Container lines

The outlook for the success of the freight rate increases the major ocean carriers have announced for July 1 on many global trade lanes is decidedly mixed. With the overcapacity of vessel space still hanging over all trades, will these new attempts to get rates up fare any better than they have so far this year?

SinOceanic Shipping ASA signed a $154.4 million sale and charter-back deal for a 13,100-TEU container ship as part of a refinancing of one of the Oslo-based company’s subsidiaries.

In April, the U.S. goods deficit expanded to $58.6 billion, up $3.2 billion from March, as imports increased more than exports. The total deficit, including trade in services, rose $3.2 billion year-over-year to $40.3 billion.

Hong Kong-based container carrier OOCL announced plans to join the IDEA service, recently launched by a consortium of Evergreen Line, Hanjin Shipping and Simatech Shipping.

Fesco’s first quarter profit dipped 3.8 percent from a year earlier as the Russian shipping, port, rail freight and logistics group sold almost half of its vessels.

Sailing under the French flag, the CMA CGM Jules Verne has been officially inaugurated today by French President François Hollande in Marseille, France.

Ocean carriers deploying new mega-ships are undermining freight rates on the Asia-Europe trade, and the cascading of vessels is putting pressure on other lanes, according to Hanjin Shipping’s top container shipping executive.

Hapag-Lloyd will increase rates for dry, refrigerated, flat rack and open top containers on its trade from the Indian subcontinent to the U.S. and Canada, effective July 1.

Crowley Maritime’s Caribbean logistics group is offering weekly less-than-containerload services to and from San Juan and several Central American countries.

OOCL will boost rates on its trans-Atlantic trade, beginning July 1.

South Africa’s trade deficit widened to R15.02 billion (about US$1.49 billion) in April, as imports expanded faster than exports.

Mediterranean Shipping Co. has announced several rate increases for cargo from Asia.

Hapag-Lloyd will increase rates from East Asia (excluding Japan) and the Persian Gulf.

Deutsche Afrika-Linien is joining the fortnightly Africa-Indian subcontinent service of affiliated carrier United Africa Feeder Lines.

OOCL will boost rates for dry and refrigerated shipments in its trade from Asia to the U.S. on July 1.

Evergreen will raise rates in its trade from the Far East, excluding India, Sri Lanka, Pakistan and Bangladesh; South Africa; and the Middle East, to the U.S., Puerto Rico and Canada, effective July 1.

Pacific International Lines will soon revise its CTP service to provide a direct connection between Manila, the Philippines, and Los Angeles.

OOCL will increase rates for westbound traffic on its trade from Asia to North Europe, starting July 1.

Costamare, the Greek container ship charter owner, has formed a joint venture with U.S. investment group York Capital Management to spend $500 million on vessel acquisitions.

State-owned Shipping Corp. of India reported a net loss of $20.4 million in fiscal year 2012-13, improving from a net loss of $76.4 million in the previous fiscal year.

CMA CGM will boost rates for dry and refrigerated cargo on its trade from North Europe to the U.S. East Coast, Mexico and Canada, effective July 1.

Dole has suspended a previously announced $200 million share buyback program in order to mitigate losses from its strawberry business and revamp its fleet of container ships, Fox Business reports.

CMA CGM will raise rates on its trade from the Mediterranean to the U.S. East Coast, effective July 1.

The average container freight rates from Asia to Northern Europe, last tracked on May 24, continued to drop to $1,359 per 20-foot container and $2,352 per 40-foot container, according to Xeneta, an ocean freight price comparison service.

Agriculture exporters shouldn’t have trouble finding ocean container capacity this year or next, nor will they have any trouble finding buyers.

Maersk Line is rolling out a new system designed to speed up and simplify containerized food product shipments.

Compañía Sudamericana de Vapores reported a net loss of $96 million in the first quarter of 2013, improving 53.2 percent from a net loss of $205.2 million in the first quarter of 2012.

Scrapping will prove the salvation of the container shipping sector in 2014 but liner losses could mount this year, according to one leading analyst.

U.S. exports of recycled plastics, metal and paper to China are taking a beating because China’s new administration country is cracking down on the importation of adulterated scrap products.

Steel imports in April were 2.679 million tons, increasing 4.2 percent from 2.570 million tons in March, but decreasing 14.8 percent from April 2012, according to preliminary government reporting...

With many of this year’s annual trans-Pacific freight rate contracts yet to be signed, U.S. import demand is flat to down year-over-year, and spot rates appear set to resume their downward trek after last week’s increase.

For all the talk about near-sourcing to Central America or the shift in production to Vietnam, China remains the dominant supplier of U.S. apparel imports. In fact, China’s share of the U.S. apparel import market is growing far faster than overall U.S. apparel imports.

Hapag-Lloyd will revise its Europe-to-Asia EUM service, calling eastern Port Said instead of Damietta in Egypt.