Crude oil prices are are down about 4.6 percent this week as rising U.S. stockpiles and OPEC production have cushioned the impact of declines in North American output.
HNA Group Co., the acquisitive owner of China’s fourth-largest airline, has approached the biggest shareholder of CWT Ltd. to express interest in a possible bid for control of the third-party logistics provider.
America’s trade deficit shrank 13.9 percent to $40.4 billion in March 2016, the smallest since February 2015, according to figures released by the Commerce Department Wednesday.
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Ocean carriers CMA CGM, COSCO, Evergreen Line and OOCL revealed they will form a new alliance next April.
Meanwhile, the U.S. Federal Maritime Commission is calling for carriers and shippers to work together to find a solution so exports are not left on the docks for lack of verified gross mass documentation come July 1.
The House subcommittee on Coast Guard and Maritime Transportation will hear testimony on April 14 about the International Maritime Organization's controversial verified gross mass requirement, which goes into effect July 1.