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)
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
Freight volumes in the United States have fallen year on year for the first time since 2012 and before that the recession of 2009, according to the Bureau of Transportation Statistics. The total volume of freight moved by road, rail, pipeline, inland waterways and as air cargo in November 2015 was 1.1 percent lower than in the corresponding month a year earlier. Freight demand growth has been slowing since the start of last year but the slowdown intensified in the second half and
Western Australia-China rates hit near 17-year low; owners explore laying-up ships. Freight rates for capesize bulk carriers on key Asian routes should remain flat next week as the Lunar New Year holiday in China will curtail chartering activity, shipbrokers said on Thursday.
Shipping freight rates for transporting containers from ports in Asia to Northern Europe fell by 8.1 percent to $431 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.
The merger between China Shipping group and the Cosco Group has given rise to a mammoth company that could trigger stability and extended consolidation in the global shipping industry, says a report in the WSJ. The merger will free the two Chinese shipping groups from competing
Malaysia International Shipping Corporation Berhad (MISC Berhad), a shipping arm of Petronas, has seen an increase of 12.3 percent in its net profit for the 2015 full year financials when compared to 2014. The liquefied natural gas (LNG) shipper said the higher earnings compared
High volumes of RoRo freight in December generated the strongest end of year monthly figures at Ports of Stockholm since 2011. Freight volumes in the RoRo segment, goods transported by haulage vehicles on ferries, were higher than the December totals for the previous three years
Total charters VLCC to move diesel from Asia to Europe; Vitol ships diesel from Asia to Europe in Suezmax. At least two companies are planning to ship diesel in bigger-than-usual tankers from Asia to Europe in what traders said is a rare move as cheap oil drives up diesel supply and slowing
Chinese iron ore and coal imports to fall in 2016 - Clarkson Freight rates for capesize bulk carriers on key Asian routes are likely to stay flat as vessel volumes outpace cargo demand and the approaching Chinese New Year holiday further dampens chartering activity, ship brokers said on Thursday
McQuilling Services has announced the release of the 2016-2020 Tanker Market Outlook. This report is a five-year outlook for eight vessel classes across 18 benchmark trades and represents the company’s 19th forecasting cycle
In the dry bulker business, the market is deteriorating to a new record low due to the imbalance of fleet supply and demand, along with stagnant cargo trade resulting from the slowdown in China’s economy since last fall, says Mitsui O.S.K. Lines, Ltd.
Swiss Mediterranean Shipping Co. (MSC) has finalized the acquisition of CP Carga, the freight and logistics unit of Portugal’s state-owned railway. MSC Rail, railway company of MSC, has completed the acquisition of the CP Carga - Logística e Transportes
Shipping freight rates for transporting containers from ports in Asia to Northern Europe fell by 13.9 percent to $469 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.
Seaports are seeing a steady rise in waterborne cargo volumes according to new numbers from U.S. Army Corps of Engineer’s report. Overall, 2014 freight tonnages increased 3.1 percent over 2013 totals. The Corps of Engineers’ Waterborne Commerce Statistics Center tracks the commercial
Japan's Nippon Yusen Kaisha (NYK) has posted a $277.5mln extraordinary loss in the third quarter of year ended 31 March 2016 as it reduced the book value of its fleet inline with current market prices and expectations. The extraordinary loss came after it re-assessed the recoverable value of
Global liquefied petroleum gas (LPG) export volumes for the calendar 2015 reached 80 million metric tons, an 11 percent increase over the previous year. U.S. LPG exports alone reached a record of nearly 21 million metric tons
CaroTrans, a global non-vessel operating common carrier (NVOCC) and ocean freight consolidator, has entered a partnership with Thrutainers International, an established NVOCC in South Africa. This cooperation creates a U.S.- Sub-Saharan Africa import/export LCL service network in this important