The P3 Network announced today between Maersk Line, Mediterranean Shipping Co. and CMA CGM will have little or no impact on the glut of vessel capacity that has been depressing global freight rates, but will enable the world’s three largest container lines to substantially cut their operating costs on the Asia-Europe, trans-Pacific and trans-Atlantic trades.
Asia-Europe
18 Jun 2013
CMA CGM, Maersk Line and Mediterranean Shipping Co. have agreed to establish a long-term operational alliance on East–West trades.
17 Jun 2013
French carrier CMA CGM will increase rates on westbound cargo moving on its Epic service from India to North Europe and the Mediterranean, starting July 1.
17 Jun 2013
An outbreak of discipline among ocean carriers was the trigger for a 61 percent surge in spot freight rates on the Far East-Mediterranean route, according to industry consultant Drewry.
16 Jun 2013
Starting July 1, Evergreen Line will boost rates on its trade from the Far East, including Japan, and the Indian subcontinent to Europe.
14 Jun 2013
Containerized exports from Far East Asia to the Indian subcontinent and the Middle East reached 646,600 20-foot-equivalent units in April 2013, the most TEUs exported in this lane since May 2012, according to data from Container Trades Statistics. Exports increased marginally month-to-month and year-over-year.
14 Jun 2013
Asia-Mediterranean spot freight rates measured by the Shanghai Containerized Freight Index gave back $20 in the week ending June 14, after gaining $462 from a June 1 general rate increase. UASC, CSCL and Maersk planned to increase rates by $500 to $750 per 20-foot container, while Cosco and MSC sought to put into effect peak-season surcharges of $300 and $700, respectively.
14 Jun 2013
A.P. Moller-Maersk will pay about $100 million less than expected for its 20 Triple E vessels ordered from South Korea’s Daewoo Shipbuilding & Marine Engineering, The Economic Times reports.
14 Jun 2013
Ocean carriers are bracing for a make-or-break summer in the Far East-North Europe trades as they attempt to push through general rate increases of up to $1,000 per 20-foot container on the key westbound leg on July 1 against a backdrop of free-falling spot rates and stalling cargo flows.
13 Jun 2013
United Arab Shipping Co. will implement a rate increase for dry and refrigerated cargo from Asia to the Mediterranean and Adriatic on July 1.
12 Jun 2013
Maersk Line will boost rates in its trade from the Far East, excluding Japan, to the Mediterranean, starting July 1.
11 Jun 2013
OOCL will boost rates on its westbound trade from the Far East, including Japan, to the Mediterranean and Black Sea, starting July 1.
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Jun 5, 2013 2:00PM EDT