Under the terms of the deal, Chinese conglomerate COSCO Shipping will own 90.1 percent of Orient Overseas International Ltd., parent of Hong Kong-based container carrier OOCL, while Shanghai International Port Group will hold the remaining 9.9 percent.
EU, Japan reach agreement on free trade deal
The European Union and Japan have reached a political agreement in principle on a economic partnership agreement European Commission officials say “will be the most important bilateral trade agreement ever concluded by the EU.”
Ocean Network Express establishes operating, holding companies
Moving one step closer to completion, Japanese carriers MOL, NYK and “K” Line have now established an integrated container shipping business via operation and holding companies in Singapore and Tokyo, respectively.
NCBFAA answers FMC’s regulatory review request
The National Customs Brokers and Forwarders Association has offered the Federal Maritime Commission myriad suggestions on how the agency rules applying to NVOs and forwarders should be amended or eliminated.
Report: 44% of ocean carriers show ‘cyber weakness’
Maersk Line and parcel carrier TNT Express are just now getting major functions back online after last week’s massive cyber attack, compounding a systematic problem that needs to be addressed immediately, according to SeaIntel’s Lars Jensen.
U.S. trade deficit declines in May
Meanwhile, President Donald Trump is currently attending the G20 Summit in Hamburg, where members – comprising 19 countries and the European Union – are discussing international trade, among other global issues.
Abu Dhabi Ports inaugurates new multipurpose port on Delma Island
The new Delma Port west of Abu Dhabi in the Persian Gulf has been inaugurated and will function as a multipurpose port for cargo, ferries and fishing vessels, according to multiple news outlets.
FMC to review 15 OTI license applications
The U.S. Federal Maritime Commission has received 15 ocean transportation intermediary license applications and changes for review.
SCFI falls on major trades
Spot container rates from Shanghai to Europe, the Mediterranean and the United States all declined since last Friday, according to the latest figures from the Shanghai Shipping Exchange’s Shanghai Containerized Freight Index.
Ocean Transport: Mo mega-ships, mo problems
Challenges associated with the ongoing deployment of larger containerships are resulting in higher terminal costs, and in some cases, poorer terminal service for the same volumes, according to industry analysts at a recent “Talking Freight” seminar.