Prior to going bankrupt, Hanjin Shipping had chartered five, 3,400-TEU vessels and eight, 10,100-TEU vessels from Danaos.
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.
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Starting next week, the terminal will be the first of six facilities within the Port of New York and New Jersey to roll out the port authority's new Truck Management System.
As many as 100 more Panamax vessels - containerships with a capacity of 4,000-5,000 TEUs - need to be scrapped before owners see any significant increase in demand and charter rates, according to the latest weekly report from industry analyst Alphaliner.
Federal Maritime Commissioner Rebecca Dye said the reduction from four to three major container shipping alliances should decrease rates on the transpacific trade, but the decline could be offset by upward rate pressure due to expected mergers.