The 15 TSA members, which include Orient Overseas Container Line, Cosco Container Lines, China Shipping Container Lines and Maersk Line, control about 85 per cent of the freight transported from Asia to the US. Members of the WTSA, which has seen membership drop to eight members from 10, including OOCL, Cosco and Evergreen Line, [...]
Hapag-Lloyd will increase rates on its trade route from East Asia to Mexico and the west coasts of Central America and South America.
The German ocean carrier said rates will go up by by $500 per 20-foot-equivalent unit, effective March 15.
More at the Journal of Commerce
A.P. Moeller-Maersk A/S, owner of the world’s largest container line, said the industry needs to raise prices by as much as $500 a box on Asia to Europe trips to restore the trade route to profit.
“Just like everyone else on Asia-Europe, we don’t make money at the current rates,” Lars Mikael Jensen, head of [...]
Carriers that already have idled about 6 percent of the global fleet are likely to start idling more ships in the next few weeks as the peak season winds down, according to a global shipping consultant.
The glut of global vessel capacity next year and the year after is beginning to look like 2012 all [...]
Maersk, the largest container line by market value, will report a 44 percent gain in net income to 21.9 billion kroner ($3.8 billion) for this year, according to the mean of 18 analyst estimates. The Copenhagen-based company also owns oil tankers and drilling rigs, with container shipping generating 45 percent of revenue, data compiled by [...]
U.S. and European debt crises are paralyzing consumer demand for goods exported from China and putting downward pressure on some shipping rates, said Nils Andersen, chief executive of Danish shipping and oil group A.P. Moller-Maersk.
The shipping industry has a history of cutting rates to gain market share during hard times. But Maersk is not [...]
The Panama Canal Authority is increasing the number of shipping segments from eight to ten that will have to pay the increased tolls from eight to ten.
The containerised and breakbulk shipping sectors were to have been included in the ACP’s original toll hike proposal that was subsequently postponed until October 2012 and October 2013, [...]
From ABC Australia:
The shipping industry is blaming rising costs and competition for its struggle to make profits.
Last year, the world’s largest container ship operator, Maersk Line, lost up to $7 million a day.
Director of sales for Maersk Line, Gerard Morrison, says exporters should be paying more to ship containers of grain around [...]
Daily rates for Panamax vessels, that typically haul coal and grains, plunged to the lowest in more than eight weeks as a glut of ships swamps the number of cargoes available for loading.
Returns for Panamaxes, the largest size able to navigate the Panama Canal, lost 2.2 percent, sliding to $7,096 a day, the lowest [...]
The biggest concerns of agricultural exporters as the 2012 peak shipping season approaches are equipment availability, adequate vessel space and volatility of freight rates.
Exporters who addressed the annual Agriculture Transportation Coalition conference in San Francisco said they are looking for a good, though probably not a spectacular year in terms of volume.
The Federal Maritime Commission’s proposal to create a container rate index for agricultural exports would violate the Ocean Shipping Reform Act’s confidentiality provisions and should be abandoned, the World Shipping Council said.
The council’s statement came in a strongly worded response to the commission’s request for comments on the index proposal.
FMC Chairman Richard Lidinsky [...]
Average spot rates on the eastbound trans-Pacific trade surged by 20 percent this week as carriers put a peak-season surcharge into effect on June 10.
The Drewry benchmark rate for shipping a 40-foot container from Hong Kong to Los Angeles rose to $2,700 per FEU this week from the level of $2,250 per FEU last [...]
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 [...]
The majority of ocean container carriers will lose money in the second quarter following their failure to fully implement rate hikes in May and June, Alphaliner says.
However, operating margins are expected to improve significantly in the period as average rates and capacity utilization have risen, while fuel costs have declined 5 percent, the container [...]
Maersk and rivals such as Hapag-Lloyd and CMA CGM lost money last year as high fuel costs exacerbated a price war. In addition to raising freight rates in response, they pooled or idled ships and reduced speeds to curb vessel supply. The decline in the index indicates those price increases are reversing as ships [...]