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Tuesday, March 19, 2024
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06 Mar 2024

US Container Shippers Slow Walk New Contracts, Eye Easing of Red Sea Rate Hikes

© Mariusz / Adobe Stock

U.S. importers are playing the waiting game with new container shipping contracts, gambling the rate spike from Red Sea vessel attacks will fade and put them in a stronger negotiating position, shipping industry analysts said.Iran-aligned Houthi missile and drone attacks on commercial ships in the Red Sea have forced most container carriers to reroute vessels around Africa and sent spot rates soaring.That price shock is a "gift" that carriers will be giving back when the assaults stop…

27 Feb 2024

New Container Shipping Company Launched in Saudi Arabia

Poul Hestbaek (Photo: Folk Maritime)

A new container shipping line has been launched in Saudi Arabia.The newly formed company, Folk Maritime, will provide feeder vessel and short-sea shipping services in the Middle East and the surrounding region.The Riyadh-headquartered company is led by CEO Poul Hestbaek, who previously served as CEO of Maersk's Hamburg Sud.Other executives include chief commercial officer Saleem Kadernani, chief financial officer Khalid Fawzi and chief human resources officer Abdulrahman Alshangiti.

08 Feb 2024

Maersk Warns Oversupply to Hit Profits

© Fotokon / Adobe Stock

Maersk warned on Thursday that container shipping overcapacity would hit profits more than expected this year and that it didn't see a major boost from the jump in freight rates due to Red Sea disruptions, hammering its shares.The warning, which also led the Danish shipping giant to suspend its share buyback programme, is in stark contrast with investors' recent optimism about the sector.Container shipping companies have been among the best-performing stocks in Europe this year…

15 Jan 2024

Houthi Attacks Expose China's Commercial Stakes in Red Sea

© SASITHORN / Adobe Stock

China has called for an end to attacks on civilian vessels in the Red Sea that have dramatically widened the Hamas-Israel conflict and placed Beijing's commercial interests along the Suez Canal at risk.The Iran-backed Houthi militia from Yemen that seeks "Death to Israel" is challenging the ability of the world's biggest trading nation to defend billions in strategic investments in Egypt.Since President Abdel-Fattah el-Sisi came to power in 2014, China has stepped up its investment and commercial activities along Egypt's Suez Canal…

10 Jan 2024

Record Container Ship Deliveries Expected in 2024

Source: BIMCO

In 2023, shipyards delivered 350 new container ships with a total capacity of 2.2 million TEU, beating the previous record from 2015 when 1.7 million TEU was delivered. “The 2023 record is now likely to be beaten already in 2024,” says Niels Rasmussen, Chief Shipping Analyst at BIMCO.As 2023 saw a relatively low level of container ship recycling, new ships entering the fleet caused an 8% rise in the capacity of the container fleet, the fastest growth registered since 2011. Ships larger than 15…

05 Jan 2024

24,188 TEU 'Mega Vessel' Delivered to OOCL

OOCL Valencia (Photo: OOCL)

Orient Overseas Container Line Ltd. (OOCL) announced it has taken delivery of another new 24,000 TEU mega vessel.Named OOCL Valencia during a ceremony at China's Nantong COSCO KHI Ship Engineering Co., Ltd., the newbuild is the seventh eco-friendly 24,188 TEU vessel in a series of 12 ordered by OOCL. It will serve OOCL’s Asia-Europe LL1 service.YU Tao, Director and Member of Executive Committee of OOCL, said at the ceremony: “Last year, OOCL received a total of six new container vessels and thus rapidly optimized the fleet structure of both OOCL and the group.

30 Oct 2023

Damen Completes ASD Tug Trio Delivery to Polish Client

Credit: Damen

Dutch shipbuilder Damen Shipyards has recently delivered three ASD Tugs to Poland’s WUZ Ports and Maritime Services.“On the 19th of October, the flag raising ceremony for three new ASD Tugs took place in Gdansk, Poland. In the presence of a large group of Polish and international associates and company employees, the new tugs were welcomed into the fleet. This followed the christening ceremony of the second ASD Tug 2811 that took place in September in Rotterdam. Named Pax (in Latin "Peace”)…

10 Aug 2023

As Container Fleet Grows (4.3%), So too do Sectors Woes

Copyright Mirko/AdobeStock

“Deliveries of new container ships during the first seven months of the year reached a new record high of 1.2 million TEU in 2023, beating the previous record by 0.2 million TEU. As recycling of ships has remained low, the fleet capacity has grown 4.3% since January,” says Niels Rasmussen, Chief Shipping Analyst at BIMCO.The contracting of new ships has slowed since its record in 2021 but has year-to-date remained twice as high as during the 2010s. The 1.3 million TEU contracted so far this year has therefore kept the order book high…

