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.
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.
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.
Spot rates on the major east-west routes recorded a second week of sharply rising prices as a general rate increase converged with widespread sailing withdrawals by the shipping alliances to finally bring some good news to the battered trade.