A total of 221 cargo theft incidents were reported in the United States during first quarter 2016, up 8 percent from the same 2015 period, but average loss value per incident fell 56 percent, according to the latest report from FreightWatch International.
Global container shipping lines will face one or two more years of pain as the industry consolidates amid overcapacity and weaker demand, Port of Long Beach CEO Jon Slangerup said.
South Korean shipping conglomerate Hyundai Merchant Marine, which said it is continuing efforts to stabilize its business, predicts that normalization of its business is only a matter of time.
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The South Korean ocean carrier's results for the quarter were hindered by continuously falling freight rates and the imbalance of supply and demand.
The troubled South Korean ocean carrier received approval from seven lenders to restructure debts and will now turn its focus to restructuring ship chartering agreements.
SSA Marine's Oakland International Container Terminal, which has operated nights and Saturdays for two months to ease pressure on busy weekday cargo operations, will stay open three nights a week in a during a four-week trial.