Maritime News

Evergreen Marine recorded an $80 million net profit in the three months ending Sept. 30. as the carrier added a second profitable quarter since joining the CKYH Alliance in March.

The Philippine’ cabinet cluster on port congestion directed by cabinet secretary Jose Rene Almendras will gather for a port forum on November 27 in Manila as officials struggle to address the bottlenecks that have troubled the gateway since late February.

Even at lower rates of growth in container volumes globally, ports will still have to absorb hundreds of millions of additional TEUs over the next decade, a challenge for marine terminals over and above the painful transition to an era of big ships.

Weekly wrap-up for Nov. 22
Another week of the top stories on JOC.com focusing on the crisis-level congestion plaguing U.S. West Coast ports, although one story on Horizon Lines slipped into the Top 10.

The international shipping industry is only spending 0.1 percent less on bunker fuel than it was 24-weeks ago, but that fluctuation equates to big savings: $117 million daily.

Hapag-Lloyd and CSAV just need approval from Ukraine and China to merge and create the fourth-largest container lines, after Mexican regulators gave the tie-up the green-light this week.

Five carriers today joined Mediterranean Shipping Co. in announcing congestion surcharges on cargo heading from Asia to U.S. West Coast ports.

Ocean carrier rate revision roundup for Nov. 21
Multiple container lines have planned general rate increases in numerous trade lanes in October and November, although any gains achieved could be temporary as overcapacity and sluggish global demand continue.

United Arab Shipping Co. plans to join the EPIC Service between the Indian subcontinent and North Europe operated until now independently by CMA CGM.

Spot rates on the Asia-Europe trade plunged 13.3 percent this week to $809 per 20-foot container, the third straight week of heavy declines since the Nov. 1 general rate increases failed to stick, according to the latest reading of the Shanghai Containerised Freight Index (SCFI).