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Ocean freight rates set to remain subdued

Ocean freight rates set to remain subdued

26 April 2019

Low demand growth on the Asia-Europe trade will keep a lid on spot price gains, says MSI, while recent transpacific price rises seem to have stalled since March

The spot freight rate outlook is “underwhelming” for the container shipping sector despite the best recent efforts of lines to retain control over capacity and pricing, according to one leading analyst, although rates on the main east-west trades remain up slightly from last year’s levels.

 

Maritime Strategies International (MSI) said carriers would likely continue to blank sailings on Asia-Europe and transpacific services into the summer - possibly taking advantage of scrubber installations due to the new ‘IMO 2020’ low sulphur fuel rules that come into force in January - but capacity expansion would continue to outweigh growth in volumes. 

MSI said the coming quarters would also increasingly test lines’ ability to pass on fuel costs as higher crude...

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US shelves planned China tariff rise ‘until further notice’

US shelves planned China tariff rise ‘until further notice’

US trade officials today confirmed that the US will suspend “until further notice” its threatened increase in tariffs on $200 billion of Chinese imports, a delay that President Donald Trump had unofficially suggested last weekend, thanks to apparent progress by the world’s two...

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A Guide to Exporting from the UK to the European Union – Day One No Deal (Hard Brexit)

A Guide to Exporting from the UK to the European Union – Day One No Deal (Hard Brexit)

A Guide to Exporting from the UK to the European Union Day One No Deal (Hard Brexit) Exports to the European Union - Methods of Export  NCTS T-form – To move goods from UK to an approved office/point of destination in any EU Country. TIR Carnet – To move goods from UK to...

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RHA rejects assurances about post-Brexit Calais delays - 14 January, 2019

RHA rejects assurances about post-Brexit Calais delays - 14 January, 2019

Road Haulage Association says claims by port boss that trucks will not undergo extra checks is ‘completely misleading’ The UK’s Road Haulage Association (RHA) has challenged claims by the president of the Port of Calais, Jean-Marc Puissesseau, that the port is ready for a...

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Brexit Update 14.01.19

Brexit Update 14.01.19

Despite the political turmoil in the UK, we are still no nearer to a conclusion on BREXIT and as time goes on a ‘No Deal’ scenario is still possible. It is our opinion that neither the UK nor the EU have the capacity to cope with the Customs formalities required, for the sheer...

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Ocean rates drop as Asia-Europe box peak season ends

Ocean rates drop as Asia-Europe box peak season ends

Container lines hoping for a spike in Asia-Europe westbound freight rates as shippers stock up inventory ahead of the holiday season seem certain to be disappointed. And, with spot rates failing to show any sign upward momentum this month, some analysts expect bearish spot rates to put downward...

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Air freight prices up 12%, year on year

Air freight prices up 12%, year on year

Average worldwide yields dropped slightly to US$1.88 in July 2018, 0.6% lower than in June, but still significantly higher than in July 2017, reports WorldACD Average global air freight prices remain up 12%, year on year, in US dollar terms, despite a slowing of growth in the last few months and...

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OOCL drops Felixstowe calls as disruption continues

OOCL drops Felixstowe calls as disruption continues

Continuing delays at the UK’s busiest container port cause line to switch the UK call of its North Europe-Turkey service to Southampton Continuing delays and disruptions at the UK’s busiest container port, Felixstowe, has led container line OOCL to switch the UK call on its North...

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Felixstowe disruptions continue

Felixstowe disruptions continue

Freight forwarders and container lines are continuing to report ongoing disruptions to operations at the Port of Felixstowe resulting from the upgrade of the leading UK container port’s Terminal Operating System (TOS) last month. Carriers such as Maersk Line report delayed berthing in...

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MSC drops Felixstowe as IT-related delays continue

MSC drops Felixstowe as IT-related delays continue

Problems following installation of new terminal operating system sees MSC head to London Gateway Mediterranean Shipping Co has joined Maersk units Hamburg Süd and Seago in diverting vessels away from Felixstowe as the UK’s main gateway port continues to suffer from severe...

