Separately, the three Japanese ocean carriers - NYK, “K” Line and MOL - on Friday filed an agreement with the Federal Maritime Commission to merge container operations.
The sanctions, pursuant to the Iran, North Korea, and Syria Nonproliferation Act, will remain in place for two years.
The ranking member of the House Transportation and Infrastructure Committee introduced the Investing in America: A Penny for Progress Act, which aims to raise roughly $500 billion in transportation infrastructure funding via 30-year Treasury bonds.
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The chemical industry is projected to see increased costs due to excess inventories, larger capital expenditures, and higher operating costs, according to a study performed for the American Chemistry Council by PricewaterhouseCoopers.
Tom Cook, managing director of Blue Tiger International, discussed the types of contingency plans supply chain executives should be creating in order to manage potential supply chain disruptions.
The port attributed the 11.2 percent year-over-year decline in February’s container volumes to reduced economic activity in Asia associated with the Lunar New Year.