Spot rates on the Asia-Mediterranean trade fell to their lowest ever levels this week, hitting $244 per 20-foot container as China shut down during the country’s Golden Week national holidays.
Danish logistics company DSV will acquire loss-making UTi Worldwide for $1.35 billion in a surprise announcement that represents a 50 percent premium on UTi’s closing price yesterday.
Among the top 10 fastest-growing Asian sources of U.S. imports are a number of nations, such as China, South Korea and Vietnam, that have long played a dominant role in global supply chains for both raw materials and finished products. But there are also a number of surprises on the list.
Efforts to merge Brazil’s Special Ports Ministry (SEP) with the Ministry of Transport seem to have been put on hold, at least temporarily, with the appointment of Helder Barbalho as the ministry’s new leader.
Nearly a year after labor stoppages at U.S. West Coast ports burned scores of perishables shippers, the industry’s largest advocacy group refuses to relent in its push for greater transparency in how ports are operated and negotiations with unions are conducted.
Kazakhstan Railways, the national railway company of Kazakhstan, will build a 1 million 20-foot-equivalent unit container terminal in Klaipeda, Lithuania, home to one of the largest Baltic seaports.
Japan’s Mitsui O.S.K. Lines may incur a group net loss in the first half of fiscal 2015, which started in April, due to an extraordinary charge resulting from the collapse of Daiichi Chuo Kisen Kaisha, a mid-size domestic peer and equity-method affiliate.
After a flurry of acquisitions the past four years, XPO Logistics, the fastest-growing company in trucking and logistics, is going to take a breather to integrate backroom services and take hundreds of millions of dollars of cost out of its operations.
The government of India this week approved an infrastructure upgrade project at the major public port of Paradip, allowing the country’s second-largest general cargo handler to expand capacity and improve operational efficiency.
CMA CGM today confirmed it is in talks with the Yildirim Group over the sale of the Turkish conglomerate’s 24 percent stake in the French ocean carrier.
The Incheon Port Authority has doubled the size of the ships it can handle in the last decade and is working to handle even larger vessels as it continues to invest in an effort to lower costs for shippers and become a regional hub.
South Korea’s container shipping companies Hanjin Shipping and Hyundai Merchant Marine are leading the country’s cautious financial recovery, but it’s unclear if the good times will last.
This year’s peak shipping season has come and gone, and with it so has the notion of a traditional peak season, industry executives said at the JOC Inland Distribution Conference here Thursday.