Maritime News

Drewry’s benchmark spot rate from Hong Kong to Los Angeles remained at $1,800 per 40-foot container for a second week.
In a now familiar pattern, trans-Pacific spot prices held steady ahead of another general rate increase after dropping precipitously the week before.

An activist group announced plans to block cargo moving off Israel-based Zim ships at Oakland on Aug. 2 to protest the conflict in Gaza.

Finnlines, a leading Baltic short sea shipping line, today posted its biggest quarterly profit in eight years as it sold surplus ships, axed loss-making routes and disposed of non-core operations.

Plane in blue sky
Positive developments in China’s export space are raising expectations that the recent strong performance of air and ocean cargo volumes will extend into a solid peak season.

The price of low-sulfur fuel per metric ton in Rotterdam, the Netherlands, a global indicator of bunker prices, has dropped $46.21 in six weeks.
Spot prices for low-sulfur bunker fuel sank for the sixth straight week last week, a total drop of just over 7 percent.

China
If the negative portrayal by China’s state broadcaster of the proposed 2M tie-up between Maersk Line and Mediterranean Shipping Co. this weekend has official backing, it could be an indication of internal political pressure to shield Cosco and China Shipping Container Lines from a stronger competitor.

A rise in traffic from Asia to Mediterranean ports has led to tight capacity and a substantial rise in spot prices.

The Suez Canal’s major deepening project is just over the horizon as crews will start widening and dredging a 34-kiliometer strip in order to improve wait times for vessels using the canal.

Ometepe Island volcanoes in Lake Nicaragua.
When the Nicaraguan government earlier this month approved plans by a Hong Kong-based company to build a canal linking the Pacific with the Caribbean and thus the Atlantic, observers in the maritime industry were largely left scratching their heads.

Containerized U.S. imports rose 6.9 percent year-over-year in June.
U.S. containerized imports in June showed substantial year-over-year growth, as labor negotiations on the West Coast seem to have induced an early ocean container shipping peak season.