Since rates are at an unsustainable level in the transatlantic trade, Maersk Line announced a general rate increase effective 1 September 2009. The company said the rate increase is necessary to continue to operate its services with the same level of reliability. The filed increase is as follows: • $400 per 20 ft container • $500 per 40 ft/high cube/45 ft container The increases apply equally to all Eastbound and Westbound cargo moving between the US & Canada and Northern Europe.
MOL (Mitsui OSK Line) said it plans a general rate increase for all cargo moving southbound from Europe North Continent and Mediterranean to West Africa. The new rate of $219.4 per TEU will become effective 15 October 2009. The GRI is applicable to all commodities and equipment, including reefer containers. (www.MOLpower.com)
As a result of market instability in the transatlantic trade, Maersk Line is announcing the following general rate increase, effective 1 April 2009. The filed increases are as follows between Northern Europe and the East Coast and Gulf Coast of North America: • $160 per 20 ft dry container • $220 per 40 ft container/high cube/45 ft container/reefer The filed increases are as follows between Northern Europe and the West Coast of North
Do we sense a touch of desperation from the executive corridors of Maersk Line as the Triple-E delivery dates approach? Maersk Line boss Nils Smedegaard Andersen was in a confident mood after his carrier posted a decent $204 million profit in the first quarter. Making a profit when Asia-Europe is a disaster and many other carriers are wallowing in red ink is impressive enough, but the Maersk CEO raised eyebrows when he addressed the rates issue.
The industry is stuck in a vicious cycle, Drewry reports – although new ships may give carriers lower slot costs, the supply/demand dynamics are out of kilter and freight rates remain very volatile. Drewry Maritime Research’s 1Q14 Container Forecaster report highlights that the industry remains in an extended down cycle. This is being accentuated and extended by the constant delivery of new ships. The global cascade is now hurting the balance of the north/south trades.
The Transpacific Stabilization Agreement (TSA) informs that member container shipping lines are proposing an across-the board general rate increase (GRI) of at least US$600 per 40-foot container (FEU) to all destinations, effective September 1, 2014 Carriers had filed increases in their individual tariffs in late July and subsequently began notifying customers directly. TSA lines said the planned GRI follows strong cargo demand and high vessel utilization levels in recent months
General Atomics, Kongsberg Maritime and C & C Technologies have agreed to cooperate on the development of Autonomous Underwater Vehicles (AUVs) and associated technologies. Kongsberg Maritime, manufacturer of advanced hydroacoustic instruments, the HUGIN family of AUVs and other maritime electronic products, has signed a cooperative agreement with General Atomics and C&C Technologies via its affiliate, Kongsberg Underwater Technology Inc, located in Lynnwood, Wash
It is impossible to view the global container shipping business without looking at it through the prism of vessel capacity being added to the market. What happens over the next two years will be a direct result of the glut of newbuildings that are flooding into service and wrecking freight rates. Just consider these numbers. During the first four months of 2013, Alphaliner puts the new containership deliveries at 496,000 TEUs
Scorpio Bulkers, headquartered in Monaco, report its results for the three months ended December 31, 2013 and for the period from March 20, 2013 (date of inception) to December 31, 2013. Extracts follow: Results for the three months ended December 31, 2013 For the three months ended December 31, 2013, the Company had a net loss of $3.6 million, or $0.04 basic and diluted loss per share. During this period the Company had no vessels in operation
Rates for very large crude carriers (VLCCs) on key Asian freight routes could hold steady or gain next week as charterers seek to complete their vessel chartering programme for the first 20 days of August, brokers said on Friday. The pause would come after charter rates from the Middle East to Asia jumped this week to their highest levels since February 27 after falling on Monday as owners resisted charterers' attempts to push prices lower, brokers said.
General Dynamics Advanced Information Systems, a business unit of General Dynamics, was awarded a $16.2 million contract by the U.S. Navy to produce Type-3 Advanced Mission Computers (AMC) for the F/A-18 E/A-18G Super Hornet aircraft
As the eyes of the world turn to New York City, where thousands of people are expected to gather today for a massive march in advance of a United Nations climate summit, Secretary-General Ban Ki-moon yesterday welcomed UN Messenger of Peace, Leonardo DiCaprio
IMO Secretary-General Ban Ki-moon has officially established the United Nations Mission for Ebola Emergency Response and has instructed the advance teams for the first-of-its-kind operation to head to its base in Accra, Ghana, by Monday, 22 September.
Despite growing competition from container lines, specialised reefer operators can still thrive, according to Drewry’s latest Reefer Shipping Market Annual Review & Forecast, referred to here in an extract from DMR's latest 'Container Insight Weekly'.
The U.S. Navy has awarded a $234 million contract to General Dynamics Electric Boat to provide planning yard work, engineering and technical support for nuclear submarines. The contract has a total potential value of $1.5 billion over five years if all options are exercised
On October 10, 2014, Kenneth Smith, 99, the last of the original Smith Brothers, will christen the tug Captain Kenneth. The vessel was designed by the late Oliver Bryant and Parfait Designs and constructed at the company's yard on the Chesapeake Bay. Captain Kenneth is 49.5' x 19' x 7
Crude oil tanker earnings on the major Middle East route fell to their lowest in nearly three months as a slowdown in business in recent days battered rate sentiment. The world's benchmark VLCC export route from the Middle East Gulf (MEG) to Japan <DFRT-ME-JAP> on Monday reached W37
Scorpio Bulkers Inc. announced today that it has further upsized and priced its previously announced offering of senior unsecured notes due 2019 in a registered public offering. The size of the offering has been further increased from the previously announced size of $60 million in aggregate
Will the 2014/15 winter tanker market be a repeat of the previous one? Poten & Partners consider the question in their latest 'Poten Tanker Opinion'. As the regular US baseball season is winding down, the fans are looking forward to the playoffs
Horizon Shipbuilding, Inc. announced that Mickey Cook has joined the corporation as the Vice President of Operations for the Bayou La Batre shipyard. Cook, one of the founders of C & G Boatworks, where he served as General Manager, brings 38 years of experience in the shipbuilding industry
The U.S. Navy accepted delivery of USNS Fall River (JHSV 4) from Austal USA yesterday, a week shy of six months from the date they took delivery of JHSV 3. This is the fourth Joint High Speed Vessel (JHSV) delivered to date for the JHSV Program which totals 10 ships at over $1.6 billion.
Capital Product Partners L.P. (CPP) an international diversified shipping company, says it has secured time charter employment for the M/T ‘Avax’, M/T ‘Agisilaos’ and M/T ‘Alkiviadis’. M/T ‘Alkiviadis’ (36,760 dwt
Scorpio Tankers Inc. say it has recently taken delivery of seven newbuilding vessels as follows: STI Madison and STI Park, LR2 product tankers, were delivered from Hyundai Samho Heavy Industries in September 2014. Upon delivery, each vessel began a voyage for 45 days at approximately $30
Although the Ebola epidemic has remained predominantly in West Africa, fears about the virus have spread globally and it is becoming a cause for concern in the transportation industry. From air to sea, companies are beginning to take precautionary measures including suspending flights to various
Oil traded slightly lower below $99 a barrel on Thursday, pressured by ample supply and concern over the weakening of demand growth in major consumer nations, as well as a rise in the U.S. dollar. Threats to supply as Libya's output fell and talk of OPEC production cuts limited the decline for