OOCL posts strong Q3 revenue growth despite volume, rate declines

Rates and volume on the major trade lanes out of Asia fell during the third quarter, but not enough to slow OOCL’s revenue growth.

Strike-hit Port of Liverpool to cut jobs amid volume drop

Container throughput at Liverpool has fallen, and with the decline in volume expected to continue through the year the port is planning to cut its headcount.

Peak season hopes fade for ‘jumpy’ air cargo market

Demand for air cargo declined through September, and analysts say there is nothing in their data to indicate a pickup in volume out of Asia through the balance of the year.

Glut of new ocean tonnage inbound as global demand weakens

More than 5 million TEU of ordered container shipping capacity will be delivered over the next two years, outstripping demand as the global economic outlook darkens.

USDOT grants $39 million to fund port projects

Of the 12 projects the US Department of Transportation is funding, 11 will receive support for developing container-on-barge services.

Essential Reads

Major carriers and smaller liners are consolidating and halting trans-Pacific services amid a sharp drop in spot freight rates that hasn’t been cured by blank sailings.
Spot rates in the eastbound trans-Pacific are dropping so quickly — and by such large amounts — that industry analysts warn carriers could soon be carrying containers at a loss.
Spot rates on some air cargo routes out of Asia have fallen below long-term contract levels, mirroring the development in ocean shipping.
Spot rates on the Asia–North Europe trade lane have now fallen 50 percent since January as softening demand and worsening economic indicators lead to a steady slowdown of the container shipping market.
The legacy of the pandemic’s effect on supply chains will be less about permanent cost increases and more about permanently altered attitudes towards risk, writes JOC’s Peter Tirschwell.