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
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 Maritime Corp, which operates crude oil tankers, will acquire Navig8 Crude Tankers Inc in a stock-for-stock deal, the two companies said in a statement. A newly formed unit of General Maritime will acquire all of Navig8 Crude's common shares to form Gener8 Maritime Inc. Tanker companies, struggling to cope with poor charter rates, are teaming up to improve efficiency and reduce operating costs, besides adding to their fleets.
General Dynamics NASSCO, a business unit of General Dynamics has been awarded a $36.4 million contract for maintenance, modernization, and repair of the USS Mitscher (DDG 57). "This award is a testament of the hard work by the General Dynamics NASSCO team and the collective effort
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
C-MAR, an international marine and offshore services provider, and the Shanghai Maritime University (SMU) has officially launched the Dynamic Positioning training facility (DPC-SMU) at a special ceremony in Shanghai. In the first joint venture of its kind
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
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
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
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
General Dynamics stated that Larry R. Flynn, president of Gulfstream Aerospace Corp., has informed the corporation of his intention to retire on June 30, for health reasons. Mark L. Burns, president of Product Support for Gulfstream, will succeed Flynn as president of Gulfstream.
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
Global Ship Lease, Inc. has agreed to extend the time charter for the Ville d'Aquarius, a 1996-built, 4,113 TEU vessel currently on charter with Sea Consortium Pte Limited, doing business as X-Press Feeders. The extension is for an additional four to six months, at charterer's option
China travel services provider Ctrip has furthered its expansion into the cruise market with the appointment of Wilhelmsen Ships Service (WSS) as its General Agent in China. The partnership, which was announced at the official Ctrip vessel naming ceremony last week
Billing Platform announced that it will support South Carolina Ports Authority (SCPA) by providing a cloud application that streamlines and modernizes billing operations to promote efficient revenue recognition in a dynamic and evolving environment.
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
The LPG coaster shipping market continues to be plagued by excess vessel supply with rates remaining stubbornly below pre-financial crisis levels, according to the latest edition of the LPG Forecaster, published by global shipping consultancy Drewry.
Yesterday in Malmö, Sweden, the Korean Shipowners’ Association (KSA) made a donation of $50,000 to the World Maritime University. The donation was handed over by KSA chairman, Youn-jae Lee, at a ceremony attended by Cleopatra Doumibia-Henry (president designate of WMU) and Neil