U.S. President Barack Obama held an open forum with young entrepreneurs on the economic benefits of the 12-country Trans-Pacific Partnership free trade agreement yesterday in Ho Chi Minh City, Vietnam.
However, the International Maritime Organization's Maritime Safety Committee said there should be no delay in the implementation of the verified gross mass rule.
South Korean shipping conglomerate Hyundai Merchant Marine, which said it is continuing efforts to stabilize its business, predicts that normalization of its business is only a matter of time.
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The proposed ocean carrier alliance will include Hapag-Lloyd of Germany; Japan's MOL, NYK and "K" Line; Taiwan-based Yang Ming; and South Korean line Hanjin, and could potentially add Dubai-based UASC and Korea's HMM down the road.
Ship owners on Wednesday broke off rate negotiations with struggling South Korean shipping conglomerate Hyundai Merchant Marine without reaching an agreement, according to multiple reports from Korean media outlets.
The German ocean carrier posted a net loss of 42.8 million euros (U.S. $48.4 million) on revenues of 1.93 billion euros.