The South Korean ocean carrier reported operating profits in its container division fell over 73 percent year-over-year in the third quarter of 2015 despite volume growth of nearly 4 percent thanks to weak freight rates caused by overcapacity.

Year-over-year cargo volumes continued to rebound after a relatively flat August, but volumes are still down 1.2 percent down from their peak at the end of 2014, according to the International Air Transport Association.

The international trade deficit, a negative balance in which the overall value of a country’s imports exceed that of its exports, declined from $48.0 billion in August to $40.8 billion in September.

The international freight forwarding and logistics company reached an agreement with Dutch Flower Group Wednesday to acquire a majority stake in its airfreight forwarder Airflo.

The Malaysian ship owner posted operating profits of 618 million Malaysian ringgit on revenues of 2.5 billion Malaysian ringgit for the third quarter, which ended Sept. 30. 2015.

The ocean carrier began offering slots on the joint CNC, COSCO and Yang Ming CTS loop, which operates between Korea, China, Southeast Asia and Hong Kong, on Nov. 3.

Iron ore shipments on the Great Lakes totaled 5.3 million tons in October, while limestone shipments reached 3.4 million tons, year-over-year decreases of 23 percent and 8 percent, respectively.

K Line Shipping and Logistics is a joint venture between Japan’s “K” Line and the Dubai-based Sharaf Group.

The Dubai-based ocean carrier launched a new mobile application that features round-the-clock shipment tracking, schedule search options and enhanced track and trace functionality.

The multi-year measure would support infrastructure investment, including a first-time dedicated funding source for freight-related projects, but is only partially funded so far.