State-owned China Shipping is planning to order up to 20 new supertankers for the fleet of a joint venture aimed at giving Beijing more control over its energy supply chain but which will add to the vessel glut in the struggling freight market.
A Chinese ship buying spree would provide much needed business to the [...]
Neptune Orient Lines Ltd. (NOL), Southeast Asia’s biggest container shipping company, gained the most in almost a week after the spot rate for hauling cargo to the U.S. west coast jumped to the highest in two years.
Neptune Orient rose 2.9 percent to close at S$1.08 in Singapore. China Shipping Container Lines Co. (2866), the [...]
China Shipping Container Line Company, the world’s 8th-largest container shipping company by capacity, will begin cargo service to the US Gulf Coast and Florida through a slot charter arrangement on the weekly Pacific Express 3 string operated by CMA-CGM, which will include calls at APM Terminals Mobile, APM Terminals Jacksonville and Miami’s South Florida Container [...]
The Port of Jacksonville will get new calls this month by China Shipping and United Arab Shipping, which participate in a vessel-sharing agreement with CMA CGM in its PEX 3 service.
This development makes Jaxport the last port of call on the PEX 3 rotation’s westbound leg, following U.S. calls at Houston, Mobile and Miami.
From Bloomberg news:
‘Shipping lines have been victorious in raising rates this year because they have exercised discipline,’ said Jee Heon Seok, an analyst at NH Investment & Securities Co. in Seoul. ‘They’re reaping the benefits of working together and that could mean annual profits.’
Container lines may have learnt their lesson after losing [...]
Ocean carriers could face a short-term funding call of up to $20 billion in 2012 as they are not generating sufficient cash to cover interest payments and meet capital requirements, according to container market analyst Alphaliner.
Most carriers appear to have successfully weathered the market downturn in 2011 but “a number of them continue to [...]
Cities that primarily deal with Asia – including Los Angeles and Long Beach – are best positioned to increase the export of machinery, transportation and chemical goods made in the United States, according to “U.S. Metro Economies: Exports in the Next Decade,” a 46-page report prepared by IHS Global Insight, an economic analysis firm based [...]
Xi Jinping, vice president of China, visits Port of Los Angeles. Photo by Tim Rue/Bloomberg.
“Having heard that this is an environmentally friendly, green port, this is a great thing,” Xi, 58, said yesterday at the Port of Los Angeles. “What I see here is a good foundation for U.S.-China economic and trade cooperation.”
Two major carriers reported losses this week. Click on the headlines to read the full articles in the Journal of Commerce:
Cosco Loses $325 Million, Reverses Year-Earlier Profit China Cosco Holdings, battered by weak bulk and container shipping markets, reported a third quarter loss $325 million, reversing a $331 million profit a year earlier.
A.P. Moeller-Maersk A/S, owner of the world’s biggest container shipping line, and 14 other carriers will seek a peak-season surcharge two months later than previously scheduled amid weaker-than-expected demand.
The shipping lines will ask customers to pay an additional fee for cargo to the U.S. from Asia, the 15-member Transpacific Stabilization Agreement said in an [...]
Recent Christening of the Cosco Glory
Container ship owner-charterer Seaspan took delivery of the first of new eight containerships with capacities of 13,100 20-foot-equivalent units.
Seaspan chartered the Cosco Glory, built by South Korea’s Hyundai Heavy Industries, to Cosco Container Lines under a 12-year, fixed-rate time charter. The ship is the 11th of 18 vessels [...]
China Shipping Container Lines said its net loss for the first quarter narrowed 24.1 percent from a year earlier to $22.5 million, after three consecutive quarters of profits.
CSCL’s quarterly report showed that net cash reserves decreased approximately $277 million, mainly due to increased vessel construction and purchase of fixed assets. The report gave no [...]
Seaspan charters ships to container ship lines including Maersk, China Shippnig, CSAV, Cosco, Hapag-Lloyd, “K” Line, MOL and United Arab Shipping Co.
Container ship owner-charterer Seaspan reported first quarter profit of $50.5 million as its expanded fleet pushed revenue up 50 percent from a year earlier.
In March Seaspan announced the formation with the [...]
The China Shipping Terminal Expansion at the Port of Los Angeles includes dozens of environmental measures to reduce air emissions. Click on the image for details.
China Shipping celebrated the completion of a major phase of its terminal expansion project at the Port of Los Angeles, adding a new 925-foot section of wharf, 18 [...]
The Emma Maersk can carry 18,000 20-foot equivalent units.
Maersk Line has orders for 61 ships able to carry almost 500,000 20-foot containers — the industry standard, known as 20-foot equivalent units or TEUs — according to Alphaliner data as of March 8, with the 20 megaship options taking the total to 860,000. MSC [...]