The Panel on 21st Century Freight Transportation published its final report on United States freight transportation, offering an assessment of its current condition with recommendations for strengthening nationwide infrastructure and U.S. economy. The panel, led by its Chairman, U.S. Rep John J. Duncan, Jr. (R-TN) and Ranking Member Jerrold Nadler (D-N.Y.), was founded by Full Committee Chairman Bill Shuster (R-Pa.) and Ranking Member Nick J. Rahall, II (D-W.Va.) in April 2013 to examine U.S. freight transportation, the role it plays on the nation’s economy and ways in which it may be improved, including financially, structurally and technologically. The Freight Panel offered to Congress a list of suggestions to “safely and efficiently meet the needs of freight movement in the 21st century:” Direct the Secretary of Transportation, in coordination with the Secretary of the Army and the Commandant of the U.S. Coast Guard, to establish a comprehensive national freight transportation policy and designate a national, multimodal freight network; Ensure robust public investment in all modes of transportation on which freight movement relies, and incentivize additional private investment in freight transportation facilities, to maintain and improve the condition and performance of the freight transportation network;
Crude oil tanker market sentiment weakened in April as average spot freight rates dropped on most reported routes, OPEC said in its latest monthly report. On average, dirty tanker freight rates were down 8% from the month before. Despite a stronger market seen in the VLCC sector, average dirty spot freight rates declined, influenced by the declines in Suezmax and Aframax freight rates.
Drewry Shipping Consultants and The Cleartrade Exchange announced that the World Container Index (WCI), the first Europe-based assessment of container freight rates and index production, is scheduled for launch in September 2011. The index will be designed to provide a new and important facility for the global market to hedge their freight rate risk and see major improvements in forward price discovery through the container derivatives market.
Stifel Nicolaus Logistics Confidence Index suggests the current market remains weak, however the outlook is increasingly positive. The Stifel Nicolaus Logistics Confidence Index increased for the third consecutive month in January 2013, according to the latest industry study undertaken by Transport Intelligence. The overall index, an average of the current and expected situation, increased 0.8 points to 48.8 from 48.0 in the last month of 2012.
BraemarTankers Ltd., Galbraith's Ltd., E.A.Gibson Shipbrokers Ltd., PVM Oil Associates Ltd. and Seascope Shipping Ltd. have formed Global Freight Forwards Limited. The company has been created initially to broker forward freight swaps for the tanker market segment in key trade routes. Contracts have been devised to meet multi-client needs and in response to Owners' and Charterers' requirements for freight protection without taking physical delivery.
Business Unit to Now Offer Project Logistics and Global Freight Management Services to New Industries and more Geographic Locations. Crowley Maritime Corporation announced today that its recently acquired Houston-based, freight forwarding, export packing and logistics company, Jarvis International Freight, Inc., will transition into the company as a new branch of Crowley Logistics, offering project logistics and global freight management services to a wider array of industries and in more
The US Internal Revenue Service (IRS) issued final, temporary and proposed regulations recently that significantly change certain requirements to claim the exemption from freight tax. In addition, the regulations clarify that certain activities will be treated as "incidental" to international shipping operations, meaning that income from these incidental activities can qualify for the exemption from freight tax. (Source: HK
Freight Investor Services (FIS), a broker of freight and commodity swaps, launched a mobile app that puts the freight and commodity swaps market in the hands of users, wherever they are. The app combines indicative market prices across the main freight and commodity groups with powerful graphing to display forward curves and historical spot prices. Also included are FIS daily reports for all markets, including closing curves, commentaries, spreads and ratios.
Shipping freight rates for transporting containers from ports in Asia to Northern Europe fell by 10.7 percent to $1,198 per 20-foot container (TEU) in the week ended on Friday, a source with access to data from the Shanghai Containerized Freight Index told Reuters. It was the second consecutive week of falling freight rates on the world's busiest route. Container freight rates have so far increased in 10 weeks this year but fallen in 23 weeks.
