The Shanghai Containerized Freight Index fell 3.5 percent from last Friday to a reading of 707.68, declining for the second straight week as the short-term boost after Hanjin Shipping filed for receivership at the end of August has now faded.
The Japanese ocean carrier has acquired a 25 percent share of EMAS Chiyoda Subsea, a construction firm specializing in offshore and subsea oil and gas facilities, from Singapore’s Ezra Holdings and Japan’s Chiyoda Corporation.
The Danish container carrier ordered 14,800 new refrigerated cargo containers, lowering the average age of its reefer equipment fleet to 7.9 years old, well below the industry average, the company said in a statement.
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Following Hanjin Shipping filing for receivership, Hyundai Merchant Marine will start up two new services, one between Korea and the U.S. and one between Korea and Europe.
Various media reports have speculated the sale of South Korean liner carrier Hanjin Shipping, viewing COSCO and Maersk Line as possible buyers.
A bankruptcy court in Newark, N.J. will hear requests for modifications as Hanjin Shipping’s biggest shareholder, Korean Air Lines, has postponed a decision to provide cash to the carrier.