Maritime News

CMA CGM today confirmed it is in talks with the Yildirim Group over the sale of the Turkish conglomerate’s 24 percent stake in the French ocean carrier.

South Korea’s container shipping companies Hanjin Shipping and Hyundai Merchant Marine are leading the country’s cautious financial recovery, but it’s unclear if the good times will last.

Spot rates on the Asia-Mediterranean trade fell to their lowest ever levels this week, hitting $244 per 20-foot container as China shut down during the country’s Golden Week national holidays.

This year’s peak shipping season has come and gone, and with it so has the notion of a traditional peak season, industry executives said at the JOC Inland Distribution Conference here Thursday.

An increase in the annual subsidy for operation of U.S.-flag ships under the Maritime Security Program has been inserted into a U.S. House bill to lift the United States’ 40-year-old ban on oil exports.

Zim Integrated Shipping Services refused to comment on reports it is planning an initial public offering in the U.S. next year.

The imminent suspension of several liner services between Asia and the U.S. East Coast and South America during the slack shipping season threatens to put as many as 50 Panamax container ships out of work by January, according to Alphaliner.

The container shipping industry is facing three more years of overcapacity and financial pain because of slowing global trade and a bloated order book of large vessels, forcing Drewry to slash its growth forecast for 2015 and revise down estimates for future years.

Container line APL has launched a weekly service connecting North Asia markets with the U.S. West Coast using U.S.-flagged vessels in a speedy transit that will be controlled by the carrier from end-to-end, including the rail link to inland destinations.

The labor dispute that clogged West Coast ports with containers for months is still shaping freight markets, speakers at the JOC Inland Distribution Conference say, months after a contract was signed and the freight logjam broke.