Maritime News

The slow season continued to exert its negative influence on spot rates across major east-west trades, with Asia-Mediterranean leading the way down this week and hitting lows not seen since October 2013, according to the latest reading of the Shanghai Containerised Freight Index (SCFI).

It was one up and one down for China’s two largest carriers as China Cosco Holdings reported net profit tumbling 46 percent, while China Shipping Container Lines (CSCL) stepped back into profitable territory.

Maersk Line has kick started its $15 billion ship investment program with its first order in more than four years for seven ice-class container vessels.

HONG KONG — Speculation has been rife in the Singapore media about a possible tie-up between Neptune Orient Lines (NOL) a


APL issued an upbeat customer advisory Wednesday about conditions at Los Angeles-Long Beach, saying that while many ships remain at anchor off the coast, the pace of cargo handling is noticeably picking up.

The Asia-Europe trade needs a system similar to the Transpacific Stabilization Agreement on the transpacific route so carriers can apply general rate increases and set surcharges in a more consistent and transparent way, a leading industry analyst says.

Trans-Pacific spot rates fell 9 percent from last week to a 12-month low amid continuing congestion at U.S. West Coast ports, according to the container freight rate benchmark published by Drewry Maritime Research.

Singapore-based regional container carrier Pacific International Lines (PIL) will become a major shareholder in Mariana Express Lines, a compatriot Asia feeder operator.

Just a week after AlixPartners reported improving finances for container lines, the international consulting firm provided a less-than-cheery projection of the industry’s balance sheet in 2015.

China is expected to step up pressure on Greece to revive the stalled privatization of the port of Piraeus during a visit to Beijing this week by ranking members of the new Athens government.