Container Shipping News

The sharp increase in freight rates at the end of 2016 will be temporary, with overcapacity dragging prices back down after Chinese New Year, according to industry watchers.

Fierce competition, weak freight rates, and infrastructure shortcomings at many ports across Asia are making life difficult for ocean liners in the world’s largest container trade.

Trans-Pacific spot rates to the United States shot up this week.

Spot rates on Asia-Europe have managed to hold on to gains as 2016 draws to a close, continuing a steady upward trend that began in March.

Since Hanjin Shipping failed, the 2M has increased its share of imports from Asia to the United States.

Industry analyst doubts Hyundai Merchant Marine’s goal of a 5 percent share of the global container market by 2021.

Indian maritime authorities have backed down from their pledge to abolish all shipping surcharges following stiff resistance from container lines.

Container exports from Asia will drop off sharply after Chinese New Year and carriers are blanking sailings in anticipation of the slowdown in demand.

Hanjin Shipping’s US liabilities far exceed its US assets, the company told a New Jersey bankruptcy court Tuesday amid close scrutiny from a host of US creditors.

The Asia-Europe spot rate rose this week.

Trans-Pacific spot rates gave back some of their double-digit surge from last week.

The Atlantic container trade is heading for another year of fine-tuning as major carriers focus on the pivotal Asia-Europe and trans-Pacific routes ahead of the spring launch of two new mega-alliances.

Wilhelmsen and Wallenius on Thursday signed an agreement to merge the Norwegian and Swedish companies’ joint investments in Wallenius Wilhelmsen Logistics, EUKOR Car Carriers, and American Roll-on Roll-off Carrier.

The idle container ship fleet has shrunk slightly over the past two weeks, with the rising number of vessels sent to demolition yards and a pick-up in chartering of smaller vessels helping to trim unemployment.

Matson is adding an Okinawa call and dropping a Chinese port call in response to competition on the US domestic trade and the firming up of eastbound trans-Pacific spot rates.

Hapag-Lloyd says it is confident of closing on the merger with United Arab Shipping Company very soon following reports the deal faces delay over financing issues.

Container shipping is on the dawn of a “new golden age” of profitability driven by the mergers and acquisition “frenzy” of the past two years.

Zim Integrated Shipping Services on Monday announced a restructuring of services on its key liner routes that will take effect next April.

Maersk Line is scrapping eight Panamax container ships and said it expects to demolish a larger number of vessels in the future than in previous year.

Surging trans-Pacific spot rates put the squeeze on US importers moving goods ahead of Chinese New Year celebrations in Asia.

Asia-Europe spot rates showed some slight weakness but kept to levels ocean carriers sought through the Dec. 1 rate hike push.

Danaos, the Greek container shipowner, crashed to a net loss in the third quarter as the collapse of Hanjin Shipping shrank charter revenue.

Asia-Europe and trans-Pacific contract rates are set to rise through 2017.

The fight between the three major shipping alliances on US trades officially starts in April.

US logistics are jockeying in court to ensure they get paid for services provided to Hanjin Shipping in the wake of an auditor’s report that the carrier has little value and is likely headed for liquidation.

It’s not clear just how much of an impact $1 billion in investment had on the top Florida ports gaining a larger share of Asia imports, but the gains are real.

HMM failed to gain membership of the 2M Alliance, but the slot-sharing deal it signed up to will see the Korean carrier paying a heavy price.

Hints that capacity might tighten at the top global operators, but not at those that want to be among them, come as other industry analysts warn that the gap between supply and demand will widen.

Maersk “will be like one company” offering container shipping, logistics, and port services.

The Iranian container line is ramping up to meet growing international container trade.

Rickmers Maritime Trust confirmed it is selling the youngest ship ever for scrap.

Hyundai to enter slot-sharing deal with Maersk and MSC, but it will be no 2M Alliance membership.

Spot rates in the eastbound Pacific edged lower this week, but another modest spike in freight rates is anticipated later this month.

The trustee-manager canceled a Nov. 9 vote on restructuring a bond because there were insufficient bondholders to form a quorum.

Container lines and shippers can fix what some consider to be a broken industry if they concentrate more on accelerating the flow of data and cargo and less on freight rates and cost-cutting measures.

Rising spot rates as 2016 winds down will not be enough to lift carrier margins back into profitability, but the upwards trend will be a welcome relief after a year to forget.

US regulators are reviewing a proposed agreement between two marine terminal operators at the Port of Miami that would allow the terminals to jointly negotiate terms and conditions with container lines — a first for the United States.

As the Brazilian currency, the real, has weakened, international demand for Brazilian meat has surged, with pork being the biggest beneficiary.

Global container lines found guilty of cartel practices in the Russian market are seeking a settlement with Russian authorities in an attempt to avoid multi-million dollar fines.

A broad range of US shippers, truckers, and transportation intermediaries are asking federal maritime regulators to consider creating a rule to prevent marine terminals and container lines from charging demurrage and detention fees.