Newsletter – October 31, 2018
AIR FREIGHT UPDATES
Air freight market heating up fast as the peak season gains height
The air freight market is heating up fast as the peak season gets into its stride.
Forwarders are reporting limited capacity on Asia-US, with rates from Hong Kong into New York now hitting HK$36 per kg (US$4.58) on major carriers such as Cathay, Cargolux and Asiana. Los Angeles rates are marginally lower, hovering at between HK$30 and HK$35++. Read more here.
OCEAN FREIGHT UPDATES
HMM unveils ambitious plan to double box ship capacity with new ULCVs
South Korean ocean carrier Hyundai Merchant Marine (HMM) has prepared an ambitious blueprint for expansion, aiming to double its current capacity over the next four years. Read more here.
Mixed fortunes for OOCL in Q3 as liftings and revenues rise, but so do costs
OOCL increased carryings by 6.9%, year on year, in the third quarter, to 1.7m teu, while improving turnover by 7%, to $1.56bn.
However, the carrier experienced sharply contrasting fortunes on its transpacific and Asia-Europe tradelanes. Read more here.
Port of Los Angeles terminal evacuated after explosion
An explosion at Port of Los Angeles at around 6pm Tuesday, local time has led to a terminal being evacuated.
According to local media ABC7, the explosion came from the inside of a shipping container stored at the port. Read more here.
Fire erupts as ferry slams into crane at Barcelona port
Firefighters rushed to the port of Barcelone this morning as a ferry operated by Italy’s Grandi Navi Veloci (*GNV) slammed into a gantry crane. Read more here.