Ocean freight rate benchmarking platform Xeneta said transpacific rates have been gradually rising since April, stripping out the short-term impact of Hanjin Shipping’s insolvency in late August.
The French shipping company, which acquired Neptune Orient Lines and its APL subsidiary earlier this year, is seeking a buyer for the APL container terminals.
The Atlanta, Ga.-based shipping and logistics provider reported year-over-year increases in net income and revenues for the third quarter of 2016 despite pressure from changes in fuel surcharges and currency exchange rates.
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The Federal Maritime Commission said Friday it concluded its review of the proposed OCEAN Alliance, allowing the new ocean carrier alliance to take effect Monday, although it is not expected to commence operations until around April 2017.
Meanwhile, the Port of Los Angeles signed a partnership with the U.S. Department of Commerce and the Center for Global Supply Chain Management to advance the use of technology at ports in order to make them more globally competitive.
The Shanghai Containerized Freight Index fell 3.5 percent from last Friday to a reading of 707.68, declining for the second straight week as the short-term boost after Hanjin Shipping filed for receivership at the end of August has now faded.