The Suez Canal Authority yesterday formally arrested the Ever Given. An Egyptian judge granted permission for the SCA to seize the vessel after it lodged a $916m compensation claim against its Japanese vessel owner, Shoe Kisen. The SCA says it intends to maintain the vessel’s arrest until the claim is paid, a position that...
There are reports of “sharp increases” in Asia-Europe container spot rates this week, as the fallout from the week-long Suez Canal blockage restricts both vessel and equipment capacity in Asia. Today’s Ningbo Containerized Freight Index (NCFI) North Europe and Mediterranean component jumped by 8.7%, almost matching the 8.6% increase on the Shanghai...
The US Federal Maritime Commission (FMC) is planning to help shippers “get their money back” from “unreasonable” demurrage and detention (D&D) charges. In November, the FMC launched an investigation into shipping lines’ role in the country’s port congestion, including D&D charges, empty container returns and the practice by some of declining agricultural...
The world’s clothing factory, Bangladesh, today announced an ‘all-closed’ week-long lockdown, starting on Wednesday. It includes all factories, transport and shops, and will create uproar among the country’s export-oriented industry. Only the emergency services will remain open, and the movement of people will be severely restricted in a bid to stop the spread...
Ocean carriers enjoyed their best quarter in container shipping history in the final three months of 2020, but are expected to have significantly topped that record in the first quarter of this year. According to New York-based Blue Alpha Capital, fourth-quarter net earnings for the 11 carriers that report their financials came...
The main container ports in North Europe were eerily quiet at the weekend, due to the almost week-long blockage of the Suez Canal by the Ever Given. But now, an armada of late-running ULCVs is enroute from the Mediterranean, providing an intense challenge for vessel operators to turn ships around as quickly as...
As the investigation into the grounding of the Ever Given in the Suez Canal begins, the vessel’s Japanese owner, Shoe Kisen, this morning declared General Average. And a customer circular from Evergreen, seen by The Loadstar, confirms that Shoe Kisen this morning appointed Richard Hogg Lindley as adjustor. For the vessel, now at...
Maersk’s decision to “temporarily suspend” spot and short-term contract bookings from Asia following the Suez Canal blockage has left forwarders and NVOCCs scrambling for alternatives. The carrier said on Tuesday it estimated a loss of capacity across its network of up to 30% “over multiple weeks”, in addition to equipment shortages in...
Major airlines’ financial results for 2020 have revealed both how they viewed cargo, and how successfully they adapted to the new reality; some were far, far better than others. A (non-exhaustive) list of major carriers which have reported results shows just two saw cargo revenues fall – in a year in which...
While container supply chains continue to be battered from the fall-out of the Ever Given’s Suez Canal grounding, a new threat has emerged to fresh food supplies in Egypt – the destruction of a swath of its date industry. According to people familiar with the matter, the swarm of diggers and earth...
