The German ocean carrier said its merger with UASC will create the world's fifth largest container carrier and secure the large ships it needs for the Far East-Europe trade.
The Government Accountability Office has denied a competitor's protest that the U.S. Transportation Command improperly awarded a contract to operate a major military port.
The port terminal operator division of China COSCO Shipping Corp. posted net profits attributable to equity shareholders of the company of $171.9 million on revenues of $275 million, year-over-year declines of 8.1 percent and 0.6 percent, respectively.
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The Itasca, Ill.-based third-party logistics provider has added a 50,000-square-foot warehouse on the border of Shenzhen in southeastern China, 30 minutes away from the Port of Hong Kong and 45 minutes from Hong Kong International Airport.
Rolf Habben Jansen, the chief executive officer of ocean carrier Hapag-Lloyd, said he believes consolidation in the shipping industry resulting from deals such as Monday’s merger agreement between Hapag-Lloyd and UASC will benefit the container industry.
The containership charterer said in a filing with the U.S. Securities and Exchange Commission last Thursday that past due accounts receivable from South Korean ocean carrier Hanjin Shipping had grown to approximately $18.6 million.