Ocean freight rate benchmarking platform Xeneta said transpacific rates have been gradually rising since April, stripping out the short-term impact of Hanjin Shipping’s insolvency in late August.
The French shipping company, which acquired Neptune Orient Lines and its APL subsidiary earlier this year, is seeking a buyer for the APL container terminals.
The Atlanta, Ga.-based shipping and logistics provider reported year-over-year increases in net income and revenues for the third quarter of 2016 despite pressure from changes in fuel surcharges and currency exchange rates.
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The Long Beach Board of Harbor Commissioners is expected to formally name Duane Kenagy as the port’s interim chief executive officer Wednesday, who joined the port in 2014.
Historically low ocean freight rates have caused carriers to implement cost-cutting measures that have reduced reliability, meaning shippers need to be more flexible in how they procure capacity.
The commission said it has “reasonable grounds” to suspect the carriers engaged in collusive practices to fix incremental cargo rates from Asia to South Africa.