to allow customers to comply with the July 1 container weight mandate.
Representatives from Chanel Fragrances and Beauté, Ericsson, Sandvik Machining Solutions, Marine Harvest RMT and Teva Pharmaceutical Industries have joined the association’s Shipper Advisory Committee.
The fiscal year 2017 Energy & Water Development Appropriations bill was defeated in the House Thursday.
The country’s only manufacturer of high-speed locomotives plans to raise as much as 12 billion yuan (U.S. $1.8 billion) in a private share sale in Shanghai to repay debt and to help finance its daily operations.
The Commerce Department this week said it will impose antidumping and countervailing duties on imports of corrosion-resistant steel products from China, India, Italy and South Korea, as result of its investigations.
The retail ready packaging company’s newest logistics and distribution center in Dublin, Ga. will create 110 new jobs in the region, according to a statement from Gov. Nathan Deal.
