What triggered the walkout in the Baltimore terminal, which is operated by Ports America Chesapeake, is unclear, but the job action is a reminder that although the signing of the six-year master contract was seen as a harbinger of stability along the two coasts, disputes over local issues and actions can intervene.

Yildirim’s CMA CGM stake is now valued by banks at between $2.5 billion and $3 billion.

CSX Transportation and Ports America agreed to the hand-over in January.

Rather than being a loss for the Port of Oakland, the pending departure of Outer Harbor Terminal will be an economic plus to the port complex because it will concentrate more revenue-producing container volume into fewer marine terminals in order to fund their growth, Executive Director Chris Lytle said at the weekend.

Outer Harbor Terminal in Oakland, the joint venture between Ports America and Terminal Investment Ltd. that operates one of the largest container terminals in the port, filed a Chapter 11 petition in the U.S. Bankruptcy Court in Delaware Monday.

Ports America and its joint venture partner announced Tuesday it will terminate in March its 50-year lease for the Outer Harbor Terminal in Oakland as the company concentrates its investments in other U.S. container ports to prepare for today’s mega-ships operated by powerful carrier alliances, according to Peter Ford, chief strategy officer.

Greece has received expressions of interest from eight companies bidding for a majority stake in the Thessaloniki Port Authority (OLTH), the operator of the country’s second largest seaport.

After more than five years of inertia in the marine terminal business, the industry is beginning to churn. Some investors who spent billions of dollars in the mid-2000s to buy into container terminals want out, while others see this as a good time to invest in the industry.

Officials from Port of Hueneme in California and Ports America have formally christened the stevedoring company’s new Liebherr LHM 420 Litronic mobile harbor crane.