Daewoo Shipbuilding & Marine Engineering bondholders have approved a debt-for-equity swap as a condition of a 2.9 trillion won funding package from the Korea Development Bank and Export-Import Bank of Korea.
Memphis, Tenn.-based integrator FedEx leapfrogged arch-rival UPS to become the largest cargo carrier by freight revenues in 2016, according to the Transport Topics Top 50 Largest Global Freight Carriers list.
Alaska Airlines subsidiary Horizon Air and the International Brotherhood of Teamsters have reached a tentative agreement to amend their existing eight-year contract covering the company’s 620 pilots.
DHL Supply Chain will acquire Polar Transportes, which provides transportation services to the Life Sciences and Healthcare industry in Brazil.
President Donald Trump has announced his intention to nominate former House Rep. Scott Garrett to lead the U.S. Export-Import Bank despite his outspoken opposition to the agency and what he called its “long legacy of crony capitalism.”
Mountain View, Calif.-based connected and automated vehicle technology provider Peloton Technology recently closed a $60 million Series B funding round led by fleet management solutions provider Omnitracs and existing investors, the company said.
However, an XPO spokesperson told American Shipper only 178 of the company’s 44,000 North American employees have voted in favor of the Teamsters since 2015, and none of its locations have a collective bargaining contract in place.
The port said it expects to benefit from the new ocean carrier alliances that launched this month, along with a new non-alliance transpacific service.
The southeast Asian port said the station will facilitate the bunkering of ships as well as shore-based furnaces that use liquefied natural gas as fuel.
The introduction of physical customs checks following the United Kingdom’s withdrawal from the European Union would be a “catastrophe” for ports and trade volumes in the UK, according to Guy Platten, CEO of the UK Chamber of Shipping.
RoadOne IntermodaLogistics adds two new regional business development directors and a regional vice president of operations in the Midwest, while USA Truck appoints vice president, corporate controller.
The intermodal segment, which brought in the majority of J.B. Hunt’s operating revenues for the quarter, saw revenues rise 5 percent year-over-year, reflecting 2 percent volumes growth and a 3 percent boost in revenue per load.
The wife of a seafarer who perished when the cargo ship El Faro sank in October 2015 near the Bahamas is asking Congress to establish new regulations aimed at preventing similar tragedies.
Exports from China increased 16.4 percent from the previous year in March, while imports grew 20.3 percent, reversing a rare trade deficit in February, according to recent data from the country’s General Administration of Customs.
The international trade association has asked the Supreme Court to review its case on the electronic logging mandate, and to determine whether the rule violated the Fourth Amendment.
The liner shipping industry will see “profound change” in the next two decades, as macro-economic & demographic shifts are altering trade patterns, industry consultant Lars Jensen said in his book, Liner Shipping 2025 – How to survive and thrive.
The oil and gas industry said CBP’s proposed revisions on when Jones Act vessels must be used in offshore oil and natural gas activity will lead to less oil and gas production, but the OMSA said it would return 3,200 jobs to the Gulf Coast.
The Southern California port saw a surge of cargo following Asian Lunar New Year celebrations and because U.S. retailers shipped merchandise ahead of the new vessel alliance deployments that began this month.
U.S. Customs and Border Protection said the number of counterfeit merchandise seizures in Puerto Rico for the first two quarters of federal fiscal year 2017 increased by over 300 percent year-over-year.
Omaha, Neb.-based Class I freight railroad Union Pacific is combining its Wichita service unit leadership with its Kansas City, Fort Worth and North Little Rock units and reassigning three management positions to other locations, the company said.
