FASA

The number of twenty-foot equivalent units that passed through Port of Long Beach terminals was up 9.2 percent last month compared to June 2016, according to the latest data from the Southern California port.

The official flag carrier of Hong Kong will purchase the remaining 40 percent of shares in Air Hong Kong, held by DHL, who in turn will acquire eight freighter aircraft from Air Hong Kong.

COSCO’s acquisition of OOIL illustrates once again that normal fundamentals aren’t at play in the ocean shipping industry, where governments, sovereign wealth funds, and patriotic investors play outsized roles in the success or failure of specific lines.

With so much acrimony already between the U.S., Mexico and Canada over various commodities traded across their borders, just imagine how hard it will be for the Trump administration to reshape the 23-year-old North American Free Trade Agreement (NAFTA).

The Port of Los Angeles and General Electric recently launched an ambitious data portal pilot program that will digitize the movement of shipment information in an effort to improve the flow of goods at the nation’s busiest seaport.

The “Big 3” Japanese container lines – MOL, NYK and “K” Line – have named Jeremy Nixon, former Chief Executive Officer of NYK Group’s container division, to lead their new joint venture scheduled to commence operations in early 2018.

As of June, 178 containerships with an aggregate capacity of 474,000 TEUs were idle, with over half of the ships having a capacity of 2,000 TEUs or less, according to maritime consultant Drewry.

The Northern California port handled 204,255 TEUs for the month, with full container imports reaching 80,253 TEUs and full container exports totaling 75,460 TEUs.

The International Monetary Fund has lowered the GDP growth projection for the United States from 2.3 percent to 2.1 percent for 2017, warning that the Trump administration is unlikely to achieve its stated goal of an annual GDP growth of 3 percent.