In a widely anticipated move, yet more ocean cargo carrier consolidation was announced in Singapore today. According to spokesmen for the newly-formed group, “Ocean Alliance,” CMA CGM, COSCO Container Lines, Evergreen Line and Orient Overseas Container Line have signed a memorandum of understanding to form a consortia covering the Asia-Europe, Asia-Mediterranean, Asia-Red Sea, Asia-Middle East, transpacific, Asia-North America East Coast, and transatlantic trades.
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The price of diesel fuel rose last week for the second straight week, but uncertainty in the crude oil market could curb the increases, according to the latest numbers from the Energy Department.
Consumer confidence unexpectedly fell in April to the weakest level in seven months as Americans were rattled by unsatisfying wage growth and concern over how the upcoming presidential election would impact the economy.
U.S. weekly railroad traffic fell 14 percent for the week ending April 9, as both carload and intermodal activity posted decreases, according to data released yesterday by theAssociation of American Railroads (AAR).
Following two straight months of growth, the amount of freight moved by for-hire operations in the U.S. fell in February from the month before, due in part to a substantial decline in trucking, according to a Transportation Department report released Wednesday.
The Port of Virginia set a new record in March for the amount of rail cargo handled in a month, despite a decline in overall containerized volume in the month.
U.S. East and Gulf Coast ports have been winning the market share battle in overall U.S. containerized ocean trade since 2008, and in 2015 they overcame West Coast ports in containerized imports, too.
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U.S. wholesale inventories fell at their fastest pace in nearly three years in February, pointing to a sharper slowdown in first-quarter economic growth than previously thought. Wholesale inventories dropped 0.5 percent in February, the Commerce Department said on Friday, the sharpest decline since May 2013. Analysts polled by Reuters expected a 0.1 percent decline.
The average price of diesel fuel finally fell last week, breaking a streak of steady increases that started in late February when the price of oil began to rally, according to the latest numbers from the Energy Department.
The Port of Long Beach is studying land use to plan development of the marine terminal capacity needed to handle growing cargo volumes and larger vessels while remaining committed to environmental stewardship and community partnership.
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