Newsletter – April 13, 2018
OCEAN FREIGHT UPDATESFirefighting continues on Maersk Honam as it is towed to Dubaisource: theloadstar.co.ukMSC has advised shippers and freight forwarders with cargo on the fire-stricken Maersk Honam that the vessel remains under tow for Dubai.There was substantial number of Maersk’s 2M alliance partner’s boxes on the vessel, which was deployed on an Asia-Mediterranean service. Read more here (login required).
Shipowners gain upper hand as charter market bites back at carrierssource: theloadstar.co.ukContainer lines are facing a new “perfect storm” of falling freight rates, higher fuel costs and a charter market turned in favour of shipowners.For some time, ocean carriers have been able to adjust their capacity to the peaks and troughs of demand by hiring and off-hiring charter tonnage, which for MSC and CMA CGM, for example, represents around 66% and 62% respectively of their operating fleet. Read more here.
Consolidation increases volatility in the liner trades.source: splash247.com
Container analysts SeaIntel have suggested that despite massive consolidation seen in the liner trades in recent years volatility has not diminished. SeaIntel analysed market volatility out of Asia, based on Shanghai’s CCFI rate index which encompasses both contract and spot rate data, over the past 20 years. Read more here.
Questions asked about delay in US okaying Cosco’s takeover of LB terminalsources: shippingazette.comWITH the US and China locked horns over trade tariffs, speculation is mounting as to why US regulators have not yet approved Cosco Shipping’s takeover of a Long Beach terminal through its acquisition of Orient Overseas Container Line (OOCL). Read more here.
INTERNATIONAL BUSINESS – GOVERNMENT UPDATESChina’s trade surplus with US soars in first quarter, but March exports faltersource: theloadstar.co.ukReuters is reporting a near 20% surge in China’s trade surplus with the US during the first quarter of 2018. It seems the spike has been driven by exporters fretting over tariff hikes prompted by Donald Trump’s threats of a trade war. Read more here (login required)