The independent containership owner and manager purchased the vessels for $195.6 million.
The U.S. Commerce Department’s International Trade Administration released a report Wednesday, showing that 92 percent of more than $1.3 trillion worth of U.S. goods exported in 2015 were likely affected by foreign technical regulations.
The Arab ocean carrier's shareholders would own 28 percent of the combined company, while the existing shareholders of Hapag-Lloyd would own 72 percent of the new company.
Registration takes less than 1 minute.
The French ocean carrier transported 2.9 percent more containers, but saw the average freight rate tumble 17.6 percent when compared to the first quarter of 2015.
Recently purchased APL parent Neptune Orient Lines couldn’t cut costs fast enough to compete in an increasingly commoditized market, chief executive Ng Yat Chung said in a surprisingly candid interview with Singapore’s Straits Times.
The agricultural export group, which has been a critic of the container weight regulation implementation process, praised South Carolina Ports Authority CEO Jim Newsome for suggesting the use of port scales to obtain verified gross mass.