The Container Owners Association (COA) appoints O. I. Kwon, Senior V-P, Container Business Management Division, STX Panocean, to its Board. The Container Owners Association (COA) was established in November 2004 as an international organisation representing the common interests of all owners of freight containers, worldwide. It has over 165 Members, including container shipping lines, leasing companies, intermodal operators and suppliers of a wide range of container equipment and services. Mr Kwon joins six other Directors, who represent some of the worlds largest container owners, on the Board of the Container Owners Association. "It is a great honour both for me personally, and for my company STX Panocean - to join the COA Board," Mr Kwon said. "This position carries considerable responsibility and I will do my best to promote the COA in Asia and to support the wide range of initiatives that the COA is working on." The COA Board comprises senior representatives from some of the worlds largest container shipping lines and leasing companies, including: Maersk Line, CMA-CGM, United Arab Shipping Company, STX Panocean, Seaco Global, Triton Container and Florens Container Services. Its newly appointed Chairman is Michael Callus, Vice-President, Container Management, at UASC.
Crowley Maritime Corporation’s liner services group is adding more than 3,000 pieces of cargo handling equipment to its diverse fleet. The additional resources will allow the company to better meet increasing customer demand throughout Puerto Rico, the Caribbean and Latin America service areas. The equipment includes 200 53-foot (102-inch wide) dry containers, 200 45-foot (102-inch wide) dry containers, 500 20-foot dry containers, 1,000 40-foot dry high-cube containers
The International Tank Container Organisation (ITCO) will unveil a new tranche of industry knowledge on intermodal tank containers in three specialist presentations to be made at the Transport Logistic 2009 event in Munich on 12-15 May 2009. Two of the papers highlight recent studies which bring together a wide range of established knowledge to explain why tank containers are the safest, most reliable and efficient means of transporting bulk liquids, powders and gases
Saxo Bank and ICAP Shipping Involved in World's First Electronic Container Freight Swap Settled in USD. Saxo Bank, the trading and investment specialist, and ICAP Shipping, the shipping arm of ICAP plc, announced on Thursday that they were involved in the execution of the world's first electronic, voice-assisted trade of a container freight swap agreement settled in US dollars. The counterparties to the trade were Saxo Bank in Denmark as the buyer and a Netherlands-based trading house
New ClassNK-approved container-type Ballast Water Treatment System (BWTS) installation technology. Mitsubishi Heavy Industries, Ltd. (MHI), working jointly with Mitsui O.S.K. Lines, Ltd. (MOL), has developed installation technology of a ballast water treatment system (BWTS) enclosed in a standard-size freight container for installation in the hold of container ships. The new technology will significantly reduce BWTS retrofitting turnaround time in comparison to engine-room BWTS installation
TT Club, established to fill a gap in insurance as the freight container revolutionized trade, celebrates 45 years dedicated service to the transport and logistics sector. In 1956, the first strengthened containers were loaded onto a spar deck of the converted tanker, Ideal X. This marked the fulfilment of a dream for American trucker Malcom McLean who had, since 1937, been working on how to reduce the long waiting hours for dockers to stow or unload his vehicles onto or off ships
Joint venture partners will provide assessments for 11 East-West trade routes to stimulate container freight swaps market London, May 5, 2011. Drewry and Cleartrade Exchange have today unveiled the World Container Index assessed by Drewry, a global index which can be used by physical and derivative market participants to manage freight risk. The index will report individual market prices on major East-West container shipping routes
Half of all index-linked contracts filed with the US Federal Maritime Commission reference Drewry’s Container Freight Rate Insight pricing benchmarks. Drewry Maritime Research’s container freight rate benchmarks are the index of choice in index-linked container contracts, according to the US Federal Maritime Commission (FMC). The agency also indicated that uptake of index-linked container contracts on US trades was fast growing
Ocean carriers were unable to increase freight rates between the Mediterranean and North America from November to January due to continuing poor vessel utilisation and the approaching threat of P3, according to the latest edition of Drewry's Container Insight Weekly. Westbound According to Drewry’s Container Freight Rate Insight, the average all-in freight rate quoted to forwarders for spot cargo from Genoa to New York remained a poor $1,950/40ft throughout.