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British ports welcome Brexit ‘Customs Backstop’

British ports welcome Brexit ‘Customs Backstop’

BPA says proposed arrangements from UK government ‘will give ports and freight operators a measure of short-term certainty’ The British Ports Association has welcomed the publication yesterday by the UK government of the temporary customs arrangement, the so-called ‘customs...

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CMA CGM to operate Nigeria’s first deepsea box terminal

CMA CGM to operate Nigeria’s first deepsea box terminal

Lekki Port’s future container facility expected to help reduce congestion in the port of Lagos and become the deepest port in sub-Saharan Africa Global container shipping group CMA CGM and Lekki Port LFTZ Enterprise (LPLE) have signed a Memorandum of Agreement (MoA) to operate a new...

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New US tariffs could trigger trade war retailer body warns

New US tariffs could trigger trade war retailer body warns

Immediate impact would be higher prices for American consumers with possible loss of cargo volume in long term New tariffs on steel and aluminium imports imposed by the US last week could spark an international trade war and also result in a negative impact on containerised imports in the longer...

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Global air freight spend rose 25% in Q4

Global air freight spend rose 25% in Q4

Global air freight revenues rose by 25%, year on year (YoY), in the fourth quarter of 2017 as the bumper year ended with an exceptionally lucrative peak season for air cargo carriers. Although YoY volume growth slowed to 6.6% in the final quarter, partly because of a tough comparison against the...

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Rates pick up ahead of contract season on Asia-ECNA

Rates pick up ahead of contract season on Asia-ECNA

Container volumes rise 7.9% to the US East and Gulf coasts in 2017, far outpacing the 1.3% rise to the West Coast, but prices remain under pressure Spot rates have recovered in the past few weeks on the Asia-US East Coast trade, although they remain well below the same period last year despite...

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US ports prepare to reopen

US ports prepare to reopen

Savannah says workforce returning today and no damage from Hurricane Irma to Garden City Terminal or containers, while cargo flights resume at MIA Some US ports including the Port of Savannah in Georgia are prepare to reopen after assessing damage and flooding from Hurricane...

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Hong Kong’s port and airport closed as Typhoon Hato makes landfall

Hong Kong’s port and airport closed as Typhoon Hato makes landfall

Hundreds of flights cancelled and Hong Kong’s stock market closed until Thursday Hong Kong and its world-leading airline and container shipping hubs were in shutdown mode today as the city was battered by Typhoon Hato. As the city awoke this morning the storm was given a danger level of...

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Global ocean freight rates up one-third in first half of 2017

Global ocean freight rates up one-third in first half of 2017

Big increases across most trade lanes push average spot prices 36% above the ‘exceptionally poor’ levels last year, Drewry analysis reveals Global spot market freight rates were more than one-third higher in the first-half of 2017, with big increases across most trade lanes providing...

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Mitsui O.S.K. Lines (MOL) has taken delivery of the world’s largest containership

Mitsui O.S.K. Lines (MOL) has taken delivery of the world’s largest containership

Mitsui O.S.K. Lines (MOL) has taken delivery of the world’s largest containership, the 20,170 TEU MOL Triumph, which will operate on The Alliance’s Asia-Europe trade from next month and offer 25-30% fuel and emissions savings compared with 14,000 TEU-class containerships. It is the...

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Ocean freight rates soar from North Europe to Asia

Ocean freight rates soar from North Europe to Asia

Spot prices up 45% on back-haul market due to strong eastbound volumes, especially to China, plus service cuts post-Chinese New Year Spot container freight rates from North Europe to China rose 45% last week to a four-year high of more than US$1,000 per feu due to unexpectedly strong eastbound...

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UK to seek bespoke ‘customs agreement’ with EU

UK to seek bespoke ‘customs agreement’ with EU

Prime Minister confirms intention to leave European Union ‘single market’ but wants ‘the freest possible trade in goods and services’ UK Prime Minister Theresa May today confirmed that she intends to take Britain out of the European Union’s ‘single...

