Newsletter – April 30, 2019
OCEAN FREIGHT UPDATES
Canadian ports led by Prince Rupert outperform USWC rivals
THE volume of cargo handled via Canada’s west coast ports grew at a faster rate than that achieved by their American counterparts between 2017 and 2018.
The port of Prince Rupert’s Fairview terminal registered a 12 per cent rise in containers moved in 2018 compared with 2017, making it one of North America’s fastest-growing container ports. Read more here.
Concern at lack of clarity on low-sulphur fuel costs
Uncertainty about how best to prepare for new IMO regulations mandating the use of low-sulphur fuels by container lines from the start of 2020 is not confined to shippers. Read more here.
Leave it to shipowners to hit IMO CO2 reduction targets, says Denmark
Denmark’s International Maritime Organisation (IMO) delegation has proposed a “goal-based” approach for meeting short-term CO2 reduction targets. Read more here.
OOCL to sell Long Beach Container Terminal to investors led by Macquarie
OOCL has agreed to sell its state-of-the-art Long Beach Container Terminal (LBCT) to a group of institutional investors led by Australia’s Macquarie Infrastructure Partners (MIP) for $1.78bn – less than the reported $2bn it cost to build. Read more here.
GROUND AND RAIL FREIGHT UPDATES
US shippers still suffering intermodal blockages
Shippers in the US are continuing to suffer from supply disruption due to trucking shortages, according to digital forwarder iContainers. Read more here.
Canadian railroads benefit from strong intermodal market
Canadian National (CN) has recorded a 7% upturn in revenue for its intermodal division during the three months to March. In total, some C$850m was generated in the first quarter, suggesting a good Canadian intermodal market, with Canadian Pacific also reporting growth. Read more here.