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The portfolio, the first purchase by logistics real estate company IDI Gazeley in the Netherlands, includes over two million square feet of warehousing space.
Meanwhile, lane outages in the existing locks for maintenance could reduce available capacity for vessel traffic by up to 50 percent through the end of the month, according to maritime support services provider Gulf Agency Co.
With more tonnage to be delivered next year, London-based shipping consultant Drewry says "the overhang of excess capacity [in the ocean freight industry] will be even greater than that experienced in 2009."
The fund will be held and administered by the Seamen’s Church Institute, North America’s largest mariners’ service agency, following the structure put in place by TOTE.
The entire investigation into the loss of TOTE Maritime Puerto Rico ship will take 12-18 months, but the NTSB will release findings on an "as needed" basis in advance of its final report.
The national mail carrier of Singapore and aspiring global logistics provider has agreed to purchase a 71.1 percent share in Jagged Peak, Inc. for $15.8 million.