The trade organization has called on terminals that are currently holding containers because of Hanjin’s financial troubles to release those containers immediately.
NEWS FLASH: California delegation wants federal action on Hanjin insolvency
Members of California’s congressional delegation asked the federal government to get involved in the Hanjin insolvency, and Rep. Loretta Sanchez said Hanjin’s stranded ships may have goods needed to keep U.S. assembly lines running.
NEWS FLASH: Hanjin makes Chapter 15 filing in U.S. bankruptcy court
The South Korean ocean carrier filed for recognition of its Korean insolvency proceeding in the United States Friday in the U.S. Bankruptcy Court for the District of New Jersey and the court ordered a hearing on the request for Tuesday.
NEWS FLASH: Hanjin insolvency roils the shipping industry
The shipping industry is being roiled by Hanjin’s decision to file receivership, with spot rates surging, cargo being stranded on vessels, and now lawsuits are being filed by shipowners.
NEWS FLASH: Some NVOs played chicken with Hanjin situation
Datamyne provided American Shipper with statistics illustrating how some non-vessel-operating common carriers pulled U.S. import volume from Hanjin ships prior to August, while others ramped up their use of the financially stricken carrier.
NEWS FLASH: CMA CGM posts Q2 net loss of $128m
The ocean carrier’s revenue declined to $3.5 billion ($3.3 billion excluding the contribution from NOL) from the $4.1 billion in the second quarter of 2015 as the persistent pressure on freight rates drove down average revenue per TEU.
Canada Post, union workers agree to short-term labor deal
The national mail carrier of Canada reached a two-year stop-gap employment agreement with the Canadian Union of Postal Workers in order to avoid work disruptions, according to statements from both groups.
World ACD: Global airfreight market shows ‘modest’ growth in July
Cargo shipments grew for the second straight month in July 2016, rising 1.8 percent from pared with the same 2015 period after a 2.7 percent year-over-year increase in June, according to industry analyst World ACD.
Sand Springs Railway acquires Oklahoma steel mill site
The OmniTrax affiliate, which offers rail freight service between Tulsa and Sand Springs, Okla. purchased the 146-acre Gerdau steel mill property for an undisclosed price, according to a statement from the company.
STB proposes ‘streamlined’ small rate dispute process
The U.S. Surface Transportation Board issued an Advance Notice of Proposed Rulemaking proposing a new procedure to resolve small rate disputes between shippers and Class I railroads.