Japanese trading house Marubeni Corp halved its annual profit forecast on Monday after plunging oil, copper and coal prices weighed on its resource assets and it booked an impairment charge for its grains unit Gavilon.
Like international oil majors and mining companies, Japan’s trading companies have been caught flat-footed by the rout in commodities, with [...]
The corporate media are reporting that since the Republican leadership and President Obama support Fast Track trade authority, it is a done deal. And that message, also heard by countries negotiating the Trans-Pacific Partnership (TPP), is driving the race to finalize that agreement.
The truth is: Fast Track is not a done deal. [...]
The Maritime Trades Department, AFL-CIO is urging its affiliates and port councils to oppose an amendment being offered to the proposed Keystone XL Pipeline legislation that would repeal a portion of the Jones Act. The overall legislation is being debated on the floor of the U.S. Senate at this time.
“This amendment has no place [...]
Republicans, who now run Congress, say they want to cooperate with President Barack Obama and point to the administration’s Trans-Pacific Partnership, or TPP, as the model. The only problem is that the TPP would be a disaster.
The TPP is a Trojan horse in a global race to the bottom, giving big [...]
Hapag-Lloyd joined its future merger partner CSAV in reporting a loss in the third quarter.
The German container line reported a loss of EUR50.7m ($63.1m) in the third quarter of 2014, compared to a profit of EUR16.6m in the same period last year. For the first nine months of 2014 Hapag-Lloyd lost EUR224m, compared to [...]
Chassis are piled up for scrap at Schnitzer Steel in Portland. Photo taken on November 10, 2014.
The ILWU is not responsible for the ongoing congestion crisis at West Coast ports
SAN FRANCISCO, CA – Over the past week, the Pacific Maritime Association (PMA), which represents over 70 multinational ocean carriers and maritime companies [...]
From SeaTrade Global:
South Korea’s Hanjin Shipping has generated a profit in the third quarter of 2014, reversing from a loss-making position a year ago, due mainly to a one-time gain on foreign currency translation.
Net profit in the quarter ended 30 September 2014 was registered at KRW39.8bn ($37.3m) as against a deficit of KRW317.7bn [...]
From Thursday’s Los Angeles Business Journal:
West Coast port operators and dock workers have not had a contract since June, and retailers are starting to worry about whether they will get their shipments in time for the holiday shopping rush.
That’s the gist of the letter Matt Shay, chief executive of the National Retail Federation [...]
From Marine Link:
Retailers concerned by the lack of a West Coast longshoremen’s contract will continue to bring merchandise into the country at above-average levels this month but volume will drop from the record set in August, according to the monthly Global Port Tracker report released by the National Retail Federation (NRF) and Hackett Associates, [...]
Carriers’ strategy to bundle logistics services with container shipping services appears to be “unraveling,” according to Alphaliner’s latest newsletter.
“These disposals point to the reduced relevance of logistics capabilities for carriers, as the bundling of 3PL services with ocean transportation has not yielded significant synergies,” Alphaliner said. “The affiliated 3PLs are also increasingly competing against [...]
From the Journal of Commerce:
A good peak season will lead to a shortage of containers, with the inventory of new boxes standing at less than two months of the required levels, Singamas chairman Teo Siong Seng said in Hong Kong.
Teo told reporters at the Singamas interim results briefing that the new container inventory [...]
From the 15NowPDX campaign web site:
For the last 18 months ILWU Local 8 (along with other ILWU Locals 19, 21, and 23) has been embroiled in a labor dispute that has kept Local 8 locked out of the ports for over a year. This past week that labor dispute was resolved and a new [...]
Fromt SeaTrade Global:
Present global container traffic trends offer some hope that the industry could achieve a sense of balance two years out, dependent on further quiet in vessel ordering.
The first half was spotty, thereby consistent with economic trends, but delivered growth of 4.9% overall, according to Container Statistics. June was clocked at a [...]
Intermodal volume increased across all segments in the second quarter, contributing to the largest quarterly intermodal growth since 2011, according to the Intermodal Association of North America’s (IANA) most recent “Intermodal Market Trends & Statistics” report.
International container volume increased 9.6 percent, domestic container volume rose 7.6 percent and trailer volume grew 4.3 percent compared [...]
From the Journal of Commerce:
Although the July 1 deadline for contract negotiations between the International Longshore and Warehouse Union and the Pacific Maritime Association certainly resulted in some diversion of cargo to ports on the U.S. East Coast and in Canada, West Coast container volumes are still up noticeably compared to last year.