Singapore’s largest containerline Pacific International Lines (PIL) has joined the Washington-based liner lobby group, the World Shipping Council (WSC). As part of the move, PIL’s chief executive, Lars Kastrup, who also previously held leading positions at APL, CMA CGM and AP Moller-Maersk, will join the WSC board. “PIL is pleased to become a member of the World Shipping Council and…
Mediterranean Shipping Co (MSC) is involved in plans to develop Vietnam’s largest box port complex. Terminal Investment Limited (TIL), MSC’s port subsidiary, has tied up with Vietnam National Shipping Lines and Saigon Port, to press ahead with a massive transhipment hub in Can Gio, to the south of Ho Chi Minh City. The port proposal has been sent to Pham…
Container shipping’s pandemic-fueled boom cycle has undoubtedly taken a turn in recent months, but lingering congestion is likely to prevent a swift return to normal, says Drewry in its latest Container Forecaster report published Thursday. Falling demand has driven container spot freight rates lower on a weekly basis over the last four months and high inflation is eroding confidence that volumes will…
Ceres Terminals is expected to open a new permanent pop-up container yard adjacent to Port Houston’s Barbours Cut Terminal. The new terminal depot occupies more than 300,000 m² and is the closest yard to the Port Houston’s Barbours Cut Terminal. “We are excited to announce the opening of the new container yard,” said Adam Brooks, chief operations officer of Ceres…
UWL and Swire Shipping are launching a new dedicated, express ocean export service from Seattle, Washington, US to Ho Chi Minh City, Vietnam. The transit time will be the fastest in the trade, with a duration of 21 days, according to a statement. “The recent ocean disruption and 100-day-long transit times are literally wiping out US food exporter livelihood; many…
The Swiss/Italian container line MSC has upgraded its transpacific network, connecting Asia and the United States, launching a new service and updating two existing ones. MSC is expected to commence its new Zephyr service in mid-July. However, it is still subject to regulatory approval. The world’s largest container shipping company said this new weekly service will enable them to offer…
The Georgia Ports Authority (GPA) has announced that an all-time high of 519,390 TEU have moved through the Port of Savannah in May, breaking the previous record of 504,350 TEU set in October 2021. GPA’s May volumes grew by 8.5%, or 40,770 TEU, compared to the same month last year. “Despite global supply chain challenges, the Port of Savannah continues…
The Port of Los Angeles processed 967,900 TEU in May, recording the third best overall month in its 115-year history. In the first five months of the year, the port has processed more than 4.5 million TEU, equal to last year’s record rate. “Retailers replenished inventory throughout the spring and now we’ll see a transition to back-to-school goods, fall fashion…
The US Congress has passed the Ocean Shipping Reform Act (OSRA) 2022 to the cheers of shippers, and politicians, but the chagrin of carriers. There had been little doubt that the bill which will expand the powers of the Federal Maritime Commission over container lines would be passed, and it now moves on to be signed into law by President Joe…
Freight rates, and especially the spot market ones, have fallen sharply since the beginning of the year, driven by declining consumer demand in the US market, according to the digital freight forwarding platform Shifl. Reaching highs in January 2022, at approximately US$17,000-18,000 / 40′ from China to the US West Coast, container shipping rates have risen to around US$7,000-8,000 /…
