Earnings nosedived across all of the business segments on India's largest shipping line.
Fesco is currently in talks with its creditors and bondholders over the restructuring of its debts.
Rates on Asia-South America East Coast has soared to its highest level ever recorded as disciplined capacity management by carriers continues to support the spot market.
Nine port pairs on services between Southeast Asia and the West Coast are experiencing faster transit times than before the new and enhanced alliances launched April 1.
The opening of the elevated Bayonne Bridge in June is likely to bring change.
Spot rates in the eastbound Pacific dropped for the fourth straight week.