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…
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…
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…
SeaPort Manatee, one of Florida’s largest deepwater seaports, has been awarded a federal grant of nearly US$12 million to advance a 67,000m² expansion of container yard facilities at Florida Gulf Coast trade gateway. The upgraded infrastructure of SeaPort Manatee is one of 26 projects for which a total of US$1.5 billion in Infrastructure for Rebuilding America (INFRA) grant funding was…
Yang Ming Marine Transport chairman Cheng Cheng-mount has asserted that the ongoing correction in container freight rates is just a blip and the market should not be worried that the segment could return to its pre-pandemic struggles. At an investment seminar organised by Taiwan Stock Exchange on 12 September, Cheng said that China’s Covid-19-related lockdowns had caused the decline in…
Descartes: August imports kept pace with July, down 1.8% y/y on tougher comps. Containerized goods are still flooding into the U.S. at a near-record pace. Port throughput in August came in just under all-time highs. The pileup of waiting ships off East and Gulf Coast ports remains almost as bad as ever. U.S imports totaled 2,529,042 twenty-foot equivalent units in…
PhilaPort welcomed the arrival of the vessel Wan Hai 315 to the Packer Avenue Marine Terminal this week. The weekly Asia – America 9 (AA9) Service makes calls to Haiphong, Vietnam; Shekou (Shenzhen), Shanghai, and Qingdao, China; Kaohsiung, Taiwan; and Balboa, Panama on its way to Philadelphia. “The arrival of Wan Hai Lines’ AA9 Service gives shippers a better alternative for…