The international oil shipping services provider, which paid Bretta Tanker Holdings $15.1 million in the second quarter of 2016, saw profits for the first half of 2016 slip 11.3 percent year-over-year to $153.7 million.
The Port of New York and New Jersey, which experienced the second busiest June ever for box volumes, was called by a 10,077-TEU containership at the GCT Bayonne Terminal.
The U.S. gross domestic product increased 1.2 percent in the second quarter 2016, according to the “advance” estimate from the Department of Commerce, following a revised increase of just 0.8 percent in the first quarter.
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Ocean procurement software provider Xeneta reported freight rates may further decline as carriers seek to fill larger ships that are now capable of transiting the expanded Panama Canal.
With spot rates at historic lows, carriers "can ill-afford to flood the market with excess capacity,” the London-based maritime consulting firm said in the latest issue of Container Insight Weekly.