The Atlanta-based parcel giant reported increased revenues in all of its business segments, and surpassed analyst expectations with an earnings per share of $1.32 for the quarter.
The port terminal operator arm of China COSCO Shipping saw earnings sink 65.6 percent to $37.6 million in first quarter 2017 despite a 7.5 percent increase in container throughput compared with the same 2016 period.
The London-based shipping research and consulting firm said that even though freight rates fell seasonally in the first quarter of 2017, they are better than they were in 2016.
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The U.S. Department of Justice served several container shipping lines with subpoenas last week in Sausalito, Calif., where their top executives were attending industry meetings.
South Korean ocean carrier Hyundai Merchant Marine said it expects to save costs and boost competitiveness through the “2M+H Strategic Cooperation,” which was signed Wednesday in Sausalito, Calif.
House members question whether the Shipping Act should be revised, and also said there is a need to protect domestic tugboat and terminal companies.