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Container Lines Plan Pacific Freight Rate Rise

Photo courtesy CMA CGM

Container shipping lines have agreed to raise Asia-U.S. freight rates by $300 per 40-foot container (FEU) to west coast ports of the U.S. and by $400 to all other ports in the U.S from May 15. The increase was agreed by companies in the Transpacific Stabilization Agreement (TSA) which also adopted a $400 per FEU peak season surcharge effective June 15, the TSA said in a statement. The TSA groups 15 of the world's biggest container shipping lines, including Denmark's Maersk Line, a unit of A.P. Moller-Maersk, privately owned Swiss-based Mediterranean Shipping Company (MSC), French privately held CMA CGM, China's COSCO and South Korea's Hanjin Shipping . The container shipping industry was hit hard by the global economic downturn since 2008 and only a few lines made a profit in 2013 due to supply outstripping demand. Spot freight rates are calculated and published every week by Shanghai Shipping Exchange and the surcharges added to that. Last week rates for transport from Asia to the U.S. West Coast stood at $3,844 per 40-foot container and $6,656 to ports on the east coast. "Carriers continue to play catch-up on rates, which have been effectively stagnant since 2011," TSA Executive Administrator Brian Conrad said. Transpacific container lines are experiencing a surge in eastbound bookings that began in January and is expected to continue into the second half of 2014


Members Of Grand Alliance To Add U.S.-Asia Service

Container shipping line members of the Grand Alliance reportedly will improve their service between North Asia and the U.S.


Atlantic Container Rates To Soar

Starting next year, the price to ship a container across the Atlantic ocean is to soar, as container shipping lines on the Atlantic will be seeking hefty rate increases s next year. Rates for 20 foot containers heading westbound to U.S. Atlantic, Gulf and Pacific ports would rise by $600 from January 1, 2000, carriers in the Trans-Atlantic Conference Agreement (TACA) said. For 40 and 45 ft units the increase would be $750, they said


Container Lines To Impose Surcharges

Container shipping lines operating on the Atlantic will reportedly start imposing surcharges to reflect rising bunker fuel costs. A bunker adjustment factor of $21 per 20 ft container and $42 per 40/45 ft container for traffic to and from U.S. Atlantic/Gulf coast ports will be added from October 13, the Trans-Atlantic Conference Agreement (TACA) said. Meanwhile, container shipping lines in the North Europe - Asia eastbound management agreement (EMA) will raise freight rates beginning Oct


Transpacific Box Shippers Plan Freight Rate Rise

Photo: Maersk Line

A container shipping organisation urged companies on Wednesday to raise Asia-U.S. freight rates by at least $600 per 40-foot container (FEU) from Jan. 15, corresponding to an increase of 26.6 percent from the current level.   The Transpacific Stabilization Agreement (TSA) said the planned increase was part of an ongoing effort by members to reverse a decline in spot rates in the Asia-U.S. freight market.  


Transpacific Container Shippers Plan Price Rise

File photo: containership at dock.

A container shipping organisation urged companies on Wednesday to raise Asia-U.S. freight rates by at least $600 per 40-foot container (FEU) from Jan. 15, corresponding to an increase of 26.6 percent from the current level. The Transpacific Stabilization Agreement (TSA) said the planned increase was part of an ongoing effort by members to reverse a decline in spot rates in the Asia-U.S. freight market. The organisation also said container shipping companies should reinstate a $400 per


Transpacific Container Shippers Plan Freight Rate Rise

A container shipping organisation urged companies on Wednesday to raise Asia-U.S. freight rates by at least $600 per 40-foot container (FEU) from Feb. 9, and indicated that it will follow with a second $600 per FEU increase on March 9.   TSA (Transpacific Stabilization Agreement) said the planned increase follows strong cargo demand through the typically slower winter season and heading into the Lunar Yew Year holidays.  


Neptune Orient Lines Logs Q2 Profit

Singapore's Neptune Orient Lines Ltd (NOL) swung to a tiny net profit in its second quarter after six straight quarters of losses but said it had seen severe freight rate erosion. "The group's container shipping business continued to face a challenging environment characterised by over-capacity and weak market demand," NOL Group CEO Ng Yat Chung said in a statement on Thursday. (http://bit.ly/1MVRJnG) The container shipping line


Chinese Authorities Raid Container-Shipping Firms

Photo: Maersk Line

China's National Development and Reform Commission  (NDRC) is visiting several major container shipping lines’ offices in Shanghai and throughout the country as part of its surcharges investigation.   According to local media reports, NDRC investigators have been combing through emails and files at many liner carrier offices  since Friday.   In September 2015, the Chinese government said that lines had been charging too much for things like bills of lading custody


Maersk Sees Rise in Asia Trade Volume

Pic: Maersk Line

 The world's biggest container shipping line Maersk Line  by capacity estimates  up to a 15% increase in container volumes from Asia to the rest of the world in early 2016, which could indicate that industry demand is on the rise, despite recent issues with weak demand and swelling overcapacity, according to The Wall Street Journal.   Robbert Van Trooijen, CEO of Maersk Line Asia Pacific, said, “There has been more demand certainly this time around than it was last


