The deferred airfreight transportation services and drayage provider attributed the loss primarily to one-time costs associated with its acquisition of TQI, which accounted for $27.4 million ($0.90 per diluted share) of the second quarter 2016 net loss.
The U.S. Justice Department said executives at LATAM’s predecessor, LAN Airlines, set up a fictitious $1.15 million consulting agreement in October 2006 with an advisor to Argentina’s Ministry of Transportation secretary.
The Dubai-based container terminal operator posted a cargo throughput of 31.4 million TEUs at its container terminals in the first six months of 2016, a 1.2 percent increase from the same 2015 period on a like-for-like basis.
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Industry leader Maersk Line, along with MSC and 13 other container lines, might not be subject to further penalties stemming from a five-year European Commission probe, according to a report from Reuters news service.
Claudio Bozzo, chief operating officer of liner carrier Mediterranean Shipping Company, joins the World Shipping Council board.
After a weak first quarter in 2016, east-west capacity rebounded slightly in advance of the traditional summer peak season, but overcapacity, decreased volumes and low rates continued to drive carriers into the ever-changing alliance game.