Gains in Asia-Europe freight rates are likely to be sustained throughout December as shippers rush out goods before Christmas, according to Linerlytica’s latest report, released today (12 December). On 8 December, the Shanghai Containerised Freight Index showed that Asia-North Europe rates gained 9% to US$925/TEU, while Asia-Mediterranean rates went up by 10% to US$1,387/TEU, marking a second straight week […]

The Maritime and Port Authority of Singapore (MPA) and China’s Tianjin Municipal Transportation Commission signed an agreement to establish the Singapore – Tianjin Green and Digital Shipping Corridor. Chief Executive of MPA Teo Eng Dih and Director General of Tianjin Municipal Transportation Commission Wang Zhinan signed a Memorandum of Understanding on 6 December. This agreement […]

Israeli container ships are avoiding the Red Sea region as the conflict in Gaza and the heightened regional tension have increased the risks for all ships transiting the Suez Canal. Even so, the consultancy Linerlytica said several US East Coast services are now trading via Suez to avoid the logjam at the world’s other busy […]

Orient Overseas Container Line (OOCL) aims to strengthen its China, Indonesia and Philippines network coverage by introducing two new services. In particular, the CIP1 and CIP2 services are expected to launch on 29 December, establishing direct connections among major ports in China, Indonesia, the Philippines and Singapore. The port rotation of the CIP1 service will be […]

(left to right) Elaine Low, Area Managing Director, Maersk Southeast Asia, Ditlev Blicher, President of Maersk Asia Pacific, Vincent Clerc, CEO of A.P. Moller-Maersk Maersk will invest more than US$500 million in expanding its supply chain infrastructure to support Southeast Asia’s emergence as a global production hub and a consumption powerhouse. Maersk’s planned three-year investment […]

Maersk Line has reached an out-of-court settlement with the parties it sued for damages resulting from the grounding of Ever Given in the Suez Canal two years ago. The 20,124 TEU Ever Given, owned by Japanese tonnage provider Shoei Kisen Kaisha and on long-term charter to Taiwanese mainline operator Evergreen Marine Corporation, became grounded on 23 March […]

Hong Kong consultancy Linerlytica suggests that the carriers are struggling to achieve the General Rate Increases (GRIs) that they have supposedly imposed amongst the increase in capacity and persistent low demand, which will lead to greater capacity management according to one expert. Long term shipping commentator and industry insider John McCown in his latest report […]

Port of Shanghai / Source: SIPG Chinese ports experienced a year-over-year 4.9% uptick in container volume for January-October period, with the box throughput reaching a total of 257 million TEUs. At the same time, over the ten-month period, cargo volume at Chinese ports surpassed 14 billion tons, marking an 8.5% year-on-year increase. The following chart […]

Panama Canal MSC has announced it will implement a Panama Canal Surcharge (PCS) of US$297 / container for cargo from Adia to the Caribbean transiting the Panama Canal. The new surcharge will be effective from 15 December. “During the second quarter of 2023, the Panama Canal Authority decided to reduce the draft from 14.94 to […]

DK Butterfly-1 Inc. is looking to recoup costs and reparations for losses during the pandemic of up to US$347 million in a complaint filed with the Federal Maritime Commission (FMC) against MSC on 28 November. The shipper, formerly known as Bed Bath and Beyond (BBBY) was forced to file for Chapter 11 bankruptcy protection in […]