Container Shipping Line
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
Container shipping line members of the Grand Alliance reportedly will improve their service between North Asia and the U.S.
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 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
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.
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
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.
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
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
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
Moody's downgraded A.P. Moller-Maersk's credit rating on Tuesday, piling pressure on the world's biggest container shipper as it juggles a major restructuring with a multi-billion dollar acquisition of a German rival. Moody's said the downgrade from Baa1 to Baa2 with a negative outlook
The container vessel “FESCO Nagaevo” with deadweight of 5 215 tons joined the fleet of FESCO Transportation Group. The vessel will operate under the Russian flag, the port of registry is Vladivostok. The vessel’s full capacity is 508 TEU
COSCO Container Lines Co., Ltd. has changed its company name to COSCO Shipping Lines Co., Ltd. (“Our Company”). Our Company changed its official company name from COSCO Container Lines Co., Ltd. to COSCO Shipping Lines Co., Ltd. on November 18, 2016.
Maersk, the world's largest container shipping line, has teamed up with Alibaba to allow customers to reserve space on its vessels through the Chinese company, illustrating growing cooperation between e-commerce and logistics firms.
German container shipping line Hapag-Lloyd and Kuwait-based United Arab Shipping Company (UASC) have submitted concessions aimed at securing EU antitrust approval for their billion-euro merger. The companies put in their offer on Oct. 28, according to a filing on the European Commission website
As part of the CMA CGM Group, APL will join the league of the world’s largest container shipping lines in the OCEAN Alliance from April 2017. Navigating forward as a member of the world’s third largest container shipping Group, APL is poised to serve a network coverage of 38 loops
With Ocean Alliance released its long-awaited network information, with members CMA CGM, China Cosco Shipping, Evergreen Line, and Orient Overseas Container Line to offer 40 services on the east-west trades with 498 port calls, battle looms in the global market as it challenges 2M
Merchant vessels sailing through busy shipping lanes between Somalia and Yemen may be underestimating the risk of piracy and terrorism following two attempted attacks last month, maritime officials say. More than 40 percent of the world's seaborne oil supplies pass through the Gulf of Aden and
The planned merger between German container shipping line Hapag-Lloyd and United Arab Shipping Company (UASC) could be on the verge of gaining EU Antitrust approval, reported Reuters. The planned tie-up, which would create the world’s fifth-largest carrier is one step closer
The European Commission on Wednesday said it has given its conditional approval to a merger between German container shipping line Hapag-Lloyd and the United Arab Shipping Company (UASC). The merger would create a combined company worth about 7 to 8 billion euros ($7.5-$8.6 billion)
Container shipping lines are in danger of putting future port investment at risk in their demands for terminal handling cost reductions, according to the recently launched Ports and Terminals Insight report published by global shipping consultancy Drewry.
Maersk Line and the Oetker Group have reached an agreement for Maersk Line to acquire Hamburg Süd, the German container shipping line. The acquisition is subject to final agreement and regulatory approvals. Hamburg Süd is the world's seventh largest container shipping line and a
Dr. August Oetker KG announces that, after more than 80 years, it is divesting its shipping business and will be selling Hamburg Süd with all activities, subsidiaries and principal assets. The world's seventh-biggest container operator, Hamburg Süd
Taiwan's shipping lines aren't looking quite so young and fresh as they were earlier, reports Bloomberg. While the global container industry has embarked on a spree of pairings and menages-a-trois over the past 12 months, Taiwan's shipping lines have remained proudly single.
Following the sale of Hamburg Süd to Maerskfor $4 billion, VesslesValue senior analyst William Bennett has compiled a report on the top consolidated container fleets. Currently these top five fleets are worth $33.4 billion and account for 33 percent of the entire container fleet.