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The changes are expected to become effective Feb. 25. Japanese carrier Mitsui O.S.K. Lines has announced changes to its APX service, which runs between North America and Europe, and CNY service, which travels between Asia and the U.S. East Coast and West Coast and Panama. All vessels will now call the Global Gateway South Container [...]  Cargo ships sporting the MOL logo will soon be passing through the Port of Seattle for the first time since 2008, as the New World Alliance starts a new route through Seattle on May 21. The new MOL route, which will sail from Seattle to Vancouver, B.C., and then on to Tokyo and China, should [...] The Port of Virginia will gain a “first-in” vessel call in June when MOL will begin making weekly calls at Norfolk International Terminals with its new all-water service between the Far East and the U.S. East Coast via the Suez Canal. The announcement of the new MOL call comes on top of two other moves [...] Several major carriers have recently reported losses. Among them: Hapag-Lloyd Posts $172 Million First Quarter Loss German ocean carrier Hapag-Lloyd’s first quarter net loss widened to 132.4 million euros ($172 million) from 22.1 million euros ($28.7 million) a year ago as lower freight rates and higher fuel costs outweighed double-digit growth in container traffic. (More [...] 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 [...] Maersk Line, with almost 16% of the global container market, is betting it can outlast such publicly traded competitors as Japan’s MOL and NYK, both of which have cut capacity to cope with falling freight rates. At the beginning of this month APMM revealed that Maersk Line, which is often regarded as a barometer of [...] China's Port of Ningbo is among those whose service is reduced due to the economy and fuel costs. More shipping lanes have cut services between Asia and the US, potentially pushing up costs for those using existing services. Recently MSC, Maersk Line and CMA CGM announced they would not provide their annual Jaguar service [...] Ocean carriers in the New World Alliance will suspend a trans-Pacific service this month due to slowing demand for retail merchandise and reductions in inventory replenishment in the U.S. Alliance members Hyundai Merchant Marine, APL and MOL will remove one weekly string of vessels, each averaging 3,960 TEUs, in the Pacific Southwest service. The lines term the [...] Daewoo shipyard NOL Group confirmed it has signed contracts with Korea’s Daewoo Shipbuilding & Marine Engineering Co. and Hyundai Samho Heavy Industries Co., Ltd to build 12 new container vessels, including ten of its largest vessels. The confirmation follows the Group’s announcement on June 15 that it had signed letters of intent with both [...]
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 [...] Three articles in the Journal of Commerce report that Japanese carriers “K” Line, NYK Line and MOL have announced profits for the past fiscal year and are lowering forecasts largely due to uncertainties following the March earthquake and tsunami. Click on the titles to read the full articles: ‘K’ Line Earns $368 Million, Forecasts Lower [...] |
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