The German ocean carrier said its merger with UASC will create the world's fifth largest container carrier and secure the large ships it needs for the Far East-Europe trade.
The Government Accountability Office has denied a competitor's protest that the U.S. Transportation Command improperly awarded a contract to operate a major military port.
The port terminal operator division of China COSCO Shipping Corp. posted net profits attributable to equity shareholders of the company of $171.9 million on revenues of $275 million, year-over-year declines of 8.1 percent and 0.6 percent, respectively.
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However, chassis lessors oppose the West Coast Marine Terminal Operator Agreement members’ plan to implement a $5 fee on chassis that move in and out of container terminals at the ports of Los Angeles and Long Beach, saying it will cost them $29 million.
Rolf Habben Jansen, the chief executive officer of ocean carrier Hapag-Lloyd, said he believes consolidation in the shipping industry resulting from deals such as Monday’s merger agreement between Hapag-Lloyd and UASC will benefit the container industry.
The U.S.-based marine transportation company, which has offices in Mobile, New York, Tampa and Shanghai, and its subsidiaries, have filed for Chapter 11 relief in the United States Bankruptcy Court for the Southern District of New York.