Disclaimer

The articles excerpted on this site report on the state of the industry as seen by mainstream media, and do not necessarily reflect the opinion of the officers of the ILWU Coast Longshore Division.

Maersk slumps to only its second annual loss in seven decades

Excerpts from the Financial Times:

Shares in Maersk fell as much as 7 per cent on Wednesday as it reported only its second annual loss in seven decades and halved its dividend to try to protect its investment grade credit rating.

Maersk recorded a net loss of $1.9bn for 2016, compared with analysts’ expectations of […]

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Port of Oakland export boom reaches a three-year high

Port of Oakland export volume reached a three-year high in October, soaring 20 percent over 2015 totals. The Port reported today that it shipped the equivalent of 89,473 export containers last month. That was the most since Oct. 2013, the Port said, and the fourth-largest monthly total in its history.

The figures cap a yearlong […]

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Japanese carriers NYK, MOL and ‘K’ Line merge container divisions into 5th largest box line

The major Japanese carriers NYK, MOL and “K” Line agreed to merge their container divisions, forming a brand new shipping company. The combined company will operate a fleet of 110 vessels with 1.4 million TEU, making it the fifth largest container line in the world. The decision was taken among crisis in the industry with […]

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Maersk Line orders 14,800 new reefer containers

From Fresh Plaza:

Maersk Line’s 2016 investments in new reefer container equipment are adding 14,800 reefers to the world’s largest reefer fleet of more than 270,000 containers. While part of the reefers replace older equipment, the investment will expand the reefer fleet and cater for Maersk Line’s future growth in the reefer segment.

Adding to […]

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Peak shipping season results in record-breaking month for ports

The peak of shipping season in August produced record-breaking results for almost all of the top ports across the United States, covering the period before Hanjin Shipping Co. filed for bankruptcy protection Aug. 31. The Port of Los Angeles, the largest in the country based on volume, reported that August was its strongest month since […]

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South Korea’s Hanjin Shipping becomes symbol of industry in trouble

Excerpts from Bloomberg:

Hanjin assist

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 […]

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Matson orders two new shipping vessels at a cost of $511M

Artist rendering of the new Matson ship design. Each ship will be 869 feet long and 115 feet wide at the beam with a deep draft of 38 feet and enclosed garage space for up to 800 vehicles.

Matson Inc. has announced that its subsidiary Matson Navigation Co. Inc. has contracted with General Dynamics […]

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SOLAS Container Mass Verification Rule Enter into force

From Marine Link:

A new regulation requiring the gross mass of a container to be verified before it is loaded onto a ship enters into force today (1 July 2016). It will assist in ensuring that the millions of containers carried on ships each year are optimally stowed, thereby helping to prevent container stacks collapsing […]

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World Shipping Council slams AgTC claims on container weight

Excerpts from Lloyd’s List:

The US-based World Shipping Council, which represents the interests of the majority of major container lines, has hit back with a stinging retort to claims by the Agriculture Transportation Coalition that SOLAS rules on the verification of gross mass will cause disruption in the supply chain when they take effect on […]

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US ports ill-prepared for new container weighing requirements

From Splash 247:

Fitch Ratings, one of the big three statistical ratings agencies in the US, said on Thursday that US ports are ill-prepared for the July implementation of new container weighing requirements.

The International Maritime Organization (IMO) has set July 1 as the date for implementing an amendment to the International Convention for the […]

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Prince Rupert Port container volumes increase in 2015

From World Grain:

Prince Rupert Port Authority announced on Jan. 22 that a 26% surge in container volumes and the continued success of grain and wood pellet terminals at the Port of Prince Rupert helped stabilize overall 2015 results in the wake of declining coal volumes and international commodity markets.

“The 2015 cargo volumes achieved […]

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Idle box ship fleet edges higher

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 […]

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No recovery in shipping this year, ‘K’ Line head says

From the Journal of Commerce:

There will be no sustained recovery in the dry bulk or container shipping sectors this year amid overcapacity in the industry and slowing demand for raw materials from China, said “K” Line President and CEO Eizo Murakami.

In his New Year’s address, Murakami said that while falling bunker prices and […]

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Shares jump as NOL reveals exclusive talks on acquisition

Shares in Neptune Orient Lines (NOL) yesterday surged to their highest in almost seven months, after the container shipping giant said at the weekend that it is in exclusive talks for a potential acquisition by France’s CMA CGM.

NOL shares rose by as much as 6.25 per cent to S$1.19, the highest intraday level since […]

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Container shipping on the cusp of a major shakeup

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 […]

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