HMM’s first-half results are incredibly low compared to last year’s levels with the company’s profits falling over 90% year-on-year. In the first six months of 2023, the South Korean major shipping company reported net profit of US$460 million, which is 90% down to the same period last year, operating profit of US$360 million, translating to […]

  Maersk has announced a rate increase from Pakistan, the Middle East, and the Indian subcontinent to North America, namely the United States and Canada. In particular, the FAK rate increase will be effective from 1 September and will be applicable to all container types. The Danish carrier has decided to raise its rates as […]

  A.P. Moller – Maersk reports a second quarter of 2023 ahead of expectations with revenue standing at US$13 billion, compared to US$21.7 billion in the same quarter last year. Ocean revenue decreased to US$8.7 billion, driven by a decrease in freight rates and loaded volumes. The company noted that while the volume and rate […]

Transpacific rates rose to a nine-month high when the Shanghai Containerized Freight Index (SCFI) closed on 28 July, as general rate increases (GRIs) on 1 August were supported by high fleet utilisation and Canadian dockers’ industrial action. Asia-US West Coast rates hit US$1,943/FEU, while those for Asia-US East Coast averaged US$2,853/FEU, a level not seen since October 2022. […]

COSCO SHIPPING Development successfully launched a 700 TEU electric container vessel (N997) on 26 July at No.1 Shipyard of COSCO SHIPPING Heavy Industry in Yangzhou, China. According to the Chinese transportation giant, the new electric boxhsip marks a significant advancement in the adoption of fully battery-powered vessels in inland waterways. “COSCO SHIPPING Development will remain […]

Singapore-based container carrier Ocean Network Express (ONE) has announced a new service connecting the West Coast of South America to the East Coast of North America. The new FLX service is scheduled to commence in September and will be operated by four ONE container vessels with the following port rotation: Callao (Peru) – Paita (Peru) […]

Sealand Asia has announced the launch of an intra-Asia service, IA11, to connect China, Taiwan and Vietnam. The Maersk-owned container line will deploy two boxships of 1,000 TEU container capacity on the service, which will have the following port rotation: Shanghai (China), Ningbo (China) – Kaohsiung (Taiwan) – Ho Chi Minh (Vietnam) – Kaohsiung (Taiwan) […]

  Ocean Network Express (ONE) will get a larger terminal in Japan’s Kobe port, after one of its shareholders, Mitsui OSK Lines (MOL), agreed to expand its existing Kobe International Container Terminal. MOL currently leases KICT at berths PC-15/16/17 on the South Pier of Kobe’s Port Island, along with Sankyu Inc., Sumitomo Warehouse and Nickel […]

Nhava Sheva Port (JNPT), India’s busiest public container gateway, has announced it is in a position to handle double-stacked container freight trains out of its new integrated rail yard for all terminals in the harbour. The port has five container terminals and mixed or combined train operations have been its mainstay for inland container depot […]

Port of Corpus Christi reported that nearly 50 million tons of cargo passed through the Corpus Christi Ship Channel in the second quarter of 2023, setting a record for the fifth consecutive quarter. More specifically, the 49.7 million tons moved in the second quarter was a 7.1% increase from the same period last year and […]