For shipments to North Europe and the Mediterranean the arrival window for this year’s peak season goods – taking into account longer transit times around the south of Africa and the upcoming Golden Week slowdown in China – is closing, removing some demand-side pressure on rates. Prices to North Europe remain five times higher than…
The lead time for ordering newbuildings has become so long that container carriers are being forced into ordering “now” so that they can remain competitive into the future, according to one senior industry executive. According to the industry source, yard space is being utilised by large orders for LNG gas carriers, which can take up…
The Panama Canal announced that the new Long Term Slot Allocation (LoTSA) methodology will be implemented starting 1 October 2024, for all market segments except LNG and LPG. The LNG and LPG segments will adhere to the previously announced date in Advisory to Shipping No. A-25-2024. After the LoTSA methodology was announced, several customers in…
To address the increasing demand for reliable heavy-lift cargo solutions from Europe, AAL Shipping has introduced a new monthly fast-track service called the ‘Europe – Asia Express Liner Service’. This addition complements their existing offerings, which include the popular ‘Europe – Middle East/India – Asia (EUMEIA) Monthly Liner Service’ and the ‘Mediterranean – Middle East…
In June, the Port of New York and New Jersey experienced a month of strong growth, with total volume increasing by 13.5%. The port handled 708,935 TEUs (395,219 containers) compared to 624,512 TEUs (346,850 containers) in June 2023. This boost brings the year-to-date total through June to 4,210,611 TEUs (2,336,088 containers). June marked the fourth…
The wave of surcharges – usually accompanying an unbalanced supply-demand environment – continues on India-US trades. The latest pounding comes from Mediterranean Shipping Co. (MSC) in the form of surcharges for overweight standard containers moving to the US East/West/Gulf Coasts and San Juan, Puerto Rico. The Geneva-based carrier has announced a levy of US$300 per…
Orient Overseas Container Line (OOCL) celebrated the naming of its twelfth 24,188 TEU eco-friendly mega vessel, “OOCL Portugal,” during a ceremony at the Nantong COSCO KHI Ship Engineering (NACKS) shipyard. This vessel is the final addition to OOCL’s series of 24,188 TEU ships, marking a significant milestone for the company. Laura Liang Aron, Director of…
Container exports from Japan to the U.S. reached 56,174 TEUs in July, marking a 14.3% increase compared to the same period last year. This represents the fourth consecutive month of double-digit growth, according to data from Descartes Datamyne. Direct shipments accounted for 39,094 TEUs, a 32.8% rise, continuing a year-on-year increase for 12 consecutive months…
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Hapag-Lloyd has reported decreased financial figures in the first half of 2024 with revenues of US$9.5 billion, EBITDA of US$2 billion, EBIT of US$900 million and profit of US$800 million. “Even though we were unable to match the exceptionally good results of the prior year, we delivered a very good first half of 2024 thanks…