The global carrying capacity of container ships will grow by just shy of 5 million TEUs by the end of 2016, but the trend towards ordering larger ships means the number of vessels will not grow significantly, according to a Deutsche Bank shipping report.
China Cosco Holdings will splash out $618million on five 14,500 TEU vessels that will be built by CSSC’s Jiangnan Changxing Shipbuilding yard as the mainland’s largest carrier continues to upgrade its fleet in an attempt to arrest declining profitability.
CMA CGM has upgraded its Amerigo service between the U.S. and the Mediterranean with the addition of a new call in Miami.
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.
Maersk Group said it has raised $1.25 billion from the successful issue of two maiden U.S. dollar bonds.
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.
A $400 million loan necessary to complete the $5.3 billion Panama Canal expansion project has been received by the engineering consortium responsible for widening the canal, according to the Panama Canal Authority’s lead administrator, Channel News Asia reported.
As the use of formalized alliances and vessel-sharing agreements accelerates, carriers’ core product ― moving containers from Point A to Point B ― becomes increasingly identical across alliance partners in major trade lanes.
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.
Hapag-Lloyd and APL increase congestion surcharges for cargo moving through Jawaharlal Nehru (Nhava Sheva) and Pipavav to offset costs associated with worsening delays in intermodal connections to Delhi