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.
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.
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.
The International Longshore and Warehouse Union and the Pacific Maritime Association met for three days this past week without concluding negotiations; at the weekend, the parties announced a week-long recess in the talks. German carrier Hamburg Süd announced plans to acquire the container operations of Chile’s CCNI, in a move resembling the deal between larger competitor Hapag-Lloyd and Chile’s CSAV, and Crowley is reported to be in talks to acquire Horizon Lines’ Puerto Rico assets. Earnings reports by U.S. truckload carriers are pointing to a stronger freight recovery in the United States, though rail service continues to be held back. And on Friday, Anne S. Ferro announced her departure from the Federal Motor Carrier Safety Administration after five years leading the agency.
Hutchison Port Holdings Trust (HPH Trust) reported a 16 percent rise in first-half net profit on the back of improved U.S. and European cargo and greater transshipment volume.
Evidence of volume growth in east-west container shipping markets was revealed in Orient Overseas Container Line’s most recent results.
Price drops continued to be reflected in the Shanghai Containerized Freight Index this week, as every major lane on the index saw spot rates fall.
Container volume at the Port of Philadelphia jumped 29 percent during the first half of the year, aided by two new services and a continuing shift of breakbulk to containers for shipments of imported fruit.
Hamburg Süd has signed a preliminary agreement to acquire the container operations of the Valparaiso, Chile-based Compañía Chilena de Navegación Interoceánica, or CCNI, by Dec. 31, 2014.