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.
The strong growth was largely due to an increase container trade between the port and Asia, which surged 19 percent year-over-year to 336,791 TEUs.
Scheduled to commence in March 2017, the new direct route between its hub at London Heathrow and New Orleans International Airport will be the first of its kind, the global airfreight carrier said in a statement.
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Hanjin opposed Ashley Furniture’s motion for a freeze on the amounts it owes the carrier, along with a reduction in the amounts owed, saying in a court filing that if the motion was granted, its ability to reorganize would have been severely jeopardized.
Citing the ongoing economic slowdown in China and waning U.S. imports, the World Trade Organization on Tuesday slashed its 2016 global trade forecast to 1.7 percent from a previous projection of 2.7 percent growth this year.
The now insolvent South Korean ocean carrier released a status update Monday on the 97 vessels it operates, which illustrated that 59 of these vessels are still waiting in open sea.