Ocean Freight

Ocean Freight Shipping Rates on the Rise

After a downtrend in the freight shipping tanker market since the middle of 2007, the industry has seen nothing but rate increases in the last month. This freight rate increase can affect consumers across the board, according to the freight transportation The cost of freight shipping can mean an increase in the cost of many consumer products, according to FreightBrokering.info, which is why it's so important to keep freight transportation costs down. There are many reasons why the costs of ocean freight shipping have increased. Indian Oil Corporation recently paid $9 million in freight transportation charges for shipping crude oil on a very large crude carrier from West Africa to Vadinar, India. The high freight rate was a result of oil firms scrambling to hire ships before the holiday season started, leading to a shortage of ships. Another recent event that may be affecting the ocean freight rate is an accident that occurred on December 7 about five miles off the coast and 93 miles southwest of Seoul, which caused South Korea's worst oil spill in history. Single-bottomed tankers are already scheduled to be phased out worldwide by 2010 under an international maritime treaty, and demands to ban single-hull tankers ahead of the deadline have now emerged. This leaves more demand for other types of freight shipping vessels, and the resources are not necessarily there.

FedEx To Enter Ocean Shipping Business

FedEx Logistics Inc reportedly will enter the oceanshipping business. FedEx Logistics, a unit of FedEx Corp., will become a non-vessel operating common carrier (NVOCC), meaning it will send freight by sea but not own any ships, Mark Gunn, of the Akron, Ohio-based logistics firm said, "We aren't going to own any ships." FedEx Logistics will arrange the global logistics of ocean freight but Gunn did not say when this will start.

CP Ships Acquires Borg Intl.

CP Ships Limited has acquired Borg International Freight Services Inc. Based in Montreal, Borg specializes in ocean and air freight forwarding and employs 22 people. Its annual gross revenue in 2004 was US $14 million. "The acquisition of Borg is a continuation of our plan to selectively develop logistics services as a way of leveraging strong regional market positions and adding value to our core container services

Business Briefs

Hvide Marine/Sun State Christens New Ship Hvide Marine Incorporated (HMI) and subsidiary Sun State Marine Services, Inc., recently christened the first in a series of new cargo ships at its U.S. shipyard facility in Green Cove Springs, Florida. Constructed entirely on-site by Sun State Marine Services, Inc., the 190-foot 'landing craft' type freight vessel is specially designed and ideally suited for conducting trade with Bahamian and Caribbean markets that have minimal or unimproved

Panama Canal Lock Gate Transportation Contract for Geodis Wilson

As part of a US$50-million contract Geodis Wilson will manage the transport of 16 lock gates, each weighing more than 4,000 tons, for Panama Canal expansion project. An initial vessel, carrying four of the gates will depart from Italy in February 2013 and will be followed by a further three shipments throughout the year. The project is scheduled for completion in December 2013. The new gates are part of the large-scale expansion plan by the Panama Canal Authority that is designed to double

Stolt-Nielsen Limited Reports Results

Stolt-Nielsen Limited reported unaudited results for the first quarter ended February 28, 2013.    Net profit attributable to SNL shareholders in the first quarter was $1.5 million, with revenue of $519.4 million, compared with $18.2 million, with revenue of $510.9 million, respectively, in the fourth quarter of 2012.   Highlights for the first quarter of 2013, compared with the fourth quarter of 2012, were:  

AAPA: Study Proves Need For Improvement

The American Association of Port Authorities (AAPA) welcomed the recent release of the U.S. Department of Transportation (U.S. DOT) "Report to Congress on National Highway System (NHS) Intermodal Freight Connectors." The report, requested by Congress under the provisions of the Transportation Equity Act for the 21st Century (TEA-21), reviews connectors to seaports, airports, and major intermodal terminals to determine: (1) their condition; (2) improvements or investments made or planned; and

FMC Compromise Agreements

The Federal Maritime Commission (FMC) issued a Notice reporting that it entered into nine compromise agreements with vessel-operating common carriers (VOCCs), ocean transportation intermediaries (OTIs), freight forwarders, and proprietary shippers regarding alleged violations of the Shipping Act of 1984. Under the agreements, the FMC will recover an aggregate amount of $549,000 in civil penalties. Source: HK

Drewry Expands Container Freight Rate Benchmarking

Drewry Maritime Research, the global leader in freight rate benchmarking, has expanded its flagship Container Freight Rate Insight publication and now provides freight rate benchmarks on 550 international trade routes. Published monthly, the report provides all-in spot rates on all the key shipping routes of the world, including both headhaul and backhaul trades. In  addition to the monthly report, subscribers also have access to an online database of both current and historical freight

Container Shipping Reliability Report Published

An INTTRA, SeaIntel, collaboration reports 'On-Time Performance & Schedule Reliability' of the ocean shipping industry INTTRA, an active worldwide network for ocean shipping, and SeaIntel, container shipping market analysts, announce the availability of the initial publication of the industry’s only shipping reliability report that combines on-time performance with schedule reliability measures. “For the first time shippers can now analyze actual container delivery time