Shares in Finnish shipping company Finnlines plunged on Wednesday after it said 2000 profit would be worse than expected due to tough competition, higher oil prices and strikes hindering business. On Wednesday shares were trading down 12.5 percent at 23.99 euros, under-performing already soft Helsinki shares. In February Finnlines posted a 1999 profit before extraordinary items of 67.3 million euros ($64.46 million) and said the outlook for 2000 was uncertain due to factors such as tighter competition and a drop in import volumes. Finnline’s released statement, reads in part as follows: A strong imbalance exists between exports and imports of unitized cargo in Finland. Since the company has wished to maintain its export service at the level requested by its customers, no measures have so far been taken to reduce cargo capacity. Competition for imported freight has led to unhealthy price levels. The volume of Russian transit traffic has remained low. The continuing high price of oil has raised operating costs significantly and it has been possible to transfer only a small proportion of these costs to freight prices owing to the intense competition. Ongoing industrial actions in Finland have caused substantial harm to the maritime industry and port operations. Sympathy strikes have been held at Finnish ports since March 14, 2000 to expedite negotiations in a dispute involving bus drivers in Tampere
France's CMA CGM, the world's third-largest container shipping firm, said freight rates should recover next year after a market downturn led to a sharp fall in its third-quarter profits. The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, hit a new all-time low on Friday, pulled down by a vessel glut and slowing industrial demand from China. "Freight rates are expected to remain weak in the fourth quarter of 2015
Marks & Spencer joined other multinationals from North America, Asia and Europe which have found in Drewry’s 150 sets of port region-to-port region container freight rates a valuable source of pricing benchmarks to help their transport procurement decisions. Due to the launch of the global container freight rate benchmarks and associated regional and global freight rate indices, Drewry is making the unique, industry-first freight rate data available on-line to subscribers at www
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.
American grain shipments through the St. Lawrence Seaway are up 63 percent so far this season as ships transport corn to Canada and soybeans for international export, reports the Chamber of Marine Commerce. According to figures from the St. Lawrence Seaway, U.S. grain totaled 765,000 metric tons for the period from April 2 through July 31. U.S. Great Lakes ports that receive and export grain through the waterway include Duluth-Superior, Toledo, Milwaukee, Chicago
Canada's Clarke Inc. doubled the size of its freight-management division with the purchase of four U.S.-based companies. Clarke, which has freight transportation and logistics services throughout North America, said it had bought Focus Carriers of Memphis, Tennessee; Kenley Trucking Inc of Atlanta, Georgia; and Creative Logistics of Ripon, California. Purchase prices were not disclosed. - (Reuters)
Descartes Systems Group, a global company uniting logistics-intensive businesses in commerce, acquired Impatex Freight Software Limited, a provider of electronic customs filing and freight forwarding solutions in the U.K. Impatex brings more than 200 freight forwarder customers to Descartes’ Global Logistic Network, with the majority of these in the U.K. By combining Impatex’s leading U.K. customs and forwarding solutions with Descartes’ global community of logistics
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 160.5 million (prior year period: EUR -63.2 million). The sharp increase in profit was achieved in a challenging market environment, with an average freight rate in the first quarter of USD 1,331/TEU
The Group delivered a profit of USD 778m (USD 1.5bn) negatively impacted by the lower oil price and lower average container freight rates, down 51% and 19% respectively compared to the same period last year. The return on invested capital (ROIC) was 7.6% (12.7%). The underlying profit was USD 662m (USD 1.3bn). “The Maersk Group delivered an underlying profit of USD 662m in the third quarter. The decline of nearly 50 percent compared to last year was primarily due to container
At its meeting in New York on November 20, the American Club’s board resolved to levy a general premium increase of 2.5 percent for P&I cover, but no increase in the cost of FD and D for the 2016 policy year. The club’s board also reviewed release call requirements for open policy
In a container freight market challenged by volatility and facing the prospect of further consolidation, member shipping lines in the Transpacific Stabilization Agreement (TSA) have announced a phased increase in rates and a package of 2016-17 service contract guidelines intended to ensure
The world's largest container shipping company, Maersk Line, plans to raise spot freight rates sharply on main routes from ports in Asia to ports in northern Europe, with effect from Dec. 1, the company said on Tuesday. Spot rates for twenty foot equivalent unit containers (TEU) will rise by $1
Despite challenging market environment with freight rates reaching historic lows in several key trades, ZIM Integrated Shipping Services continues to outperform the average adjusted EBIT margins in the Industry. ZIM Integrated Shipping
The world's number one container shipping company Maersk Line expects consolidation in the industry to speed up as freight rates fall due to too many vessels for too few goods, Chief Executive Soren Skou from Maersk Line said on Monday.
German continuer shipping company Hapag-Lloyd AG recorded its third consecutive profitable quarter, marked by higher transport volumes and reduced shipping costs in the third quarter of 2015. For the first nine months of 2015, the shipper posted a €6.8 billion revenue, up €1
Asian liquefied natural gas (LNG) prices for December delivery rose this week, buoyed by a short-term tightness in supply, though an imminent wave of new projects is expected to put prices under pressure in the new year. The price of Asian spot cargoes for December delivery rose to $7
U.S. energy firms this week added oil rigs for the first week in 11, data showed on Friday, despite continued weak crude prices. Drillers added 2 oil rigs in the week ended Nov. 13, bringing the total rig count up to 574, oil services company Baker Hughes Inc said in its closely followed
The cost of operating cargo ships is forecast to rise over the next two years after falling in 2015, according to the latest Ship Operating Costs Annual Review and Forecast 2015/16 report published by global shipping consultancy Drewry.
March 2016 would mark start of low-demand spring season. Oil traders are preparing for another downward turn in prices by March 2016, market data suggests, as what is expected to be an unusually warm winter dents demand just as Iran's resurgent crude exports hit global markets after sanctions
Capesize market could worsen in short-term; 3.5 mln tonnes could be cut from Brazil ore exports. Freight rates for capesize bulk carriers could drift lower next week as Brazil's Samarco iron ore mine disaster and uncertain ore demand from China weigh on cargo volumes, brokers said.
Record high freight rates are creating more headaches for traders looking to house millions of barrels of unsold crude oil and who already face potential losses due to record high stocks. They have to decide on whether to use tankers for longer term storage until they can sell their
Shipping freight rates for transporting containers from ports in Asia to Northern Europe plunged by 27.9 percent to $295 per 20-foot container (TEU) in the week ending on Friday, one source with access to data from the Shanghai Containerized Freight Index told Reuters.
A slump in dry bulk shipping is set to worsen as the meltdown in global commodities and too many ships free for hire rock the sector used by investors to gauge the health of world trade. Slower coal and iron ore demand from China - the world's biggest industrial importer - have battered
In third-quarter 2015, CMA CGM once again outperformed the market average in an industry shaped by a sharp fall in freight rates and overcapacity in certain markets. Freight rates were especially weak on certain lines, including Asia-Europe