COSCO-owned Orient Overseas Container Line (OOCL) has registered strong gains in the financial sector for the third quarter of the year. In particular, the overall average revenue per TEU marked a skyrocketing growth of 142.7% compared to the Q3 of 2020, while total revenues during the July – September period climbed at US$4.31 billion, reflecting […]

Singapore-based multi-purpose (MPP) vessel operator, AAL Shipping has been carrying many containers amid the red-hot box shipping market. It has been widely reported that MPP ships with container capacity have been utilised to carry containers as good demand has seen almost all available boxships being activated. Speaking to Container News, AAL Shipping’s head of communications, […]

South Korean liner operator SM Line has refuted market talk that it could try to acquire the Korea Development Bank’s stake in its larger compatriot rival HMM. Speculation arose after Samra Midas (SM) group boss Woo Oh-hyun, who expressed ambitions of building up the shipping business ahead of SM Line’s planned initial public offering (IPO), […]

The International Maritime Organization (IMO) has signed three partnership agreements with the Kingdom of Saudi Arabia to finance the preparation of a new global project aiming to eliminate emissions related to the shipping industry, as well as existing projects focused on biofouling and marine plastic litter. “Lowering emissions, reducing marine litter and tackling invasive aquatic […]

Xeneta Shipping Index (XSI) has revealed another monthly hike in long-term ocean freight rates, with global container prices rising by 3.2% in September, followed by a 2.2% increase in August and an unprecedented 28.1% jump in July, making rates now marking a remarkable surge of 91.5% over the previous year. However, “there is little evidence […]

Although schedule reliability has hovered between 35%-40% for most of the year, in August 2021 it dropped to 33.6%, a new all-time low during the 10 years Sea-Intelligence has tracked global schedule reliability. The Danish analysts said in its latest Global Liner Performance (GLP) report that on a Y/Y level, reliability in August 2021 was […]

The Marine Bunker Exchange (MABUX) World Bunker Index on week 39 showed a strong upward trend, with the 380 HSFO Index rising to US$494.86/MT, the VLSFO Index increasing to US$590.46/MT, and the MGO index growing to US$686.32/MT. The MABUX LNG Bunker Index in the Amsterdam-Rotterdam-Antwerp (ARA) region, calculated as the average price of LNG as […]

Canada Pension Plan Investment Board (CPP Investments) has entered into a definitive agreement to completely take over North America’s largest marine terminal operator, Ports America, through the acquisition of interest from funds managed by Oaktree Capital Management LP (Oaktree). CPP Investments, the investment management organisation, has been a minority investor in Ports America since 2014 […]

Huge relief comes in for Indian exporters as the Indian government has extended the deadline by three months for the re-export of imported vessels lying at different domestic ports. Duty-free imports of containers are allowed currently with the condition of re-export in the next six months. According to the government notification, this extension of the […]

Taiwanese liner operators Yang Ming Marine Transport and Evergreen Marine Corporation have joined their country’s first financial blockchain platform. On 23 September, Cathay Financial Holdings and its affiliate Cathay United Bank launched Global Trade Sharing Blockchain. Seven other banks have also joined this platform, which aims to stamp out fraud through block encryption, which can prevent […]