Spot rates on the major east-west routes recorded a second week of sharply rising prices as a general rate increase converged with widespread sailing withdrawals by the shipping alliances to finally bring some good news to the battered trade.
The G6 Alliance has added the Canadian port of Halifax to its Asia-U.S. East Coast service, citing market demand as the container shipping industry limps closer to the traditional peak season period.
The new locks at the Pacific end of the Panama Canal began to fill with water in late June in preparation for months of testing of their new gates before they open to commercial traffic next April.
Speculation is rising that the three largest global container lines are considering buying the last surviving Brazilian-owned container shipping company, Log-In Logistica Ltda.
While container carriers haven’t had much to cheer about as spot rates take a beating, they can at least take solace in the fact that equipment costs have hit a 10-year low, according to shipping consultant Drewry.
Crowley is continuing its investments in the U.S.-Caribbean-Latin American services by buying more than 4,300 pieces of equipment that will be used on its services connecting the Caribbean, South America and the U.S.
U.S. containerized imports from South America are rising on a double-digit basis while U.S. exports to the region stagnate, a recent trend that is narrowing the trade lane’s north-south imbalance and emboldening carriers to seek higher rates.
Simatech has received the first of two new container ships with capacities of 4,350 twenty-foot-equivalent units, reflecting continuing and rapid intra-Asia trade demand.
The Far East-South America trades are facing the threat of rate wars this month as carriers add significant additional capacity to an already oversupplied market, according to Alphaliner.
Hapag-Lloyd’s seeking of a rate increase in August on its eastbound trans-Pacific services after pushing for identical increases in the last two months suggest recent attempts fared poorly.