Drewry research conducted on behalf of software provider CargoSphere found that forwarders spend about $500 million a year on ocean freight rate acquisition and management.
American Shipper’s sister publication, the Adam Smith Project, wrote Monday about the dangers of recalibrating trade statistics to suit policy initiatives.
Chief Executive Officer Ted Fick resigned earlier this month amid a Washington State Auditor's Office investigation into an alleged $4.8 million in potentially illegal payouts to port employees.
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The South Korean liner carrier’s bankruptcy, which resulted in hundreds of thousands of shipments around the world being delayed, was the biggest in the container shipping industry since the 1986 bankruptcy of U.S. Lines.
Despite mergers and acquisitions, the industry is still plagued by overcapacity, and cost for new entrants is low.
Hyundai Merchant Marine said it expects to receive funding from a new South Korean government shipping entity, which will buy and charter back vessels to the shipping company.