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The Federal Maritime Commission's report was based on feedback from industry leaders at four public forums held around the country to gauge the impacts of port congestion and examine possible solutions going forward.
The funds, part of a $1.6 billion distribution of federal money for homeland security purposes, can be used for risk mitigation planning; maritime domain awareness; detection of explosives and other weapons; training and related measures.
Net income at Canadian Pacific Railway increased 5 percent to $390 million Canadian in second quarter 2015 compared to second quarter 2014, according to the company’s most recent financial statements.
The second quarter financial results of ocean carriers NYK, MOL and "K" Line reflected a weak Asia-Europe market and strong supply pressure.
The U.S. Senate also passed a long-term highway bill that will be debated by the House after the summer break.
The European Commission will now conduct an in-depth analysis under the EU's merger regulations before coming to a decision on FedEx's $4.8 billion offer to buy TNT.