The independent containership owner and manager purchased the vessels for $195.6 million.
The U.S. Commerce Department’s International Trade Administration released a report Wednesday, showing that 92 percent of more than $1.3 trillion worth of U.S. goods exported in 2015 were likely affected by foreign technical regulations.
The Arab ocean carrier's shareholders would own 28 percent of the combined company, while the existing shareholders of Hapag-Lloyd would own 72 percent of the new company.
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Despite the European Union and United States agreeing to ease economic sanctions placed on Iran in 2009, multinational companies must still ensure rigorous compliance with "secondary" U.S.-Iranian sanctions.
Pacific Maritime Association President and CEO James McKenna said he expects to hear from International Longshore and Warehouse Union this summer on whether it wants to discuss the extension of the five-year labor contract.
Swiss-based third-party logistics provider Kuehne + Nagel has divided its operations into two separate units and shuffled the company’s management structure in Europe.