The Drewry Hong Kong-Los Angeles container rate benchmark, soared by 17.5% to US$2,452 per 40ft container this week. Last week’s Drewry transpacific price benchmark dated 1st August increased by just $71 per 40ft container from levels in the previous week, but it has now become clear that the rate increase was deferred by most carriers. “We said last week that one factor in the price changes was that carriers are staggering the implementation of this month’s GRI [General Rate Increase],” explained Martin Dixon, Drewry’s research manager for freight rate benchmarking. “What we now know is that the spot market has accepted the $500 rate increase over a period of 2 weeks, not one.” The latest $500 price increase ($429 this week and $71 last week) propelled spot freight rates from Hong Kong to Los Angeles to their highest level this year. This week’s $2,452 rate is 89% higher than this time last year. Perhaps more importantly, this was the 5th week-on-week rate increase of more than 10% this year. With transpacific capacity lower than a year ago and Asia-to-US volumes in July up by approximately 7%, the container market on the transpacific route appears to be much tighter than the Asia-Europe container trade. “The jump in rates and in volumes are there, but we have not changed our belief that freight rate levels will drift back downwards through the latter part of August,” Dixon warned
Mediterranean Shipping Company (MSC) will file a General Rate Increase (GRI) of $160 per 20 ft container and $200 per 40 ft unit on all cargo moving from Europe to the USA. The company will also file a GRI of $200 per 20 ft unit and $250 per 40 ft unit applicable to freight moving from Italy, Spain and Portugal (Western Mediterranean service) to the USA, all coasts. These new rate increases go into effect April 1, 2009.
Starting next year, the price to ship a container across the Atlantic ocean is to soar, as container shipping lines on the Atlantic will be seeking hefty rate increases s next year. Rates for 20 foot containers heading westbound to U.S. Atlantic, Gulf and Pacific ports would rise by $600 from January 1, 2000, carriers in the Trans-Atlantic Conference Agreement (TACA) said. For 40 and 45 ft units the increase would be $750, they said
Higher panamax freight rates have boosted sentiment in the market amid hopes for further rates increases during the week, shipbrokers said on Monday. They gave as prime example the latest U.S. Gulf to Japan fixture at a rate of $23.25 per ton of heavy grain for mid-July loading dates, this compared with the present Baltic Panamax Index showing an average $22.86 per ton. Firmer fixtures had been also reported for both the Pacific and the Atlantic, brokers said.
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
Horizon Lines' financial report shows volume improves 3.4%, & rate, net of fuel up 2.9% from a year ago. Sam Woodward, President and Chief Executive Officer comments on third quarter 2012 financial results: "Horizon Lines generated a 3.4% improvement in container volume and a 2.9% increase in container revenue, net of fuel surcharges, for the third quarter, relative to the same period a year ago," said Sam Woodward, President and Chief Executive Officer
Freight rates have come under pressure in recent months with the entry of new players into the North Atlantic market. Moreover, costs, particularly for charters, bunkering and additional security measures, have risen. Hapag-Lloyd has thus decided to raise freight rates for the North Atlantic and for the US Gulf and the US West Coast with effect from February 1st 2007. The increase amounts to $200 for a 20-ft. container and $250 for a 40' container.
Total Canal transits decreased 2 percent during Q2 – from 4,053 to 3,971 transits. Panama Canal/Universal Measurement System (PC/UMS) tonnage also dropped 2.6 percent – from 80.4 million PC/UMS tons to 78.4 million PC/UMS tons. Passenger transits increased 34.8 percent – from 92 to 124 transits – while dry bulk transits rose 6.7 percent, from 586 to 625 transits and dry bulk cargo tonnage increased 10.4 percent, from 12.3 to 13.5 million PC/UMS tons.
