CMA CGM, the world’s third largest container shipping group, said it had a profit of $102 million in the first quarter compared to a loss of $240 million in the same period a year earlier. Revenue for the quarter was $3.8 billion, six percent more than the $3.6 billion recorded in the first […]
The plan raises the local share of the $733 million project from $189 million to $383 million, with $95 million of that increase for terminal improvements necessary to accommodate the deeper channel draft.
The Truck Operators Independent Contractor Act would prevent trucking companies from misclassifying truckers as a way to avoid workers’ rights and employer responsibilities, including unemployment and Social Security contributions.
The U.S. Commerce Department has found shippers of certain frozen shrimp in China, India, Malaysia, Thailand and Vietnam receive government subsidies, while those in Ecuador and Indonesia do not. In its China investigation, Commerce preliminarily determined that the sole respondent, Zhanjiang Guolian Aquatic Products Co., Ltd. and its cross-owed affiliates, received a subsidy […]
Officials from Zim said they are hopeful that general rate increases being announced by carriers to take effect at the beginning of July will stick and improve the outlook for the container shipping industry. Zim “is generating good utilization of the vessels,” Guy Eldar, the company’s chief financial officer, said in a telephone […]
The liner carrier said Friday it’s increasing the size of a July 1 general rate increase for cargo moving from Asia to North Europe from $750 per TEU to $950 per TEU. It added it “continues to face unsustainable rates in the trade.”
Yang Ming has extended its lease at the Port of Los Angeles for an additional nine years. The liner carrier’s current lease at the West Basin Container Terminal ends in 2021. The new agreement extends the lease to 2030 and will result in additional port revenues of between $365 million and $525 million, depending […]
The Port Authority of New York and New Jersey implemented the controversial $4.05-per-TEU Cargo Facility Charge in 2011 to help pay for road and rail infrastructure, as well as security at the port.
The Mexican government is stepping up its implementation of recently introduced streamline audit procedures for the verification of textile products entering the country. The procedures seek to avoid the illegal transshipment of textiles and other products under the North American Free Trade Agreement (NAFTA). The new approach uses a sampling method with the […]
Vice President Joe Biden and Haitian President Michel Martelly signed a Trade and Investment Framework Agreement (TIFA) this week in Port of Spain which will provide a forum for bilateral talks to enhance trade and investment and discuss specific trade issues between the United States and the Caribbean Community (CARICOM). The 15 member […]
The World Organization for Animal Health (OIE) has upgraded the United States’ risk classification for bovine spongiform encephalopathy (BSE), or “mad cow” disease, to negligible risk. “This is a significant achievement that has been many years in the making for the United States, American beef producers and businesses, and federal and state partners who […]
The authority said the new service will allow vessels to arrive at the canal much closer to their scheduled transit times, allowing them to remain at anchor for less time before actually beginning transit.
The Israel-based liner carrier recorded a loss to shareholders of $112 million in the first quarter of 2013, compared with a loss of $163 million in the same quarter last year. It also had revenue of $918 million for the quarter.
Liner carrier Mediterranean Shipping Co. has closed on the sale of a 35-percent interest in its terminal division, Terminal Investment Ltd. (TIL). The Stamford, Conn.-based infrastructure investment fund, Global Infrastructure Partners (GIP), and a group of co-investors are paying $1.9 billion for TIL, MSC said in April when the deal was first announced. MSC said TIL has […]
Maersk Line has announced new rotations for its MECL 1 and MECL 2 services between the United States, Middle East, Indian Subcontinent and Mediterranean. The company announced earlier this year it was increasing the size of its ships in MECL 1, which is operated with U.S.-flag vessels, and using them to serve the Western […]
Fednav Ltd., the largest bulk carrier in Canada, will add six new vessels to its fleet. Ordered from Sumitomo Corp. and Oshima Shipyard in Japan, the vessels will add “substantial capacity” to Fednav’s Great Lakes-capable fleet of ships, the carrier said. The 34,000-ton bulk carriers are adapted to the dimensions of the St. Lawrence […]
PECO Pallet has opened a new depot in Hazleton, Pa. The facility, located about 95 miles north of Philadelphia, offers services such as sorting, repairing, storing, and reissuing of pallets. It will be fully ramped up by July 1, the company said.
Zim has agreed to sell its holdings in two companies that own container factories in China. Israel Corp., Zim’s parent, said the stake in the two companies would be sold for $50.5 million and that the expected capital gain from the sale would be $31.5 million. Zim did not detail what it […]
This result includes a provision of $40 million that the board of CSAV decided to make to cover possible costs as a result of investigations into breaches of free-competition regulations in the car-carrier shipping business.
An antitrust litigation firm based in Houston said it has filed a nationwide class action law suit against some of the world’s largest vehicle shipping companies, alleging price fixing of car carrier services. Susman Godrey filed the vehicle carrier case May 24 in the U.S. District Court for the Middle District of Florida. […]
