Container carriers lament their poor service and explain their mega rates by referring to the demand prompted by the Covid-19 pandemic. However, the chairman of analyst firm MDS Transmodal says this explanation doesn't necessarily hold water.

PSA International acquires logistics company BDP International from a New York-based private equity firm.

Once the contracts for two of Seadrill's drilling rigs expire, around 400 of the company's 1,050 employees are at risk of losing their jobs, reports media. Labor union expects the carrier to announce dismissals prior to Christmas.

With rates locked at a high level in long-term contracts, major container lines are facing a period of high earnings. Rates in long-term container contracts surged 16.3 percent in November, according to analyst firm Xeneta.

The South Korean state is reportedly prepared to divest container line HMM after having rescued the company from bankruptcy in 2016. According to Alphaliner, South Korea's central administration has confirmed a plan to privatize the carrier in 2022.