In a stark example of the phenomenon, the DP World terminal at Prince Rupert on Wednesday was refusing to work a Hanjin ship that has arrived there from Asia carrying its own cargo and that of its alliance partners Cosco, “K” Line, Yang Ming Line and Evergreen Line, according to two sources close to the matter.
Japanese shipping group "K" Line has set up a joint venture with India’s J.M. Baxi Group.
Multipurpose carrier's average rates per ton fall 20 percent amid industry-wide overcapacity.
Sharp spot rate increases could take effect as soon as Thursday.
The idle container ship fleet remains above 1 million 20-foot-equivalent units and is still rising.
Debt-stricken Hanjin Shipping will file for court protection after losing the support of its banks unhappy with its restructuring efforts.
Few things spook shippers more than the potential for a ship to be arrested in port, something Hanjin has reportedly faced and may see more of as creditors come collecting.
A merger of Hanjin and HMM is in the national interest, believes the Korea Shipowners Association.
The days of multiuser container terminals could be coming to an end, according to the head of a Colombian container terminal.
Mediterranean Shipping Co. has introduced a new container service between India and Africa to “improve transit times and enhance delivery to those destinations.”