The United States Maritime Alliance, the employer group that negotiates the master contract with the International Longshoremen's Association, called the ILA’s planned work stoppage threat “disturbing.”
The terminal operator increased spending from $70 million to $200 million in preparation for ultra large containerships.
Matson President and CEO Matt Cox said the Honolulu-based shipping company had “exceptional” results for the full year of 2015, while fourth quarter 2016 results were hindered by the increase in bunker fuel prices from mid-November through December.
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Global trade in 2016 was sluggish, as import volumes and global container throughput dipped, but the negligible dip in global trade was accompanied by radical shifts in freight pricing.
The 4,250-TEU APL Denver collided with the 2,495-TEU Wan Hai 301 late last night near Pasir Gudang Port in Johor, Malaysia, causing fuel to spill from one of the ship’s bunker tanks, according to Maritime and Port Authority of Singapore.
Drewry research conducted on behalf of software provider CargoSphere found that forwarders spend about $500 million a year on ocean freight rate acquisition and management.