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India, Russia and Iran Consider Intermodal Route

India, Russia and Iran Consider Intermodal Route

Iran, Russia and India have revived long-stalled discussions on a multimodal North-South Transportation Corridor linking Mumbai to the port of Bandar Abbas to Moscow. The 4,000 mile intermodal route would bypass the Suez Canal, cutting weeks off of the sea route transit time from the Arabian Sea to...

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FTA warns against ‘premature’ UK exit from EU customs union

FTA warns against ‘premature’ UK exit from EU customs union

Freight Transport Association urges government to speak to logistics industry on challenges surrounding Brexit The UK’s Freight Transport Association (FTA) has warned against the UK quitting the European customs union before leaving the EU itself and has invited the government to meet with...

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Virgin Atlantic Cargo welcomes A350 capacity boost

Virgin Atlantic Cargo welcomes A350 capacity boost

US$4.4bn order for new-generation aircraft will bring carrier’s ‘most capable cargo aircraft’ and a significant increase in uplift capability from 2019 Virgin Atlantic’s new US$4.4 billion order for 12 Airbus A350-1000 aircraft will mark the arrival from 2019 of the most...

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Fallout begins from Hanjin bankruptcy

Fallout begins from Hanjin bankruptcy

Cargo customers of Hanjin Shipping have begun dealing with the widespread fallout from the carrier’s collapse yesterday in what is said to be the largest ever bankruptcy of a global container line, with significant delays to some cargo expected and the potential need to arrange replacement...

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Container shipping consolidation will not return sector to profitability

Container shipping consolidation will not return sector to profitability

Analyst say alliances along with M&A activity are responses to the low-growth industry Consolidation of the container shipping business will not return the sector to profitability, according to one leading equity analyst. Lines have been re-drawing the container shipping market in a bid...

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Latin American and Caribbean Ports with Highest Container Throughput

Latin American and Caribbean Ports with Highest Container Throughput

The movement of containerized cargo through Latin American and Caribbean ports grew 1.7 percent during 2015, according to Economic Commission for Latin America and the Caribbean’s (ECLAC) ranking of container port throughput. ECLAC said these figures confirm two trends observed during the...

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SOLAS container mass verification requirements

SOLAS container mass verification requirements

The declaration of the accurate gross mass of a packed container is critical to maritime safety, writes the International Maritime Organization, as it publishes its new FAQ document What are the new rules? On 1 July 2016, new requirements to verify the gross mass of a packed container enter...

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World’s Biggest Lock Officially Opened

World’s Biggest Lock Officially Opened

The Kieldrecht lock at the Belgium’s Port of Antwerp has been inaugurated today when H.M. King of Belgium officially opened this, now the world’s largest lock, by pressing the button to symbolically mark the inauguration. King Filip of Belgium was joined by MM....

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UK Is World’s Top Maritime Business Hub

UK Is World’s Top Maritime Business Hub

The UK is the world’s leading maritime business services hub as the country’s companies offering marine insurance, shipbroking, legal services and education contribute GBP 4.4 billion (USD 6.3 billion) to the economy and employ over 10,000 people, UK maritime trade promotion body...

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Forwarders face stricter enforcement of trade rules

Forwarders face stricter enforcement of trade rules

BIFA says customs authorities placing ever-increasing emphasis on compliance, particularly after 1 May UCC deadline, stressing need to ‘know’ customers and beware of VAT fraud issues The British International Freight Association (BIFA) says customs authorities are placing...

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Long-term decline in shipping losses continues

Long-term decline in shipping losses continues

2015 was the safest year in shipping for a decade, but economic pressures, cyber risk and superstorms challenge safety progress • 85 large ships lost worldwide in 2015, down by 45% over a decade • Total losses in the British Isles down year-on-year. Region remains top long-term...

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