The World Trade Organization’s trade measures approved this week in a historic agreement could cut the cost of trade by up to 15 percent, boost the global flow of goods, accelerate economic growth and add up to 20 million new jobs, most of them in developing nations.
United Arab Shipping Company (UASC) today named the industry’s first ever LNG-ready ultra large container vessel at Ulsan in Korea, with Sajir becoming the first of 17 vessels ordered by the carrier.
There will be no speedy solution to the congestion that is creating bottlenecks at ports around the world as terminals battle to cope with growing trade and surges in container volume.
Shipping lines on the trans-Pacific saw all gains made by the Nov. 15 general rates increases fall away as the spot rate plunged $253 per 40-foot container in the past week, according to the latest reading of the Shanghai Containerised Freight Index (SCFI) released today.
Seven container ships, two more than the previous day but fewer than earlier in the week, were at anchor on Thursday morning awaiting berths at the congested ports of Los Angeles and Long Beach, according to the Marine Exchange of Southern California.
The port of Rotterdam will triple the discount on tariffs for deep-sea containers that are transshipped to other ports in Europe over the next three years in a move likely to trigger a response from its main rival Hamburg.
The international air freight demand of Asia-Pacific airlines, measured in freight ton kilometres (FTK), grew by a firm 6.4 percent in October, on the back of buoyant demand for electronic goods from manufacturing hubs in North Asia.
The revenue container shipping lines are achieving per TEU has been falling steadily over the past three years as freight rates continue to weaken under the burden of excess capacity.
The Port of Seattle Commission on Tuesday approved its 2015 budget that calls for $373.8 million in capital expenditures for the seaport and for Sea-Tac International Airport.
The National Customs Brokers and Forwarders Association of America on Wednesday charged that ocean carriers may be violating the U.S. Shipping Act with their congestion surcharges at West Coast ports.
A weekly index of intermodal spot pricing showed post-peak season weakness and was weighed down by rate erosion on freight moving out of Chicago, where intermodal prices have been consistently strong this year. However pricing support out of the West Coast pointed to the effects of congestion at the Los Angeles-Long Beach ports.
An Israel Corp. shareholder vote on the spinoff of Zim Integrated Shipping Services and several other businesses into a new company, Kenon Holdings Ltd., has been scheduled for a Dec. 31 vote.
Matson Navigation Co. will raise its rates for its Guam Commonwealth of Northern Mariana Islands and Micronesia services by $225 for both westbound and eastbound containers, effective Jan. 25, 2015.