Hanjin Gets $45 Million Credit Line From KDB

Photo: Hanjin Shipping Co

 Korea Development Bank has offered a conditional credit line of 50 billion won ($45 million) to help ease supply-chain disruptions caused by the collapse of Hanjin Shipping Co, says a report in Reuters.   An estimated $14 billion of cargo was trapped on Hanjin ships when the world's


Fitch: Maersk Gets Little Solace from Sectoral Diversification

Photo: Maersk Line

 The decision by A.P. Moeller-Maersk A/S to split into two separate divisions - Transport & Logistics and Energy - reflects the challenging fundamentals in the sectors in which it operates, and diminishing counter-cyclical benefits of operating in them in the current economic cycle


Agility, Maersk Join to Slash CO2 Emissions

​From left to right: Mark Guenter, Key Client Manager, Maersk Line; Michael Hansen, Global Head of Sales, Maersk Line; Cas Pouderoyen, Senior Vice President for Global Ocean Freight, Agility Logistics; Vincent Clerc, CCO, Maersk Line

 Agility Logistics, a leading global logistics provider, has signed an agreement with Maersk Line, to cut CO2 emissions by 15% per container transported for Agility shipments by 2020.   The agreement is part of Maersk’s Carbon Pact Challenge


Container Shippers Raided in S.Africa over Suspected Collusion

File photo: Maersk Line

Six of the world's biggest container shipping companies were raided by South African authorities on Wednesday on suspicion of colluding to inflate rates between Asia and South Africa, the country's Competition Commission said.   The development comes as global container lines struggle in


Low Freight Rates Hit Maersk Line

Photo: Maersk Line

 Record low freight rates have driven the World’s largest container carrier Maersk Line to report a second-quarter loss of US$151 million.   The second quarter result and revenue both fall year-on-year as average freight rates hit record low levels


BG Freight Line Orders Four Containerships

Image: BG Freight Line

BG Freight Line, a fully owned subsidiary of Peel Ports Group, is to receive new tailor-made short sea container feeder vessels optimized for the company’s Irish Sea Hub services.    The new class of ‘green’ vessels has been developed by BG Freight Line operation with


Hapag-Lloyd: UASC Merger Benefits to show in 2017

file image (Credit: Hapag Lloyd)

German container shipping line Hapag-Lloyd expects to reap a third of targeted annual synergies of $400 million from the planned merger with Arab rival UASC already next year, chief executive Rolf Habben Jansen told investors on Friday. Addressing a shareholders meeting which will decide on


Maersk Line's Innovative Smart Reefers

Image: The Maersk Group

 Have you heard about Maersk Line's smart reefers that can listen and talk? Cutting edge technology that reduces risk in customer supply chain, claims Maersk Line.   "We’re always looking for ways to improve cargo care on behalf of our customers


Hanjin Shipping to File for Court Receivership

Photo: Hanjin Shipping

South Korea’s biggest container shipping line Hanjin Shipping Co has decided to apply for court receivership after lenders halted all support, says a report in Bloomberg.   A Reuters report also says that it would file for court receivership after losing the support of its banks


Global Fallout from Hanjin Collapse

Photo: Hanjin Shipping

 When Hanjin Shipping, Korea's largest and one of the world’s top ten container carriers, filed filed for court receivership after losing the support of its banks, its assets left frozen as ports from China to Spain denied access to its vessels.  


OOCL Won't Accept Hanjin Cargo

Hong Kong's Orient Overseas Container Line (OOCL) said it has stopped loading cargoes and containers from South Korea's Hanjin Shipping Co Ltd , which has filed for court receivership. OOCL's cargo units will also no longer be loaded on vessels operated by Hanjin Shipping


Virginia Port Update on Handling of Hanjin, CKYHE Cargo

Logo

In light of the recent bankruptcy filing by Hanjin Shipping, The Port of Virginia has updated its policies and processes regarding the movement and loading of Hanjin vessels and containers. The following policy is effective as of Sept. 1, 2016:


Seaspan CEO: Hanjin Fallout Is Like Lehman for Shipping

Photo: Hanjin Shipping Co

 Seaspan Corp  chairman and ceo Gerry Wang has described the bankruptcy of South Korea’s biggest container line Hanjin Shipping Co as the industry’s equivalent of the Lehman Brothers collapse that triggered the global financial crisis, reports Bloomberg.  


Oakland Added to Transpacific Shipping Route

Photo: Oakland Seaport

 A Transpacific shipping route linking Asia and the U.S. will add weekly Port of Oakland stops beginning in November.  The Port said that  Oakland will become the sixth stop in the service operated by three Asian shipping lines.  


CMA CGM sees Opportunity in Hanjin collapse

A CMA CGM Containership (credit: Marad)

CMA CGM will look at opportunities in container shipping triggered by the collapse of South Korea's Hanjin Shipping, the French group's vice chairman said on Tuesday. Hanjin, the world's seventh largest container line, filed for receivership last month






 
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