Largest Container Ships
A sharp contraction in world trade has idled more than 200 container ships, threatening the survival of many companies, according to The Journal of Commerce. "The slump in container shipping appears certain to extend into 2010 or beyond. Some companies won't survive," said Joseph Bonney, editor-in-chief of The Journal of Commerce. Carriers operating from Asia to Europe, the world's busiest container trade route, are expected to lose up to $5b this year. Additional losses are forecast for 2009. "This is the biggest challenge the industry has faced since container ships began replacing conventional freighters nearly 50 years ago," Bonney said. Statistics compiled by PIERS (Port Import Export Reporting Service) Global Intelligence Solutions, a sister company of The Journal of Commerce, show that volume on Asia-to-U.S. routes declined 7.8 percent in 2008. The decline accelerated toward the end of the year as the recession hit full force and retailers cut back on orders. Further declines in trade volume are forecast for this year. Most of the world's trade in consumer and manufactured goods is carried in containers, which began to replace conventional freighters on international trade routes in the 1960s. Today the largest container ships carry enough cargo to fill 6,000 over-the-road trucks.
According to a Jan 31 report from Reuters, South Korea's small and medium-sized shipbuilder Sungdong Shipbuilding and Marine Engineering Co Ltd won orders worth $582.6m to build six large container ships. (Source: Reuters)
Photo Credit: International Marine Consultancy According to the Herald Tribune, a large container ship capsized during loading Thursday in Belgian port city Antwerp, officials said. No injuries were reported. The cause of the capsizing of the Republica di Genova, a roll on/roll off vessel of the London-based Grimaldi Lines, was not immediately clear, authorities said. Grimaldi Group vessels carry containers and Fiat cars from Italy to Antwerp.
Insurers, Lloyd's of London, say in a new report that the cost of dealing with shipwrecks is rising as ships grow in size. The report, 'The challenges and implications of removing shipwrecks in the 21st century', warns that the cost of dealing with shipwrecks is spiralling and the increase in removal cost is often passed to insurers, reinsurers and ship owners. Recent examples of expensive wreck removals include the container ship Rena which sank off New Zealand in 2011
Evergreen Marine Corp, Taiwan's largest container shipping company, plans to charter seven new vessels with capacity of 14,000 twenty-foot equivalent units (TEU) to upgrade its fleet at lower unit costs, while disposing of smaller and older vessels, reports the Taipei Times, . The seven vessels — owned by Sumitomo Corp, a leading integrated trading company in Japan — are scheduled to be delivered to Evergreen in 2016 and 2017, with a 10-year term of tenancy.
Hyundai Heavy Industries (HHI) say they have begun building the first of five 19,000 TEU container ships for China Shipping Container Lines (Hong Kong). HHI explain that the shipowner upgraded the original order for five 18,400 TEU containerships to ones capable of delivering 600 more containers, and thus these new ships will be the largest container ships ever built they claim. The new container ships will feature 77
A rescue operation has been launched after a large container ship ran aground off Haisboro Sands. The vessel, The City of Sunderland, is carrying a cargo of 642 Nissan cars and is currently lying on a sand bar eight miles off the north Norfolk coast. There are 13 crew members on board. The 9,576 ton ship became stuck at approximately 2.20am this morning while on a voyage from the port of Zeebrugge to Tees Port.
The world’s second and third-largest container shipping companies have announced the signature of a major agreement. The two family-owned companies, the Swiss-Italian MSC and France’s CMA CGM, today agreed to form a broad-based operating partnership spanning several trades, including Asia-Northern Europe, Asia-Southern Africa and all of the South American markets. The agreement, which is designed to improve the two partners’ respective performance
United Arab Shipping Company (UASC) has placed orders worth over $2 billion for very large container ships with South Korea's Hyundai Heavy Industries., reports Trade Arabia. UASC has ordered five vessels of 18,000 twenty-foot equivalent units (TEU) each, and five 14,000 TEU vessels. The ships are to be delivered starting in late 2014. In addition, UASC has signed options to buy one additional 18,000 TEU vessel and six 14,000 TEU ships
Talks between German containership company Hapag-Lloyd and Chilean fellow shipping company Cia. Sud Americana de Vapores SA (CSAV) about combining the container liner shipping activities are entering the next phase, Hapag-Lloyd said in a press release today. Both companies have signed a nonbinding Memorandum of Understanding (MoU). As the next step, the due diligence will take place, after which a binding contract could follow, Hapag-Lloyd said.
