Maritime News

The HK Nicaragua Canal Development Investment Co. estimates it can complete a Nicaragua canal in five years at a cost of $40 billion, but more realistically, it will cost at least twice that amount and take 10 or more years to build the 173-mile-long waterway.

The slump in crude oil prices over the past three months has sharply reduced ocean carriers’ unit costs as they face declining cargo volumes in the seasonally slack fourth quarter.

The Transpacific Stabilization Agreement said most of its member lines are moving forward individually with previously surcharges on intermodal store-door deliveries from Asia to North American points in an effort to offset higher costs.

Growing U.S.-Mexico trade has attracted a new player into the sparse short-sea market connecting the two countries, with a service aimed at the U.S. Southeast market for northbound cargo.

Containerized ocean imports to the U.S. surged 19.3 percent year-over-year in September, while containerized ocean exports from the U.S. slumped 13.0 percent.
U.S. imports of ocean containers reached a record high in September, as retailers expect a robust holiday season, but exports continued to decline from soft global demand, making 2014 so far the worst year for container exports in the past four years.

Weekly wrap-up: Port delays, Teamsters and TPM Asia
Coverage on congestion at the Los Angeles-Long Beach port complex continued to interest JOC.com readers this past week, as what could be the worst gridlock to hit the largest port complex in the Americas continues.

An environmental accident was averted Friday after a Canadian tugboat rescued a stranded Russian container vessel hauling hundreds of tons of fuel, according to the Canadian Press.

Congestion-caused delays at the largest U.S. port complex are pushing up outbound spot market truck rates from the Los Angeles-Long Beach market to inland distribution points.

Ocean carrier rate revision roundup for Oct. 17
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.

Trans-Pacific carriers received a small boost from a planned Oct. 15 rate increase this week, the Shanghai Containerized Freight Index shows.