FASA

The investment fund is seeking to take advantage of the struggling shipping market by investing in modern vessels operating in sub-sectors that are experiencing substantial distress.

The Ocean Network Express – consisting of Japanese ocean carriers “K” Line, MOL and NYK – will have a containership fleet of close to 1.4 million TEUs when it launches, giving it about a 7 percent market share based on today’s fleet, according to Drewry.

The French ocean carrier has purchased the 6,589-TEU Maule for $20.3 million, according to a report from maritime news outlet Splash 24/7.

Meanwhile, UPS Freight rates are scheduled to increase by 4.9 percent effective June 26, the Atlanta-based parcel giant said.

The Commerce Department has determined that Chinese hardwood plywood is being dumped on the U.S. market at less than fair value.

Plans regarding Arctic shipping, port alliances and marine security are laid out in the maritime initiatives released on Tuesday.

The World Trade Organization has updated its website to offer shippers a clearer and more up-to-date view into its members’ legislation and practices as they relate to rules of origin.

The auto supplier will build a $1.1 billion semiconductor plant as demand for autonomous vehicle components continue to rise.

The Egyptian government will receive 100 passenger and freight locomotives and employee training from GE Transportation in order to boost their rail infrastructure.

The U.S. Federal Maritime Commission has received 12 ocean transportation intermediary license applications and changes for review.