“The difficult market condition is prompting consolidation and changes in alliances in the industry. While APL continues to make progress in taking out costs and improving yield, the proposed acquisition of APL by CMA CGM will help APL achieve scale to stay competitive in the industry,” NOL Group President and CEO Ng Yat Chung said.
There is not much in the container line tool box to address low rates. Carriers are loath to idle too much capacity or blank too many sailings lest they lose market share, and general rate increases that are regularly imposed never stick for long.
The Italian ports and shipping community is mourning the loss of Marco Simonetti, the popular and highly regarded vice president of Contship Italia Group.
Matson expects its operating income from ocean transportation this year to drop 15 percent to 20 percent from 2015, when its niche China-to-U.S. service benefited from larger rivals’ problems at West Coast ports.
Pan Ocean, one of South Korea's largest bulk carriers, has resumed container services in Southeast Asia for the first time since it exited receivership in early 2015.
Hanjin Shipping’s creditors Wednesday approved the shipping line’s proposal for voluntary restructuring of its debt.
Damco profit jumped triple digits in the first quarter.
Every major metric of performance for APM Terminals suffered in the first quarter.
Speculation on the makeup of a new container shipping alliance is mounting following the unveiling of the Ocean Alliance last month, with Maersk Group CEO Nils Andersen chipping in with his views on the subject.
Freight rates at record low levels dragged down Maersk Line's first-quarter net profit.