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....
CHICAGO, Feb 1 (Reuters) – Outer Harbor Terminal LLC filed for Chapter 11 bankruptcy protection on Monday, two weeks after terminating its lease held in a joint venture with Ports America.
Last month, Ports America, one of the largest marine cargo operators in the country, said it was shifting its business from the Oakland port to other cities along the West Coast, including Los Angeles and Long Beach.
In a Chapter 11 petition filed in U.S. Bankruptcy Court in Delaware, Outer Harbor Terminal, which operates part of the Oakland port, listed both assets and liabilities of between $100 million and $500 million.
The Port of Oakland, located on the shore of San Francisco Bay, was one of the first ports in the world to specialize in intermodal container operations. (Reporting by Tracy Rucinski; Editing by Jonathan Oatis)
(c) Copyright Thomson Reuters 2016.
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