The Panama Canal's third lane opened for business, following Sunday's transit of the 9,472-TEU COSCO Shipping Panama.
The United States exported 794,537 net tons of steel in April, a 2.5 percent increase from March, but a year-over-year drop of nearly 6 percent.
The 9,742-TEU containership COSCO Shipping Panama began its historic passage through the expanded waterway, construction of which began back in 2007, Sunday morning.
Registration takes less than 1 minute.
Annual costs at container lines have increased a combined $500 million due to new sulfur emissions rules requiring vessels to use more expensive fuel, according to a report released last week by the Organisation for Economic Co-operation and Development.
Despite the European Union and United States agreeing to ease economic sanctions placed on Iran in 2009, multinational companies must still ensure rigorous compliance with "secondary" U.S.-Iranian sanctions.
The majority of sanctions applicable to U.S. companies remain in effect, and violators could be subject to fines and other penalties, according to Brent Helms, special counsel for the energy, environment and natural resources team at Jones Walker LLP.