As part of the country’s three-pronged plan, the amount of government support issued for ship construction will increase from $91 million to $300 million.

Hapag-Lloyd, the only foreign company involved in HMM's bidding, was ruled out of the privatization process by creditor banks Korea Development Bank and Korea Ocean Business Co.

The AI engineer is equipped with two engine automation systems that operate in real-time to diagnose the condition of important ship equipment and detect potential emergencies.

The agreement will involve five vessels of 6,700 TEUs each, with MSC managing three of the ships.

In order to reduce carbon emissions, Atinkana will transport the beans from Colombia to Amsterdam on sailing ships.

Orient Overseas Container Line (OOCL) had the largest EBIT per TEU during Q2 2023 at $305, a massive drop-off from Q2 2022, which was over $1,500 per TEU.

The company said the vessels will be built at a "reputable Japanese shipyard" and delivered during the second half of 2026.

Through the first seven months of 2023, the Port of Los Angeles has processed 4,821,670 TEUs, a 24% drop from the same period in 2022.

WindWings are large sails built with the same materials as wind turbines, and designed as a supplemental source of power for large vessels with the hopes of saving up to 30% of fuel costs.

Beyond physical expansion, the projects will also focus on implementing new technology and adopting updated terminal operating systems, including automation, at each port.