04 Aug 2023

Maersk Warns of Slower Demand for Container Shipping

Shipping group A.P. Moller-Maersk warned on Friday of a steeper decline in global demand for shipping containers by sea this year, prompted by muted economic growth and customers reducing inventories.The company, one of the world's biggest container shippers with a market share of around 17%, said it expects container volumes to fall by as much as 4%. It had previously forecast a decline of no more than 2.5%.Maersk transports goods for retailers and consumer companies such as Walmart…

20 Jul 2023

ABS Approves Fully Autonomous Ship Framework

Source: MHI

The design of a pioneering, fully autonomous ship framework has received approval in principle (AIP) from ABS.The fully autonomous ship framework, named APExS-auto (Action Planning and Execution System for full autonomous), was developed by Nippon Yusen Kabushiki Kaisha (NYK), Monohakobi Technology Institute (MTI) and Japan Marine Science Inc. (JMS) as part of the fully autonomous ship program MEGURI 2040.ABS worked with MTI and JMS to review the APExS-auto framework in accordance with the ABS Requirements for Autonomous and Remote-Control Functions.

12 Jun 2023

MSC 107: SOLAS Amendments Adopted and Titanic Remembered

Source: IMO

The IMO Maritime Safety Committee (MSC) held its 107th session from May 31 to June 9, 2023.Highlights of the meeting included the adoption of amendments to the LSA Code and MSC.81(70) Revised recommendation on the testing of life-saving appliances for the ventilation of totally enclosed lifeboats. ABS reports that the Committee adopted Resolution MSC.533(107) introducing amendments to the LSA Code to provide performance requirements that will require totally enclosed lifeboats to provide a means of ventilation operable from inside the lifeboat at a rate of not less than 5 m3/hour per person…

15 May 2023

APM Terminals to Invest $1 Billion in Brazilian Terminals by 2026

(Photo: APM Terminals)

Maersk's APM Terminals has pledged a €962 million (US$1 billion) investment in its Brazilian operations up to 2026.This figure includes a €296 million of a total €483 million investment exclusively for the Phase One development of a new terminal in Suape. The terminal, located in Estaleiro Atlântico Sul, is in the final stages of acquisition and will rejuvenate infrastructure and increase competition in the port.APM Terminals has committed an additional €666 million of investment to the company’s four other terminals and inland depots, by 2026.

13 Apr 2023

Record High Container Order Book Signals 'Significant Change'

“Despite the collapse in freight rates, shipowners still have an appetite for new container ship orders and the order book has continued to grow. The record high order book of 7.54 million TEU will result in significant changes to the container fleet in the coming years,” says Niels Rasmussen, Chief Shipping Analyst at BIMCO.During the last 10 quarters, 8.61 million TEU has been contracted, matching the level contracted during the preceding 30 quarters. The order book has now increased for 10straight quarters…

16 Mar 2023

CK Hutchison to Invest $700M in Two Major Egyptian Ports

Sunset at Ain Sokhna Port at Suez Gulf in Egypt - ©bleung/AdobeStock

CK Hutchison Holdings port unit said on Thursday it would invest about $700 million in two major Egyptian ports, bringing its total investment in the country to more than $1.5 billion.Hutchison Ports said it would invest in the development of a new container terminal in the Red Sea port of Ain Sokhna, and in B100, a new container terminal in the Mediterranean port of Alexandria.In a separate statement, Cosco Shipping Ports Limited said it would invest 25% in the Sokhna New Container Terminal - a new terminal built by the Egyptian government.The operating period for the project is 30 years…

09 Jan 2023

Some Ocean Shipping Rates Collapsing, but Real Price Relief is Months Away

© angeldibilio / Adobe Stock

Prices in the most volatile segment of ocean shipping are collapsing, but top retailers like Walmart and Home Depot should not expect relief until the spring contract renegotiation season, industry experts said.Spot rates, which cover anywhere from 10% to 40% of ocean container shipments and are considered a key indicator of the industry's health, are in free fall as recession looms and the pandemic-fueled U.S. import bubble deflates.The cost to send a container from Asia to the United States on the demand-sensitive spot market has tumbled more than 80% from its September peak above $20…

12 Dec 2022

Louisiana Announces $1.8 Billion Port Expansion Project

The new Louisiana International Terminal in St. Bernard Parish will be able to serve vessels of all sizes, dramatically increasing the state's import and export capacity. (Photo: LED)

