Maritime News

Weekly wrap-up: 6 stories on LA-LB congestion
The weekly wrap-up features the Top 10 stories on JOC.com in the past week. Find out what you missed.

The three largest Japanese container lines, MOL and “K” Line and NYK Line, all reported improved container shipping revenues in the six months from April through September but saw profits go in different directions. The results showed the effects of limited improvement in Asia to Europe rates but revealed challenges in port congestion in Asia and cascading of larger ships into north-south trades as mega-vessels are delivered into Asia-Europe.

The idle container ship fleet likely will stick at its current four-year low as ocean carriers are reluctant to pull services during the slack winter season, according to Alphaliner.

Ocean carrier rate revision roundup for Oct. 31
Multiple container lines have planned general rate increases in numerous trade lanes in October and November, although any gains achieved could be temporary as overcapacity and sluggish global demand continue.

NOL Group today reported a third-quarter net loss of $23 million but managed to reduce its core earnings before taxes by 31 percent through cost management and efficiency that have delivered $290 million in savings so far this year.

Freight rates on the Asia-North Europe trade lane came roaring back this week, almost doubling the previous week’s spot rate as carriers slashed capacity on the route and levied general rate increases.

Growing international trade and rising container volumes and revenue during the third quarter was reflected in the financial results of China’s top two carriers — China Shipping Container Lines (CSCL) and China Cosco.

CMA CGM ship
Ten more CMA CGM ships are scheduled for modifications to their bows that will help the company save nearly 6 percent on fuel, the French carrier said.

Hapag-Lloyd again raised its “on-carriage congestion surcharge” for import shipments handled at Jawaharlal Nehru Port (Nhava Sheva), indicating that India’s largest container handler is still battling clogged railyards and that equipment turn times for ocean carriers have yet to improve.

Hanjin Shipping recorded its first quarterly net profit since the end of 2010 in a turnaround driven largely by cost cuts and currency gains that saw the Korean carrier posting third quarter net earnings of $39 million.