Maritime News

A sharp drop in spot rates from Asia to the Mediterranean was facilitated by slowing cargo volumes and overcapacity, Drewry Maritime Research says.

The South Carolina Ports Authority today received the first ship call of a new consolidated South American east coast service that brings additional post-Panamax vessels to Charleston.

Members of the Transpacific Stabilization Agreement have filed for their 11th general rate increase this year in a continuing effort by carriers to shore up spot rates from Asia to North America.

Nicaragua canal
The HK Nicaragua Canal Development Investment Co. estimates it can complete a Nicaragua canal in five years at a cost of $40 billion, but more realistically, it will cost at least twice that amount and take 10 or more years to build the 173-mile-long waterway.

The slump in crude oil prices over the past three months has sharply reduced ocean carriers’ unit costs as they face declining cargo volumes in the seasonally slack fourth quarter.

The Transpacific Stabilization Agreement said most of its member lines are moving forward individually with previously surcharges on intermodal store-door deliveries from Asia to North American points in an effort to offset higher costs.

Growing U.S.-Mexico trade has attracted a new player into the sparse short-sea market connecting the two countries, with a service aimed at the U.S. Southeast market for northbound cargo.

Containerized ocean imports to the U.S. surged 19.3 percent year-over-year in September, while containerized ocean exports from the U.S. slumped 13.0 percent.
U.S. imports of ocean containers reached a record high in September, as retailers expect a robust holiday season, but exports continued to decline from soft global demand, making 2014 so far the worst year for container exports in the past four years.

Weekly wrap-up: Port delays, Teamsters and TPM Asia
Coverage on congestion at the Los Angeles-Long Beach port complex continued to interest JOC.com readers this past week, as what could be the worst gridlock to hit the largest port complex in the Americas continues.

An environmental accident was averted Friday after a Canadian tugboat rescued a stranded Russian container vessel hauling hundreds of tons of fuel, according to the Canadian Press.