The benefits outlined in the deal will apply retroactively going back to October 2024, and will remain in effect through September 2030.

Top executives from the world’s biggest shipping companies have cautioned that any return to the Red Sea is likely to be slow given the volatility of tensions in the Middle East.

Shanghai’s port processed a record 5 million containers in January, well above any previous month according to data going back to 2007.

The move comes as the shipping industry waits for signs that vessel traffic in the Red Sea will begin to return to normal after more than a year of disruption.

A report from the International Maritime Bureau found a rise in the number of seafarers taken hostage, despite an overall decline in piracy.

BIMCO said routes around the Cape of Good Hope or Cape Horn have been perceived as more reliable and flexible.

Although Trump has repeatedly said he wants the U.S. to retake the Panama Canal, his actual goals could fall well short of that. 

The lawsuit claims that the contracts allowing Hong Kong-owned CK Hutchison Holdings to operate two ports at either end of the canal violate Panama's constitution.

The Norwegian-registered ship carrying a fully Russian crew was allowed to leave the port in Tromso after “a number of investigative steps." 

The partnership will deploy both companies’ partnerships with rail carriers and trucking companies to provide efficient and timely delivery of cargo in the U.S.