It also cut loose some of its charters and renegotiated
debt with banks and creditors, and next year will join
an alliance with Maersk and Mediterranean Shipping
Co. (MSC). Hyundai needs to rationalize its fleet further, but it now has about four to five years of “
runway” to rebuild, Vaccaro said.
Vaccaro predicted there will be further merger and
acquisition activity, citing some forecasts that in five to
10 years, the number of container carriers will be half
what it is today. “Every container carrier now is subject
to speculation about acquiring or being acquired by
another carrier,” he said.
Intermediaries have benefited from the liner industry’s problems as shippers seek to spread their risk,
Reeve said. That trend was confirmed by fellow panelist Trevor LaChapelle, vice president, global transportation, for BJ’s Wholesale Club Inc. BJ’s has “embraced
the idea of working with” ocean consolidators to gain
more flexibility, assure the availability of containers,
and get help with “things we hadn’t foreseen and had
not negotiated into our contracts” with ocean carriers,
For the sixth consecutive year, CivilianJobs.com has
named Schneider a Most Valuable Employer (MVE).
The website recognizes companies that value the
contributions of military-experienced employees. The
MVE designation helps veterans and current military personnel identify the top employers to target
for civilian careers. … East Coast Warehouse &
Distribution has completed a rigorous accreditation
process to earn the Safe Quality Food certification
from the U.S. Food and Drug Administration. …
UniCarriers Americas honored its top 10 dealers with
the President’s Club award, formerly known as The
Nissan Nine award. … Old Dominion Freight Line Inc.
was awarded the ATA 2016 President’s Trophy in the
“Over 100 Million Miles” category. The trophy is the
highest safety award available to motor carriers in
the U.S. … Ryder System Inc. was named a finalist in
the fourth annual Texas Oil & Gas Awards, an industry initiative to recognize organizations that are leaders in their fields. Ryder is a finalist in the Trucking
Company of the Year category.
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