A total of 221 cargo theft incidents were reported in the United States during first quarter 2016, up 8 percent from the same 2015 period, but average loss value per incident fell 56 percent, according to the latest report from FreightWatch International.
Global container shipping lines will face one or two more years of pain as the industry consolidates amid overcapacity and weaker demand, Port of Long Beach CEO Jon Slangerup said.
South Korean shipping conglomerate Hyundai Merchant Marine, which said it is continuing efforts to stabilize its business, predicts that normalization of its business is only a matter of time.
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Container transport revenues at the Danish shipping conglomerate fell 20 percent year-over-year for the quarter due to a 26 percent decline in average freight rates.
China COSCO Holdings Co. Ltd., which now includes the combined operations of China Shipping Container Lines Co., reported losses in both its container shipping and dry bulk operations during the first quarter as rates in both segments plummeted.
The European Union competition watchdog said a trustee will monitor both companies to ensure there is no information sharing between the Ocean3 and G6 ocean carrier alliances, of which CMA CGM and Neptune Orient Lines subsidiary APL are currently members.