Adani Group has pulled the plug on a $39.4 million deal it unveiled in December to acquire a controlling stake in India domestic cold chain logistics leader Snowman Logistics Ltd.
Better operations and economics may help to retain or even regain some of the freight that the Los Angeles-Long Beach port complex has lost to sourcing shifts, but some cargo can’t be won back.
An appellate court has denied the commission’s request for a rehearing of an earlier decision that would shift responsibility for background checks and criminal investigations at the largest US East Coast port to New Jersey state police.
Despite a slightly improved forecast for US imports, retailers are being conservative in their purchase orders with Asian factories, pointing to a dismal peak shipping season compared to recent years.
Cosco Shipping's partnership with Alibaba and the group’s finance arm Ant Financial, which will primarily focus on using blockchain to track containerized goods globally, fits into China’s larger goal of creating a digital silk road threading through its Belt and Road initiative.
Imports from Asia and China rebounded in June as a number of US retailers reopened, but consumer demand could pull back later this summer if stores are forced to close again due to the spike in COVID-19 cases.
Container lines can either keep up the capacity discipline they showed in the first half and be on track to end the year with $9 billion in profit, or lose $7 billion if they can’t, according to SeaIntelligence Maritime Consulting.
The Digital Container Shipping Association is targeting standard vessel schedule publishing to allow ports and cargo interests to get more real-time arrival and departure data.