The scale of the improvement in the liner industry’s fortunes was laid bare today when OOCL released its first-quarter operational update showing its average revenue per container, across all trades, had increased 58.3%, year on year. This was accompanied by a 28.3% year-on-year increase in volumes, which led to OOCL posting provisional...
Canadian National (CN) is trying to derail the planned marriage of Kansas City Southern (KCS) and Canadian Pacific (CP) by wooing KCS shareholders with a higher offer. At US$325 per share for the US rail company, CN’s offer values KCS at $33.7bn, beating the $29bn purchase price rival CP agreed last month. CN...
Container spot rates are beginning to head upwards again across all trades from already elevated levels, as carriers reduce their commitment to contract volumes in favour of much higher FAK rates. The Freightos Baltic Index (FBX) China-North Europe component edged up to $7,316 per 40ft this week, and market reports to The...
Nearly a decade after it was first mooted, the joint IATA-FIATA Air Cargo Progamme (IFACP – previously called CAMP), by which forwarders stopped being ‘agents’ of the airlines, has been quietly dropped, with carriers and their customers unable to agree. Instead, IATA’s Cargo Agency Conference (CAC) has chosen to give freight forwarders...
As the fallout from Ever Given cascades through container supply chains, it’s getting more difficult for Indian forwarders to secure shipping capacity. According to Rakesh Pandit, CEO of Conbox Logistics: “Not only are European shipments running late, but we’re seeing a lot of cancelled bookings placed in March from countries such as Italy,...
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...
