Since last week, rates from Shanghai to Northwest Europe and the Mediterranean fell 31.8 percent and 19.7 percent, respectively.
The international freight forwarding and logistics company reached an agreement with Dutch Flower Group Wednesday to acquire a majority stake in its airfreight forwarder Airflo.
The South Korean ocean carrier reported operating profits in its container division fell over 73 percent year-over-year in the third quarter of 2015 despite volume growth of nearly 4 percent thanks to weak freight rates caused by overcapacity.
Year-over-year cargo volumes continued to rebound after a relatively flat August, but volumes are still down 1.2 percent down from their peak at the end of 2014, according to the International Air Transport Association.
The Malaysian ship owner posted operating profits of 618 million Malaysian ringgit on revenues of 2.5 billion Malaysian ringgit for the third quarter, which ended Sept. 30. 2015.
The ocean carrier began offering slots on the joint CNC, COSCO and Yang Ming CTS loop, which operates between Korea, China, Southeast Asia and Hong Kong, on Nov. 3.
Iron ore shipments on the Great Lakes totaled 5.3 million tons in October, while limestone shipments reached 3.4 million tons, year-over-year decreases of 23 percent and 8 percent, respectively.
K Line Shipping and Logistics is a joint venture between Japan’s “K” Line and the Dubai-based Sharaf Group.
The Dubai-based ocean carrier launched a new mobile application that features round-the-clock shipment tracking, schedule search options and enhanced track and trace functionality.
An AS Daily news report, “Spot container rates skyrocket from Asia to Europe,” last Friday should have stated that since Oct. 23, rates from Shanghai to the Mediterranean rose from $202 per TEU to $804 per TEU.
Drayage drivers for XPO Logistics, Intermodal Bridge Transport (IBT) and Gold Point in Los Angeles and Long Beach, and Cal Cartage warehouse workers have ended their strike, but protests at Pacific 9 Transportation continue into their 16th week.
The new multipurpose terminal in Qingdao’s Dongjiakou Port, which will primarily handle grain and other general cargo, represents the global marine terminal operator’s first foray into a non-container handling facility in China.
Toy consumers will now be able to choose between wooden blocks and LEGOS when building model containerships this year.
The vessel order is part of a larger deal that involves an additional six firm orders and options for ten more ships capable of carrying both breakbulk and containerized cargoes.
Ocean carrier Matson’s third quarter results benefited from Horizon Line’s exit from the Alaska and Hawaii trades, according to the company’s most recent financial statements.
Net orders for Class 8 trucks were up 30 percent from September, but still failed to meet analyst expectations, according to preliminary data from freight forecaster FTR Transportation Intelligence.
The new Kenworth T680 trucks have features to make them safer, more comfortable, and more efficient, earning them the U.S. Environmental Protection Agency’s SmartWay designation.
The container terminal operator posted a net income attributable to equity shareholders of $35.8 million and revenues of $239.9 million for the third quarter of 2015.
Domestic and international container volumes rose, but trailer volumes decreased during the third quarter of 2015 compared with the same 2014 period, according to the Intermodal Association of North America.
The third-party logistics company will manage an 8,500-square-meter warehouse near Milan, Italy for Pellegrini, an Italian services supply company.