A public-private partnership between the state of Louisiana, the Port of New Orleans and two global maritime industry leaders will build a $1.8 billion container facility on the Lower Mississippi River, Gov. John Bel Edwards announced.The new Louisiana International Terminal (LIT) in St. Bernard Parish will be able to serve vessels of all sizes, increasing Louisiana’s import and export capacity and stimulating the creation of more than 17,000 new jobs statewide by 2050, Port NOLA estimates.New Jersey-based Ports America…

31 Oct 2022

DOT Announces $703M in Port Funding; 41 Projects in 22 States

Copyright bannafarsai/AdobeStock

U.S. Department of Transportation (DOT) announced more than $703 million to fund 41 projects in 22 states and one territory that designed to help improve port facilities through the Maritime Administration’s Port Infrastructure Development Program. Following is the full list of FY 2022 Port Infrastructure Development Grant Awards:ALASKANorth Extension Stabilization Step 1 Project ($68,700,000), Anchorage, AlaskaThe Project will reconfigure and realign the shoreline within the “North Extension” (the area north of the existing general cargo terminals) at the Port of Alaska in Anchorage, Alaska.

31 Oct 2022

Hungary's New Container Terminal Aims to Boost Ukrainian Grains Shipments

© Pixel-Shot / Adobe Stock

Europe's largest land-based container terminal started operating near Hungary's border with Ukraine on Tuesday, aiming to increase shipments of Ukrainian grains via Hungary to Adriatic ports.The East-West Gate terminal, built at a cost of about 40 billion forints ($95.65 million), allows containers to be transferred between wide and standard gauge rail tracks as well as between trains and trucks.It "will have a huge role in shipping Ukrainian grains," Hungarian Foreign Minister…

13 Sep 2022

NVOCCs Caught in the Middle of Ocean Shipping Reform Act

NVOCCs are caught in the middle of the Ocean Shipping Reform Act of 2022 requirements for reporting demurrage and detention; FMC needs to pump the brakes and allow the industry to catch upThe Ocean Shipping Reform Act of 2022, passed by Congress without industry input and signed into law on June 16, has left the industry in a difficult position regarding how to comply with the new requirements for invoicing demurrage and detention (D&D) charges.At issue is the Container Availability Date…

11 Jul 2022

Ships Get Older and Slower as Emissions Rules Bite

©OlegD/AdobeStock

If shipping is the beating heart of global trade, its pulse is about to get slower. Faced with uncertainty about which fuels to use in the long term to cut greenhouse gas emissions, many shipping firms are sticking with aging fleets, but older vessels may soon have to start sailing slower to comply with new environmental rules.From next year, the International Maritime Organization (IMO) requires all ships to calculate their annual carbon intensity based on a vessel's emissions…

22 Jun 2022

US Grain Shipments Through Great Lakes-Seaway Up 39%

(Photo: Nick Corbin, courtesy Chamber of Marine Commerce)

U.S. grain shipments via the Great Lakes-Seaway system totaled 312,000 metric tons from March 22 to May 31, up 39% compared to the same period in 2021. Much of the increase is due to exports of corn and soybeans out of the Port of Toledo and some new trade starting at the port of Oswego this shipping season. The rise in shipments, which are predominantly heading to Europe and North Africa, are in part due to shifting global grain trading patterns as the conflict between Russia and the Ukraine — both major grain exporters — continues.“The Great Lakes-St.

07 Jun 2022

Marine Insurance: Cargo Fires are a Burning Issue for Shipping

Copyright burnstuff2003/AdobeStock

Commercial insurer Allianz Global Corporate & Specialty released its Safety & Shipping Review, an annual analysis of shipping losses and accidents worldwide. The 2022 report reveals that the maritime sector continues its long-term positive safety trend over the past year with 54 total losses of vessels reported globally, compared with 65 a year earlier. This represents a 57% decline over 10 years (127 in 2012); while during the early 1990s the global fleet was losing 200+ vessels a year.The 2021 loss total is made more impressive by the fact that there are an estimated 130…

02 Jun 2022

Korean Shipbuilder Can't Accept New FSRU Orders as Capacity Full

Credit: Karel/AdobeStock

Korea Shipbuilding & Offshore Engineering (KSOE) has mostly filled its order book for the next 2-1/2 years as the pandemic drove demand for container ships, leaving little room to meet the needs of the liquefied natural gas (LNG) sector, a senior company executive said.With U.S. LNG exports rising, more LNG carriers are traveling longer distances to customers in North Asia and Europe while European countries have snapped up floating storage and regasification units (FSRUs) as they ramp up LNG imports to replace Russian gas supplies in the wake of the Ukraine crisis.However…

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