Freight Management Holdings Bhd (FMH) is targeting a double-digit growth in net profit for the financial year ending June 30, 2007. This is due to its new barge business and consistent contribution from its sea freight business. The company had in February acquired a 51% stake in Singapore-based TCH Marine Pte Ltd, paving the way for it to enter the barge and tugboat business. TCH is a provider of barge and tugboats
The U.S. Department of Transportation’s Maritime Administrator, Chip Jaenichen, today joined Senators Amy Klobuchar and Al Franken, Congressman Rick Nolan, Duluth Mayor Don Ness, local officials and port representatives in the groundbreaking of the Port of Duluth Intermodal project. A $17
It was just last month that the (challenged) Keefe family packed up the SUV and set out for a little bit of spring break fun, mixed in with a college visit for my son, who will be a senior in high school next Fall. The decision to drive was, in part
Shipping freight rates on the world's busiest route, from Asia to Northern Europe, fell by the largest percentage amount since 2008, reflecting wild volatility in the market as vessel operators continue to wrestle with overcapacity. Rates for transporting containers from Asia to Northern Europe
Capesize rates slide after hitting 5-month high. Rates for capesize bulk carriers eased this week after hitting their highest since December, and could come under pressure next week if charterers hold back cargoes, ship brokers said. "So far, I can't see too much cargo in the market
Port of Antwerp has launched breakbulk application for more efficient freight handling. Antwerp has long been the breakbulk port par excellence in Europe. This status finds expression each day anew in a flexible range of high-quality services tailored to the requirements of the customer
Brazilian miner Vale has completed the sale of four other large iron ore carriers to China Ocean Shipping Company (Cosco), which was agreed last September. This transaction is related to the agreement signed with Cosco on September 12, 2014.
Shipping company Maersk Line, owned by A.P. Moller-Maersk, plans to increase freight rates for transporting containers from Asia to Northern Europe by $800 per 20-foot equivalent unit (TEU) from June 1, it said on Tuesday. With a fleet of more than 600 vessels
Shipping freight rates for transporting containers from ports in Asia to Northern Europe dropped 23.6 percent to $658 per 20-foot container (TEU) in the week ended on Friday, data from the Shanghai Containerized Freight Index showed. The drop in freight rates on the world's busiest shipping
Despite a modest recovery in earnings anticipated over the next two years, the dry bulk shipping market is not expected to return to profitability until 2017, says the latest edition of the Dry Bulk Forecaster, published by global shipping consultancy Drewry.
Rates for capesize bulk carriers, which climbed to their highest since at least January on Wednesday, are likely to remain steady next week on tighter tonnage supply, ship brokers said. That comes as charterers could hold back cargoes to cool this week's rise in freight rates
German container line Hapag-Lloyd has defied the challenging market environment in the containership market and returned to profit in the first quarter of 2015 euros as a stronger dollar and lower bunker prices helped to offset weaker freight rates.
Canada to Northern Europe connection sails May 22 Global non-vessel operating common carrier (NVOCC) and ocean freight consolidator CaroTrans today announced a new weekly less than container load (LCL) service from Montreal to Le Havre, France. This direct service has a 14 day transit.
Hapag-Lloyd generated a profit in the first three months of this year, and concluded the first quarter with a profit of EUR 128.2 million (prior year period: EUR -119.1 million). EBITDA reached EUR 283.6 million (prior year period: EUR 2.9 million) and the underlying EBIT was EUR 160
Debt-stricken Danish tanker operator Torm has posted its first quarterly net profit in five years thanks to higher freight rates. The company swung to a net $8.6 million profit in January-March compared with a net loss of $222.6 million in the first quarter last year.
Scandinavian Shipping & Logistics appointed as agent for Scandinavia and the Baltics by Kestrel Liner Agencies /Tropical Shipping Scandinavian Shipping & Logistics (SSL) and Kestrel Liner Agencies / Tropical Shipping have agreed to extend their cooperation to Estonia