The shipping industry is being roiled by Hanjin’s decision to file receivership, with spot rates surging, cargo being stranded on vessels, and now lawsuits are being filed by shipowners.
The ocean carrier’s revenue declined to $3.5 billion ($3.3 billion excluding the contribution from NOL) from the $4.1 billion in the second quarter of 2015 as the persistent pressure on freight rates drove down average revenue per TEU.
The ports of Savannah and Brunswick will be closed for operations Friday, Sept. 2, 2016, as a result of expected severe weather caused by Hurricane Hermine, which was recently upgraded from a tropical storm to a category 1 hurricane.
The Shanghai Containerized Freight Index jumped 27.9 percent since last week to a reading of 763.06, reflecting Hanjin’s decision to file for receivership.
The U.S. Surface Transportation Board issued an Advance Notice of Proposed Rulemaking proposing a new procedure to resolve small rate disputes between shippers and Class I railroads.
The $2.1 million project to deepen the port’s main navigation channel was shared between the U.S. Army Corps of Engineers and the Port Authority of New York and New Jersey.
The national mail carrier of Canada reached a two-year stop-gap employment agreement with the Canadian Union of Postal Workers in order to avoid work disruptions, according to statements from both groups.
Cargo shipments grew for the second straight month in July 2016, rising 1.8 percent compared with the same 2015 period after a 2.7 percent year-over-year increase in June, according to industry analyst World ACD.
Syed Vagar Ashraf of Lahore, Pakistan was sentenced to 33 months in jail by U.S. District Judge Rosemary Marquez of the District of Arizona for attempting to export controlled items to Pakistan without a license.
Annualized turnover rates at large truckload fleets fell another 6 percentage points to 83 percent in the second quarter of 2016, the lowest level in five years, according to the American Trucking Associations.
The OmniTrax affiliate, which offers rail freight service between Tulsa and Sand Springs, Okla. purchased the 146-acre Gerdau steel mill property for an undisclosed price, according to a statement from the company.
Norm Krehbiel, who has been named the Port of Longview’s new chief executive officer, originally joined the port in 1993 as director of facilities and engineers, and was later named deputy executive director and chief operating officer in 2008.
The sports apparel maker said it plans to open a 1.3 million-square-foot distribution and warehouse facility at Sparrows Point in Baltimore County as part of the Tradepoint Atlantic redevelopment project.
Joseph F. Sutter, considered within the aviation industry as the pioneering engineer who led the development of the Boeing 747, died Aug. 30 at the age of 95.
Logistics and marine services provider GAC Group shuffles regional VPs, while Virgin Atlantic Cargo appoints regional sales manager for continental Europe.
The ports of Savannah and Brunswick will be closed for operations tomorrow, Sept. 2, 2016, as a result of expected severe weather caused by Hurricane Hermine, which was recently upgraded from a tropical storm to a category 1 hurricane.
Carriers may seek to “turn the table” on shippers who drove hard bargains, but an upturn in rates may be short-lived.
The total value of cross-border freight between the United States and North American trading partners Canada and Mexico slipped another 6.4 percent year-over-year in June 2016, according to the Bureau of Transportation Statistics.
The overall rate of fatal crashes involving passenger vehicles increased for the first time in three years to 1.12 deaths per 100 million vehicle miles travelled, according to a recent report from the National Highway Traffic Safety Administration.
Under the new agreement, POST Luxembourg and Singapore Post, the national mail carriers of their respective countries, will offer comprehensive end-to-end e-commerce logistics solutions between Asia and Europe, the companies said in a joint statement.
