FASA

The ill-fated cargo ship did not have an accurate forecast of the path of Hurricane Joaquin due to delays in the BonVoyage reporting system, according to official testimony from the second round of Marine Board of Investigation hearings into the incident.

The ocean carrier attributed the reduction in its carbon dioxide emissions primarily to improvements in operational efficiency, fleet and voyage optimization, technical improvements, as well as more fuel-efficient and environmentally-friendly vessels.

Rates from Shanghai to North Europe and the Mediterranean fell 13 percent and 13.2 percent, respectively, since last week, but several major ocean carriers plan to increase rates on these trades in the coming weeks.

Struggling South Korean conglomerate Hanjin Shipping may have caught a break this week as bondholders have agreed to extend the maturity of debts by four months, according to a report from Yonhap news agency.

The new freight index, which has been under development since 2014, was initially modeled after the Shanghai Containerized Freight Index but with an exclusive focus on air cargo.

Beneficial cargo owners fear that service levels will decline to the lowest common denominator when carriers pool their cargo on one vessel.

The U.S. International Trade Commission released a report this week that forecasts U.S. exports related to the Trans-Pacific Partnership, if passed by Congress, will increase by $57.2 billion by 2032.

U.S. Customs and Border Protection will consolidate its national targeting centers for cargo and passengers in a new facility early this fall.

The growth in demand for seafarers could generate a serious shortage unless training levels are increased significantly, according to a report by the Baltic and International Maritime Council and International Chamber of Shipping.