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…
As container lines fail to support falling spot rates in the second half of 2022, next year could bring an all-out price war as contract rates follow spot rates down. Online container logistics platform Container xChange said a drop in demand through 2022 had brought a significant oversupply of containers, which is set to worsen in 2023 with more boxes…
COSCO Shipping Lines has withdrawn its express China-Canada-US intermodal service that was launched in October 2021, as carriers continue to trim capacity to respond to falling demand. Container News was informed that the CEN-EXPRESS service had its last sailing when the Xin Ying Kou arrived at Prince Rupert on 29 November. The service used five 4,250 TEU ships to move containers…
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…
As 2M Alliance’s TP1/Maple and TP9/Eagle services have been inconsistent in terms of departure frequency and extended transit times, according to 2M Alliance of Maersk and MSC, the two container giants have decided to merge them into an updated TP1/Maple line. The first sailing of the new consolidated TP1/Maple service will be on 28 October and will begin from the…
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…
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…
Yang Ming Marine Transport Corp. has added one new 11,000 TEU container vessel, namely YM Trillion, which is chartered from Shoei Kisen Kaisha, Ltd. and built by Imabari Shipbuilding Co., Ltd. YM Trillion was named and delivered to Yang Ming at a ceremony held at Imabari Marugame Shipyard on 21 September. YM Trillion will be deployed on Yang Ming’s Trans-Pacific…
