The US Coast Guard continues to restrict ship movements at major Texas ports as Hurricane Harvey proved itself stronger than anticipated and brought along with it unprecedented flooding. Texas ports are still recovering and most remain closed in the aftermath of Hurricane Harvey. With severe weather anticipated through Thursday, the US Coast Guard predicts ports will re-open once channels appear to be safe and travel can resume.
After months of rumors, last week Cosco and Shanghi International Port Grp. (SIPG) put in an offer to acquire Orient Overseas International Grp (OOIL) and their container shipping line OOCL. If and when the two companies combine, Cosco plans to hold 90.1% of OOIL’s shares, while SIPG will hold the remaining 9.9% of the shares.
As of July 1st, 2017, long-shore wage and assessment rates have a combined increase of 2.3% at the Ports of LA/LB.
