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Due to construction challenges and severe 2014 winter weather, the deck raising will now be completed in late 2017, with entire project to be completed in mid 2019, according to the Port Authority of New York and New Jersey.
As the U.S. Coast Guard continues to search for survivors, experts say the now-likely loss off the TOTE Maritime cargo ship could be the worst disaster involving a U.S. flag vessel in decades.
CSAV and Kühne Maritime will double down on their investments in the German container line by each investing an additional $50 million.
The Danish firm's acquisition of UTi is the latest in a string of international mergers in the 3PL industry this year.
The Israeli ocean carrier recently returned to the black, posting adjusted net profits of $23 million in the second quarter of 2015 compared with a net loss of $50 million the previous year.
With more tonnage to be delivered next year, London-based shipping consultant Drewry says "the overhang of excess capacity [in the ocean freight industry] will be even greater than that experienced in 2009."