The Atlanta-based parcel giant reported increased revenues in all of its business segments, and surpassed analyst expectations with an earnings per share of $1.32 for the quarter.
The port terminal operator arm of China COSCO Shipping saw earnings sink 65.6 percent to $37.6 million in first quarter 2017 despite a 7.5 percent increase in container throughput compared with the same 2016 period.
The London-based shipping research and consulting firm said that even though freight rates fell seasonally in the first quarter of 2017, they are better than they were in 2016.
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House members question whether the Shipping Act should be revised, and also said there is a need to protect domestic tugboat and terminal companies.
Shippers, carriers and terminals swapped accusations in their filings with the Federal Maritime Commission that their positions on detention and demurrage charges are being mischaracterized.
Federal Maritime Commissioner Mario Cordero will be appointed executive director of the Port of Long Beach, where he served as a harbor commissioner from 2003 to 2011.