HONG KONG -- Orient Overseas International Ltd.'s announcement that it will spend almost $1 million on the purchase of six 2
Shipping lines in the eastbound Pacific announced Wednesday a schedule of minimum rates that appear to reflect strong demand for vessel space on all-water services to the East and Gulf coasts, and congestion issues on the West Coast.
Growth in containerized imports and exports through North Europe ports is expected to flatten out this year after solid increases in 2014, according to the North Europe Global Port Tracker report.
2M Alliance partners Maersk Line and Mediterranean Shipping Co. have added a fourth westbound trans-Atlantic service as part of a global revamping of their east-west routes.
A benchmark of contracted ocean freight rates has inched up, but doubts remain whether the uptick is sustainable considering beneficial cargo owners’ resistance to pay more for poor service.
Hapag-Lloyd said it detected and prevented the shipment of 2,620 misdeclared shipments of dangerous goods last year — an average of more than 50 a week.
Surging capacity on the Asia-North Europe route as carriers deploy more ultra-large vessels will intensify pressure on already vulnerable freight rates, according to Alphaliner.
The decision by Orient Overseas International Ltd (OOIL) to order six 20,000-TEU ships was widely expected and comes just three weeks after fellow G6 Alliance member MOL ordered six mega-vessels of its own.
In 20 years as head of United Arab Shipping Co.’s North American business, Anil Jay Vitarana saw growth in ship sizes and container volume. But he says one thing hasn’t changed: Carriers’ profitability remains too low to ensure needed investment and to attract bright young people.
Fesco Transportation Group’s profit soared 30 percent in the fourth quarter of 2014, but the weak ruble and lower rail freight rates dragged down the full-year result.