Shippers are bracing for a further broadside of rate increases in June across multiple trades, as ocean carriers beef up profits ahead of the peak season. After a period of stability, following hikes of up to 200% in the second half of last year, transpacific carriers are rolling out a raft of...
It’s big news that will shock no one. Some two years after DSV leapt into the list of forwarding superstars with its bold acquisition of Panalpina, it is now adding some $4bn to annual revenues with the acquisition of Agility’s Global Integrated Logistics (GIL). It’s a new twist in an old tale:...
Container freight indices are on the rise again, but even at their highly elevated levels they mask the true cost of shipping. For example, the Freightos Baltic Index (FBX) North European component jumped by 6% this week, to $7,791 per 40 ft – a huge 450% increase on the rate a year...
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...
(Note to the reader: Mr Hidden Lead, a senior executive from the global logistics community, had something to say this week. Something so strong that it couldn’t possibly pass unnoticed. If you disagree with what follows, we invite you to submit your rebuttal. You can get in touch with Premium here.) TWELVE global...
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...
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...
