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Several major logistics and transportation company stocks fell Monday in response to fears of potential trade fallout from a prolonged downturn in the Chinese economy.
Shares in two Chinese liner shipping companies suspended; a merger could create fourth largest container carrier.
The Federal Aviation Administration has proposed civil penalties ranging from $54,000 to $63,000 against four companies for allegedly violating the country’s hazardous materials transport regulations.
Saverco NV, a controlling shareholder of Antwerp-based cargo ship and aircraft lessor CMB, will seek to purchase all outstanding shares of CMB.
Rates from Shanghai to Northwest Europe and the Mediterranean have increased dramatically in the past two weeks, but rates from Shanghai to the United States have fallen three weeks in a row.
Weak trade has limited growth opportunities for airfreight carriers, but trade is expected to improve in the second half of the year, according to the International Air Transport Association.