Despite a recent lull in the global economy, overall confidence levels in the shipping industry have shown a further rise over the past three months, reaching their highest level since May 2008. According to the latest Shipping Confidence survey by Moore Stephens, owners, managers, charterers and brokers all feel more confident about the shipping markets in which they operate, and more optimistic about making a major investment over the coming year
General Maritime Corporation (NYSE: GMR) announced that it has entered into memoranda of agreement to sell three product tankers, the 2004-built Genmar Concord, the 2005-built Stena Concept and the 2005-built Stena Contest, to affiliates of Northern Shipping Fund Management Bermuda, Ltd., an alternative capital provider to the shipping and offshore oil service sectors. General Maritime will receive net proceeds totaling $61.7m for the sale of the three vessels
As expected the industry just about scraped over the break-even line in 2012, albeit only because of the results of a handful of leading lights. There is every chance that lines will make decent money in 2013, but only if they refrain from old habits and stick to pricing and capacity discipline
The survey indicates freight-rate improvements and greater likelihood of new investment in the next 12 months. Overall confidence levels in the international shipping industry recovered to their highest level for two years in the three months ending February 2013, while U.K
First quarter 2013 net loss amounted to US$ 20.1 million, while rate, net of fuel, increased 1.9% & adjusted EBITDA was up 25.7% from a year ago. Sam Woodward, Horizon Lines' President and Chief Executive Officer said: "The positive factors resulting in adjusted EBITDA growth were
Hamburg Süd’s performance in brief Following the powerful recovery of the world economy in 2010 and a weaker 2011, global growth continued in the past financial year, albeit at a slower pace. Against this backdrop, container shipments increased once again
In its latest shipping sector report DNB Bank, focuses on how ship speed optimization has changed fundamental supply/demand balances. The DNB Bank report expounds: Speed optimisation has completely changed the fundamental supply/demand balances
At its annual board meeting on 29 October 2012, the board of the UK P&I Club (the Club), one of the oldest shipping protection and indemnity insurance mutuals, agreed that the general increase for 2013 renewal will be 7.5 percent.
Container ship owners Hapag-Lloyd report increased revenue and profits in the third quarter 2012. Hapag-Lloyd was able to increase freight rates, revenue and results in the third quarter, although the market environment remains challenging
Very good operating performance, with profitability close to CMA CGM’s historic highs. The Board of Directors of France’s CMA CGM, the world’s third largest container shipping group, met under the chairmanship of Jacques R
Matson has announced that Matson Navigation Company, Inc. (Matson) will raise its rates for the company's Hawaii service by $175 per westbound container and $85 per eastbound container, effective January 1, 2013. The increase will be filed with the Surface Transportation Board
Overall confidence levels in the shipping industry recovered slightly from their lowest level for over four years in the three months ended November 2012, according to the latest Shipping Confidence Survey from international accountant and shipping adviser Moore Stephens.
Maersk Line announce that they find it necessary to implement general rate increases from the base rate. The new container freight rates will be effective 1, April 2013 as follows: US to Northern Europe General Rate Increase: USD 200/300/300/300 per 20′/40′ standard/40′ high
T&T Salvage remind that the OPA 90 Vessel Response Plan regulatory package has been approved by the Office of Management and Budget (OMB) & offers its services. On March 9th, 2013, the OPA 90 Vessel Response Plan regulatory package outlining requirements for nontank vessels trading in U.S
The Canadian St. Lawrence Seaway Management Corporation (SLSMC) increase tolls 3% for 2013 season. There are no tolls charged for transiting the U.S. section of the Seaway's lock system which is operated by the U.S. Saint Lawrence Seaway Development Corporation.
Freight rate up 3.2% on last year / Transport volume increases by 1.1%. Revenue rises by 12.1% to EUR 6.84 billion / Absence of peak season and persistently high energy costs weigh on business / Positive operating result of EUR 26 million / EBITDA of EUR 335 million.
Overall confidence levels in the shipping industry recovered to their highest level for two years in the three months ended February 2013, according to the latest Shipping Confidence Survey from international accountant and shipping adviser Moore Stephens