From The Loadstar:
Maersk Line is to postpone delivery of nine newbuild 14,000 teu ‘utility’ ships with the last vessel to be received at the end of 2018, instead of at the end of this year.
Maersk Line says it does not need the ships as it is able to charter vessels of this […]
From Hellenic Shipping News:
Container shipping costs, which radically plunged, now shows signs of recovery after the fall of Hanjin Shpiping Co. The strategy of Maersk Line, the world’s largest shipping group which cuts down shipping fees until its competitors fall down and pick fruit when they are liquidated, seems to be working. As […]
Excerpts from an article titled ‘New alliances, bigger ships put US ports on high alert’ in the Journal of Commerce:
US ports are facing what could be a historically challenging 2017 as changes in the rapidly evolving steamship industry — among them new alliances, consolidation, and escalating ship capacity — heighten the already vigorous competition […]
The number of “idle ships” – ships not used for commercial operations – has increased from 238 vessels (with a combined capacity of about 900,000 TEU) in November last year to 435 ships (aggregating 1.7 million TEU) in early November of this year, according to Drewry.
Parked in various harbors around the world and awaiting […]
From the Journal of Commerce:
The idle container ship fleet has retreated from a recent record high on accelerated scrapping of older tonnage and revived chartering of smaller ships, Alphaliner says.
As of Nov. 14, there were 363 unemployed ships of more than 500 twenty-foot-equivalent units with an aggregate capacity of 1.49 million TEUs, equivalent […]
A.P. Moeller-Maersk A/S’s container line, which this month ditched a strategy of building new vessels and will instead try to grow through acquisitions, is targeting South Korea’s two biggest shipping firms, according to Jefferies International Ltd.
Hanjin Shipping Co. last month filed for bankruptcy protection and Hyundai Merchant Marine Co. is in the […]
LA Times reports that Hanjin, ”like other large shipping lines, has struggled with overcapacity brought on by a massive ship building boom and sluggish demand.”
From the Los Angeles Times:
Hanjin Shipping Co. vessels are languishing off the ports of Los Angeles and Long Beach, delaying the delivery of goods following a bankruptcy filing […]
Excerpts from Bloomberg:
Hanjin Shipping Co. is hardly a bellwether in the world of container movers. As lenders halt all support this week, the South Korean company is now emerging as a symbol of the slump that has plagued the industry since the global financial crisis.
Creditors led by Korea Development Bank will […]
The number of idled container vessels over 500 twenty-foot equivalent units edged slightly higher in the first two weeks of the year and is set to increase as carriers axe sailings in the run-up to the Chinese New Year holiday, according to Alphaliner.
There were 337 unemployed ships as of Jan. 11, up from 331 […]
The number of 500+ teu containerships idled will hit a record high by the end of the year, according to French analysts Alphaliner.
A total of 329 ships equivalent to 1.4m teu – equivalent to 7% of the global fleet – were laid up by the end of November, up by 23 ships from a […]
Drewry Maritime Research asks: will carriers repeat the same tactics that saved them in 2009, or will they wait until things reach boiling point, as the risk of a double dip recession rears its head?
Today’s market does share some similarities to the 2009 crisis: carrier staff redundancies, ultra-low freight rates and the rapid increase […]
Plagued by overcapacity and ongoing losses, the container shipping industry is rife with talk of potential mergers and acquisitions. The consolidation of the highly fragmented industry is long overdue, especially when contrasted with such other heavily capitalized transportation sectors as railroads and airlines.
The possibility that a new wave of M&A may be imminent was […]
”The most dramatic symbol of these problems is that an 18,000 container Triple-E freighter, one of the largest (and therefore theoretically most cost-efficient) container ships on the planet, was idled by Maersk in late October.” — Fortune
From an article titled ”Maersk’s terrible earnings report shows ocean shippers are sinking themselves” in Fortune Magazine:
It forecast that the idle fleet would breach the 1m teu mark in the coming weeks as lines implement more capacity reduction programs.
Underscoring worsening conditions Maersk Line has idled one of the largest ships in its fleet and 18,000 teu triple-E, whereas lines have generally tried to avoid taking their largest vessels out of […]
Danish conglomerate A.P. Møller-Maersk A/S on Friday cut its full-year profit guidance, saying global demand for container shipping — the conglomerate’s biggest contributor — has been weaker than expected.
The company said it expected underlying earnings to come in at $3.4 billion this year, compared with its previous guidance of $4 billion, based on a […]