The Port of Rotterdam is taking measures to eliminate congestion at the ECT Delta Terminal and the Euromax Terminal. Inland waterway vessels and feeder vessels have been experiencing delays at these terminals for some time. Improvements implemented at these terminals have not had the
The number of container ships transporting goods around the world has fallen in the first half of 2014 but the total capacity of the global fleet continues to increase, consulting firm Drewry Maritime Research said in a note on Monday. Drewry Maritime Research foresees a fall in the number of
Shares rise 5 pct after improved guidance, better quarter than expected. Maersk indicates more buybacks after first in its history. Efficiency, cost savings boost Maersk Line compared to rivals. Denmark's A.P. Moller-Maersk announced the first share buy-back in its 110-year history on Tuesday
Evergreen Line’s ItalLunare celebrated its maiden call to the Port of Boston with an official first call and plaque presentation on Wednesday, the Massachusetts Port Authority (Massport) announced. This is the first time Evergreen Line has called Boston directly in nearly 30 years.
A.P. Moller-Maersk Q1 net profit $1.207 bln vs $1.072 forecast; Raises full-year outlook. Profit at A.P. Moller-Maersk's container shipping business, a bellwether for global trade, more than doubled in the first quarter as demand on the world's busiest route between Asia and Europe picked up
United Arab Shipping Company S.A.G. (UASC) informs it has concluded a bilateral facility worth USD 190 million with Burgan Bank’s Corporate Banking Group to finance the acquisition of two 14,000 TEU vessels from among UASC's new building order of 17 vessels comprised of eleven 14
The CMA CGM Group confirms its objective to reduce CO2 emissions by 50% by the end of 2015 (compared to 2005). On the occasion of the June 5 World Environment Day, the CMA CGM Group, the world’s third largest container shipping company and number one in France
Joint 14,000 teu boxship LNG as fuel project will be ‘cornerstone’ of a broad sustainability strategy supported by LR Capital Ship Management Corporation is prioritizing a business strategy inspired by, and applying, the key principles and goals of the International Maritime
Global marine terminal operator DP World today announced that its new Container Terminal 3 at its flagship Jebel Ali Port is making good progress with the arrival of 5 new quay cranes and half of its 19 automated cranes being tested before the start of initial operations in the next few
APM Terminals concluded a contract with Austrian-based crane manufacturer Hans Kuenz GmbH in combination with ABB of Sweden for an additional 22 Automated Rail-Mounted Gantry Cranes (ARMGs). The order will bolster the yard operation for Phase I of the new 2
The North European ports of Rotterdam and Hamburg are experiencing significant congestion, an echo of the issues last seen around the world during the boom of the early/mid 2000s – before the global financial crash took over. The causes of the current congestion are numerous
The Lebanese American University has awarded an honorary Doctorate Degree in Humane Letters to Jacques R. Saadé, in recognition of his achievements as a great business leader. The conferment of the Honor took place during the commencement ceremony at the LAU Campus on Tuesday
As the Panama Canal prepares to celebrate its 100th anniversary, insurers are warning of the increased risks that will arise from its plan to double the cargo-carrying capacity of ships transiting one of the world’s most important waterways.
The containership Hanjin Milano made its maiden call at Conley Terminal Friday, the Massachusetts Port Authority (Massport) announced. This is the first time that Hanjin Shipping has called the Port of Boston directly, opening a new channel of economic impact for the region.
Adani Ports & SEZ Ltd, India’s largest port developer and part of Adani Group, today announced financial results for the quarter ended June 30, 2014. Consolidated cargo handled by the company was 33.83 MMT in Q1FY15, an increase of 27%, over corresponding quarter last year