The transportation and logistics provider’s net income dropped 41 percent to $18.9 million compared with third quarter 2015 after a similar 43 percent year-over-year decline the previous quarter, according to the company’s most recent financial statements.
The Shanghai Containerized Freight Index ticked up 2.3 percent from last week, with rates from Shanghai to Northwest Europe, the Mediterranean and the United States remaining fairly stagnant.
Roberto Azevêdo, the head of the World Trade Organization, warned that the benefits of international trade are increasingly getting lost among the incessant anti-trade rhetoric that’s being espoused worldwide.
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The International Transport Workers’ Federation criticized the U.S. Customs and Border Protection (CBP) saying it was told by CBP that it had concerns crew could try and jump ship due to the Hanjin situation.
Various media reports have speculated the sale of South Korean liner carrier Hanjin Shipping, viewing COSCO and Maersk Line as possible buyers.
The Taiwanese ocean carriers have added new functions to their online systems in response to the unexpected service disruptions caused by Hanjin Shipping's insolvency.