Maritime News

Maersk has sold its majority-owned offshore support company Esvagt to private equity investors in the latest disposal of non-core operations as it focuses on container shipping and terminals and oil and gas exploration and drilling.

A "toxic" mixture of overcapacity, weak demand and aggressive pricing is threatening ocean carriers’ profitability for the rest of 2015, according to Drewry Maritime Research.

The G6 Alliance will cancel another four Asia-Europe sailings in July and August in the latest indication that carriers do not expect much of a peak season this year.

Suez Canal ship convoy
Container lines won’t reduce the amount of cargo moving through the Suez Canal despite heightened security tensions — most recently inflamed by the reported arrest of 13 people on suspicion of planning to sabotage the waterway integral to trade between Asia and the Europe, and increasingly the U.S.

Puerto Rico’s fiscal crisis has rekindled criticism of the Jones Act, the cabotage law requiring the use of U.S.-flag vessels for shipments between the commonwealth and the U.S. mainland.

A spot rate index measuring the cost of shipping a 40-foot container from Los Angeles to Shanghai this week fell to its lowest level of the year, reflecting declining Chinese demand for U.S. exports.

Grimaldi vessel
Italian shipowner Grimaldi has ordered three new car carriers, with an option for a fourth vessel, just three weeks after signing a contract for five ships and an option for seven more, taking its total investment to $465 million and underscoring the revival in the global automotive industry.

CMA CGM has reorganized the port rotation of its Europe-Pakistan-India Consortium, or EPIC, service by adding a direct call at Hazira, India, in an attempt to circumvent growing delays at the nearby public port of Nhava Sheva.