The P3 Network announced today between Maersk Line, Mediterranean Shipping Co. and CMA CGM will have little or no impact on the glut of vessel capacity that has been depressing global freight rates, but will enable the world’s three largest container lines to substantially cut their operating costs on the Asia-Europe, trans-Pacific and trans-Atlantic trades.
Peter T. Leach
Peter T. Leach is senior editor with The Journal of Commerce. He is based in New York.
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PeterTLeach said: Clarksons: The 17 boxships of 38,066 TEUs sold for demolition in May bring YTD scrap total to 84 boxshipsof 182,039 TEUs.
PeterTLeach said: No capacity glut here: Car carriers are filling up as global car trade jumps 7.2 %. http://t.co/cZYSRt8hxy
PeterTLeach said: Clarksons on carrier GRIs:"There is little evidence to show that capacity will be tightened enough to reverse the destructive rate trend."
PeterTLeach said: More African CATs? Caterpillar's South African distributor sees African sales growing 10% per year. http://t.co/UXUEfiT7bm
PeterTLeach said: That's one heck of a big ship: The 18,250-TEU Maersk Mc-Kinney Moller sets sail from South Korean shipyard. http://t.co/ljiGe5J1ja
PeterTLeach said: Green shoots in Europe: NYTimes sees hopful signs in slowing of rate of decline. http://t.co/AC12XYuT78
PeterTLeach said: Signs of life? German exports rose more than forecast, as Asia, U.S. trade helps offset Eurozone recession. http://t.co/JDxqR43p8d
PeterTLeach said: Maersk European ops head: Container growth dropping to 1.5X global GDP, vs 3X before recession as outsourcing slows. http://t.co/fzMFwFuvIk
PeterTLeach said: GPA head Curtis Foltz: "We're seeing almost as much volume coming through Suez as through Panama, though Panama volume has not declined."
PeterTLeach said: Rickmers CEO Ron Widdows:
It would certainly be helpful for the box market if the people who have overgrown the market give it a rest.
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Like a gardener pruning a rosebush, Sears Holdings continuously prunes and reshapes its supply chain to reduce the cost of sourcing and cut the time it takes to get products into its stores. It’s all...
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Jun 5, 2013 2:00PM EDT