Shipping freight rates for transporting containers from ports in Asia to Northern Europe fell 23 percent to $342 per 20-foot container (TEU) in the week ended on Friday, a source with access to Shanghai Containerized Freight Index data told Reuters. Freight rates on the world's busiest trade route are now at the lowest level since the index began in 2009 and have more than halved this month. Overcapacity of vessels and sluggish trade are behind the fall.
Confidence levels in the global shipping market have fallen to a seven-year low as a glut of cargo ships, weak freight rates and excess liquidity continue to batter the industry, a survey by Moore Stephens, a London-based consulting firm finds.
Low material costs and stable demand has driven the price of new container equipment down to record lows where it is forecast to stay, according to the latest edition of the Container Census report published by global shipping consultancy Drewry.
The Port of Antwerp and duisport are intensifying their cooperation as the Port of Antwerp will participate in the existing rail shuttle service connecting the two ports. The direct rail connection from Duisburg to Antwerp was set up by the duisport Group in 2006 under difficult
Shipping freight rates for transporting containers from ports in Asia to Northern Europe rose by 60.4 percent to $879 per 20-foot container (TEU) in the week ended on Friday, one source with access to data from the Shanghai Containerized Freight Index told Reuters.
Los Angeles Mayor Eric Garcetti today announced that Cargomatic, a Los Angeles-based, privately-owned technology company that matches trucking capacity with shipments, is testing its mobile app to speed up the flow of containerized cargo at the Port of Los Angeles (POLA).
The WSJ reports that the Danish container-shipping group is ordering more megaships even as freight rates remain low. Reason? The world’s biggest container-shipping companies are set to dominate seaborne trade over the next few years
It takes nonstop work to maintain America’s position in today’s global economy. Every day we compete against strong international rivals for demanding foreign and domestic customers. Thankfully, the American economy has a large-scale
The rapid expansion of container shipping capacity this year threatens to reverse the strong profitability ocean carriers showed in the first quarter, Drewry Shipping Consultants Ltd said. Carriers weathered a storm of low rates in the first quarter to deliver some of the best
The dirty tanker market enjoyed a general improving sentiment in May for vessels in all reported classes on the back of high tonnage demand and increased activities. Clean tanker freight rates declined on average, mainly as freight rates reported on the West of Suez were weak
Moody's Investors Service has changed to stable from negative the outlook on the B2 corporate family rating (CFR), the B2-PD probability of default rating (PDR) and the Caa1 senior unsecured rating of Hapag-Lloyd AG. Concurrently, Moody's has affirmed the ratings assigned to the
CN Railway expands Gulf gateway focus in signing supply chain agreement with Port of New Orleans The Port of New Orleans and CN signed a memorandum of understanding (MOU) that will see the parties develop greater supply chain efficiencies aimed at drawing more container traffic through
Singapore opened the newest addition to its container port on Tuesday, aiming to handle more of the increasing number of mega-ships plying the oceans. A few of the planned 15 berths in Phases 3 and 4 of the Pasir Panjang Terminal are operational. The rest of the S$3.5 billion ($2
Shipowners operating in the trans-Atlantic dry bulk market, where prices have been plumbing two-year lows on the back of acute vessel oversupply and shifting patterns in minerals demand, could be facing brighter days, according to the latest special report released by Platts
Cantwell, Booker, Murray, Markey introduce freight investment legislation aiming to eliminate chokepoints at critical highway, rail, port and intermodal facilities to support economic growth, and reduce the impact of freight movement on communities
As the demand for mega vessels has increased, Hyundai Heavy Industries Co. expects mega- sized container ships to lead global orders until early next year as shipping companies seek ways to cut costs, reports Bloomberg. Hyundai Heavy is the world’s biggest shipbuilder.