There are no signs that the congestion issues affecting major container ports near Los Angeles and Long Beach are on the verge of resolution. On a global level, the time spent in port for vessels has increased by 11 percent in the last six months, according to analyst firm.
MSC has placed a bid for Brazilian carrier Log-In Logistica, with the aim of taking over 67 percent of its shares.
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The overheated container market is driven solely by unprecedented demand and not collusion between carriers, conclude authorities in the US, China and the EU, according to media.
Maersk won't be the only carrier to announce an upgrade due to a red-hot container market fueled by sky-high rates and massive demand. Others will raise their expectations as well, according to SEB Enskilda and Sydbank.
The large bottlenecks across the container market continue to grow day by day, with 141 vessels currently waiting in line off ports in China and the US, show new figures from VesselsValue.
Chinese Cosco has reached a settlement with furniture group MCS Industries in the complaint cause where the carrier stands accused of colluding with MSC and manipulating pricing in the container market. MSC is not a part of the settlement, the carrier informs ShippingWatch.
As one of the major US importers, Ikea shares part of the responsibility for carbons emissions from the container fleet, as established by a recent report. Sea freight is important for our carbon plans, Ikea tells ShippingWatch.
Maersk CEO Søren Skou expects a strong market for the rest of the year while noting the "absurd" level of container vessels waiting off Port of Los Angeles.
Daily rates for shortsea sailings in Europe have risen so far in 2021, writes shipbroker Toepfer in an update.
Maersk upgrades its full-year guidance as a result of being "significantly ahead" of previous expectations in the third quarter, the carrier writes Thursday.
Activities have resumed in Chinese ports Ningbo and Zhoushan, according to Bloomberg News, after a typhoon forced the two ports to shut down, consequently leading to vessels queuing up.
Like competitors Maersk and CMA CGM, MSC is pursuing a strategy of achieving net zero CO2 emissions in 2050. Fuels such as LNG, methanol and ammonia are all potential candidates, while the carrier expects to increase the use of biofuels in coming years. Updated.
Industry insiders warn carriers against fleet expansions amidst record-high price surges. It's better to invest in maritime technology and decarbonization, said Drewry consultant at Marine Money Week Asia on Wednesday.
The US Federal Maritime Commission will create more clarity in complaints regarding carrier surcharges and compensation ensuing from bottlenecks and delayed goods at US ports.
There are no easy solutions to solve the major bottlenecks and poor service levels that characterize the current container market, says Søren Toft, CEO at MSC. He expects the overheated market to cool down "during the next 12 months".
Global retailer chain H&M Group will not exclude any fuels when picking ocean freight. To meet its overall 2030 goals, supply chain emission cuts are essential, the company tells ShippingWatch.
Major bank HSBC projects considerably higher earnings for Maersk in 2022 as freight rates will keep going up. As a result, the bank views additional upgrades from Maersk as "inevitable."
A solution should be found to the ongoing trade war between two of the world's largest economies – the US and China – for the good of the economy, warned Harvard professor Dani Rodrik during the online event Maersk Trade Talk.
The overheated container market is now impacting the route from Asia to the Middle East, where nearly half of the weekly sailings have been canceled due to a lack of capacity, writes Alphaliner.
A new US bill which will force carriers to ship export out of the US will be heard by the end of 2021 at the earliest, says MOC.
CMA CGM agrees to invest EUR 25 million in Brittany Ferries, which will assist the ferry operator in recovering from the Covid-19 pandemic.
Bottleneck issues in the container market with pile-ups in major container ports appear to be worsening rather than improving, says shipping analyst Lars Jensen who predicts that carriers will have to cancel or postpone sailings. Updated.
With the green agenda, global retail chains – and, by extension, consumers – have gained influence that extends all the way into container carriers' executive offices. ShippingWatch has interviewed Unilever and H&M Group about their roles as levers. First up is Unilever.
Shipping shares on the Oslo Stock Exchange have risen significantly in 2021, with one segment in particular driving the growth. Analyst prjects that there are more gains ahead for the five shipping shares that grew the most.
Maersk is engaging more customers on long-term contracts in a market where a lack of capacity and huge demand are pushing rates to historically high levels. The comment comes after competitor CMA CGM has decided to freeze its rates.
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