An influx of freight and higher rates is boosting third-quarter profitability at YRC Worldwide, the company said Tuesday.
China’s top port operator and an engineering group will invest $601 million in a container terminal at Sri Lanka’s Hambantota port, as China seeks to deepen its ties with the strategically placed Indian Ocean island.
With the odds growing that a global ballast water treaty will come into force next year, concern is building among shipowners, including container carriers, that its implementation will be chaotic, expensive and ineffective.
India plans nearly a 50 percent increase in port fees including stevedoring and pilotage at Chennai to improve the port's financial performance
The cost of shipping a 40-foot container from Hong Kong to Los Angeles declined this week, with rates losing all gains brought on by a Sept. 1 general rate increase.
Low prices invariably generate increased demand, so exports of corn, soybeans and energy products derived from those commodities will do quite well in the coming year and beyond, said David Hightower, principal at Hightower Associates in Chicago and publisher of the Hightower Report on commodities.
The northern Chile port of Iquique plans an $80 million expansion.
Maersk Group said it has raised $1.25 billion from the successful issue of two maiden U.S. dollar bonds.
Air freight is suffering from the same issues that afflict container shipping, with growing volumes not enough to lift profitability in the face of high fuel prices, weak yields and growing capacity, the International Air Transport Association said in an industry report.
China-Europe rail services continue to grow in popularity with DHL the latest forwarder to offer a new weekly scheduled block train from Suzhou to Poland.
The Port of Virginia made strides toward financial stability in August, on the back of volume growth that topped 8 percent.
Executives from Maersk Line and Mediterranean Shipping Co., in an attempt to expedite the U.S. approval process, met with a U.S. Federal Maritime Commissioner last week to address questions regarding their proposed “2M” vessel-sharing agreement.
Container handling rose nearly 2 percent in August at the world’s largest transshipment hub, the Port of Singapore.