Maritime News

Cosco Indian Ocean at Felixstowe
China Cosco Holdings saw its first-half losses soar to $338 million as a difficult shipping environment and the disposal of vessels dragged its year-over-year net profit down by 130 percent, despite solid growth in container volumes.

Jeffrey Boston has succeeded Chris Dombalis as chief executive officer at U.S. mainland-Puerto Rico carrier Trailer Bridge.

Maersk Line and Mediterranean Shipping Co. could eventually operate ships of up to 19,200-TEUs on east-west trades that touch the U.S., within their planned “2M” vessel-sharing agreement, according to a filing with the U.S. Federal Maritime Commission.

An investment consortia including the U.S. private equity giant Kohlberg Kravis Roberts has acquired a portfolio of nine feeder container ships previously owned by German KG funds.

Maersk Line container ship at anchor
The U.S. Federal Maritime Commission Wednesday received the “2M” vessel sharing agreement proposal for the east-west trades, starting the clock on the agency’s review of the Maersk Line-Mediterranean Shipping Co. plan for the alliance created following the rejection of the P3 Network by China in June.

The container sale and leasing business is not benefiting from rebounding trade volumes on major east-west routes as low rental yields and falling prices in a lacklustre shipping environment put the squeeze on the global market leaders.

CMA CGM has joined other major liner operators in imposing congestion surcharges on inbound inland containers handled at the ports of Jawaharlal Nehru (Nhava Sheva) and Pipavav, India’s leading container hubs, to compensate for the extra costs caused by intermodal delays.

Baltic Reefers will acquire NYKCool from NYK Reefers, the refrigerated shipping segment of Japanese shipping giant NYK Line on Sept. 1.

freezing ship in Arctic
While the melting polar ice cap presents opportunities for carriers to take cheaper and faster cross-Arctic shortcuts between the Atlantic and Pacific oceans, the chilly routes represent a dilemma for the marine insurance industry.

Officials at the Port of Hueneme hope that a new funding bill will help them become more competitive in years to come.