High Shipping Costs Are Here to Stay, Says Bloomberg
By Henry Ren (Bloomberg) Stubbornly high shipping expenses for businesses are getting sealed into contracts for the next 12 months, forcing companies to pass the extra costs on to consumers....
Coast Guard crews continue searching for possible survivors from the cargo ship El Faro Tuesday night after covering more than 170,000 square miles since the ship sank during Hurricane Joaquin last Thursday.
The Coast Guard says crews have searched a total of 172,257 square nautical miles while searching in the vicinity of the ship’s last known position 35 nautical miles northeast of Crooked Islands, Bahamas.
The Coast Guard located a deceased person in a survival suit in the water Sunday, as well as a heavily damaged life boat with markings consistent with those on board the El Faro also located Sunday. Additional items located by Coast Guard aircrews within search areas include a partially submerged life raft, life jackets, life rings, cargo containers and an oil sheen Sunday, the Coast Guard said.
Assets involved in the search have included two Coast Guard HC-130 Hercules airplanes, two Air Force C-130 airplanes, one Navy P-8 airplane, a Coast Guard MH-60 Jayhawk helicopter, three commercial tugs, and the Coast Guard Cutters Northland, Resolute and Charles Sexton.
The three cutters will stay on scene overnight Tuesday and continue their search.
Sea and weather conditions during Tuesday’s search include one-foot seas and two-knot winds with 10 miles visibility.
Meanwhile, the U.S. National Transportation Safety Board launched its investigation into the sinking of the El Faro, sending a ‘go team’ to Jacksonville to begin the process of the investigation.
The NTSB and USCG are scheduled to hold a joint press conference on Wednesday afternoon in Jacksonville to provide updated information on the search for the crew of El Faro and the investigation.
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