Maritime News

CMA CGM ‘s second quarter net profit jumped 66.7 percent as rising volumes and lower costs driven by oil prices offset a 7.8 percent drop in average revenue per container.

Australia’s container shipping business appears to have escaped the fate of its dry bulk sector that has been crippled by China’s economic slowdown, but even as volumes grow strongly excess capacity in the north-south trade is preventing rates from rising.

The Chinese company behind Nicaragua’s planned $50 billion canal is reportedly willing to change the route to bypass one of the towns opposed to its construction, even though such an alteration would add $700 million to the cost of the project.

Atlantic Container Line ro-ro carrier
When Atlantic Container Line in the next couple months introduces the first of five of the world’s largest multipurpose ro-ro/container ships, the symbolism will be stark. The vessels, after all, will carry cargo moving across the Atlantic for shipping sectors heading in opposite directions — the roll-on, roll-off market being a rising star and the containerized trade staring at a sudden, unexpected downturn.

Rainfall has eliminated the need for a planned draught restriction of up to 39 feet through the Panama Canal.

Trading in shares of the Hong Kong and Shanghai-listed subsidiaries of China’s two largest shipping lines, Cosco and China Shipping, will remain suspended for another week closed-door talks on what is believed to be merger discussions continue.

Just days before trans-Pacific ocean carriers aim to implement aggressive general rate increases on eastbound services to North America, average spot rates from Shanghai to the U.S. hit their lowest level in almost four years.

China carrier Nan Tsing Container Lines told employees it has suspended all business operations and was preparing to dismiss staff because of mounting debts amid a slowdown in domestic shipping.

The wild ride in Asia-Europe container pricing continued this week in advance of the Sept. 1 general rate increases, with the spot rate rising 26 percent compared to last week, according to the latest reading of the Shanghai Containerized Freight Index (SCFI).

Malaysia and Indonesia are working together to fight rising piracy in Southeast Asia less than a week after six attacks, two targeting containerships, occurred within 48 hours, according to a report.