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The 60 percent drop in oil prices in the past year has hurt some sectors of the U.S. economy and tamped down growth, according to Thom Albrecht, transportation analyst at BB&T Capital Markets.
With more tonnage to be delivered next year, London-based shipping consultant Drewry says "the overhang of excess capacity [in the ocean freight industry] will be even greater than that experienced in 2009."
The U.S. Coast Guard and ship operator TOTE Maritime have scheduled press conferences for this afternoon to announce any new information on last week's disappearance of the Florida-Puerto Rico cargo vessel.
The Israeli ocean carrier recently returned to the black, posting adjusted net profits of $23 million in the second quarter of 2015 compared with a net loss of $50 million the previous year.
Capacity growth was relatively stagnant across the three major east-west trades in the third quarter of 2015, as slowing global trade and an economic recession in China caused volumes to remain weak even during the summer peak shipping season.