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No reasons was given for NYK's decision, but industry officials say it is tough for carriers to make money in the north-south trade lanes today.
The Danish shipping conglomerate has also begun a program to buy back $1 billion in company shares over the next year.
The state-owned logistics company received approval last week for an initial public offering that could be the country’s biggest since NTT Docomo Inc. went public in 1998, according to reports from the Wall Street Journal.
After completing the long-awaited Trans-Pacific Partnership agreement on Monday, the Obama administration now faces its next challenge: promoting the trade pact to Congress and voters.
Just prior to announcing the board of TNT Express had approved its sale to FedEx, the company issued an investor alert warning shareholders that third quarter 2015 profits would be “materially lower” than in the third quarter of 2014.
A massive influx of refugees fleeing the war in Syria has resulted in increased wait times at border crossings and reduced volumes for trucking carriers, according to the International Air Cargo Association.