The carrier’s first-quarter financials, which included a sharp drop in net profit, were generated in a market roiled by ongoing tensions in the Middle East, rising oil prices and increasing operating costs.
Volumes under contract when the Middle East war began were locked into quarterly bunker fuel adjustments, and those costs are set to be passed on to shippers at the start of the third quarter.
A lead time of five to seven years to build up domestic crane manufacturing capacity could cripple the US heavy-lift industry if tariffs on imported products are not reduced, industry stakeholders say.
