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The Japanese liner company signed a joint-venture agreement this week with Intermodal S.A. to establish NYK Auto Logistics Colombia S.A.S. at the Port of Cartagena, Colombia.
Ocean carrier COSCO continues to give no details other than to say it is “contemplating a plan on a material event” but claims trading suspension in not expected to exceed an additional month.
The forwarder will transport Toyota Material Handling Group's new line of racking systems from suppliers to the company's customer sites across Europe.
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.
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."
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.