The pull-back will likely offer some relief to the oil market, where long-haul arbitrage cargoes have had more difficulty due to elevated freight rates.

CMA CGM said it is committed to acquiring Bolloré Logistics for €5 billion in a deal that would add 14,000 employees to the company's workforce.

Bed Bath & Beyond filed a complaint stating Orient Overseas Container Line participated in practices that cost the world-famous retailer $31.7 million.

The incident is the latest flare-up in one of the world’s most oil-rich regions, after Iran seized another tanker in the nearby Gulf of Oman April 27.

The new five-year policy aims to strengthen Japan's maritime security in response to increased assertive actions from China and other nations.

U.S. officials believe the seizure was a retaliation against a decision by the Department of Justice to force a tanker headed to China with Iranian oil to redirect to America

Under the agreement, the five Californian ports will use computerized and cloud-based data to improve freight system resilience, goods movement efficiency, emissions reduction and economic competitiveness.

Iran’s state-run IRNA news agency reported that a Marshall Islands-flagged tanker collided with an Iranian vessel in the Persian Gulf, prompting Iran’s navy to seize the vessel in Gulf of Oman.

Interos will be integrated into the Navy’s Program Executive Office Integrated Warfare Systems organization, providing preemptive responses to identify, assess and reduce supply chain risks.

The change will bring much-needed liquidity into the benchmark, which for years has been suffering from shrinking supplies.