Maritime News

Ocean carrier rate revision roundup for Oct. 31
Multiple container lines have planned general rate increases in numerous trade lanes in October and November, although any gains achieved could be temporary as overcapacity and sluggish global demand continue.

NOL Group today reported a third-quarter net loss of $23 million but managed to reduce its core earnings before taxes by 31 percent through cost management and efficiency that have delivered $290 million in savings so far this year.

Freight rates on the Asia-North Europe trade lane came roaring back this week, almost doubling the previous week’s spot rate as carriers slashed capacity on the route and levied general rate increases.

Growing international trade and rising container volumes and revenue during the third quarter was reflected in the financial results of China’s top two carriers — China Shipping Container Lines (CSCL) and China Cosco.

CMA CGM ship
Ten more CMA CGM ships are scheduled for modifications to their bows that will help the company save nearly 6 percent on fuel, the French carrier said.

Hapag-Lloyd again raised its “on-carriage congestion surcharge” for import shipments handled at Jawaharlal Nehru Port (Nhava Sheva), indicating that India’s largest container handler is still battling clogged railyards and that equipment turn times for ocean carriers have yet to improve.

Hanjin Shipping recorded its first quarterly net profit since the end of 2010 in a turnaround driven largely by cost cuts and currency gains that saw the Korean carrier posting third quarter net earnings of $39 million.

With the launch of its SeaLand inter-Americas service approaching on Jan. 1, Maersk has begun transitioning its affected customer base from Maersk to the newly created SeaLand unit.

Yangtze River
A major new initiative has been launched to upgrade infrastructure and the logistics network along the Yangtze River, an undertaking that will impact almost half of the country’s population.

HONG KONG — Robert Mylod, the former Priceline CFO who played a major role in automating the online consumer travel market, has joined online freight pricing and quoting network Freightos, which plans to mimic the automated system that was such a game changer in the travel business.