A year ago, shippers were desperate to agree annual contract deals with ocean carriers to secure their supply chains, and were prepared to do, and pay, ‘whatever it took’. And carriers were holding ‘beauty contests’ to determine the most attractive large-volume BCOs to be included in their exclusive customer portfolios. But 12 months on, the container liner shipping market has…
Global Container Terminals Inc. (GCT) has announced that it has entered into an agreement to sell its US-based terminal assets to French container shipping company CMA CGM Group. GCT currently operates two terminals in the United States, GCT New York on Staten Island, New York and GCT Bayonne in Bayonne, New Jersey, in the Port of New York and New…
The largest container shipping alliance, 2M Alliance has announced the temporal suspension of its TP23/Liberty service and the addition of the port of Charleston call to TP17/ America service. The two members of the alliance, Maersk and MSC said this is a move that aims to adjust container capacity “in line with the slowing demand on the Transpacific US East…
The National Retail Federation is forecasting that US This Year’s Holiday spending will be healthy this year despite inflationary challenges and consumers shifting back to services from goods. The NRF estimates that holiday retail sales are actually expected to grow in November and December at between 6% and 8% over 2021, to reach between $942.6 billion and $960.4 billion. Last…
Mediterranean Shipping Company (MSC) has announced alterations in its intra-Asia service network, which will include new products and upgraded services that will come into effect by the next month. As part of this latest revamp of the network, MSC has announced the launch of a new service, named Dolphin, which will offer connection from China to Indonesia and between Indonesia,…
Yangzijiang Shipbuilding has confirmed that MSC has ordered a dozen 16,000 TEU container ships. The Singapore-listed Chinese ship builder said on 6 October that the LNG dual-fuelled ships, with a total contract value of US$2.16 billion, are among US$2.51 billion of new orders secured between August and early October 2022. The vessels are expected to be delivered from late 2024…
The 4,675 TEU container vessel MSC Rochelle called Port Everglades on 30 September, marking the connection of the major port in Florida with the Far East via a direct container service for the first time since 2011. The world’s largest box line Mediterranean Shipping Company (MSC) launched its new Zephyr service this summer with direct weekly connections from northern China and South…
Consumers in the United States are shrugging off concerns about high inflation and interest rate hikes and continuing to spend, the National Retail Federation said Monday. Despite lower consumer confidence, spending held up better than expected in August as overall retail sales reported by the U.S. Census Bureau grew 0.3% from July and 9.1% compared to last year. While year-over-year…
The world’s largest container shipping company, MSC Mediterranean Shipping Company SA aims to enter the air freight market, starting the development of a new MSC Air Cargo solution. According to a recent announcement, MSC Air Cargo has been under development for several months and the new solution will be available from early 2023, following the delivery of the first of…
Container spot rates have fallen by 10% for the fourth week running as increasingly looks like the sector could be in for a hard landing. The bell weather Shanghai Containerized Freight Index (SCFI) has lost another 10.4% over the last week to be recorded at 2072.04 some 240.61 points lower than week earlier. The SCFI is now 59% lower than…
