President Joe Biden will shortly order American transportation agencies to address competition in rail and shipping, as shippers struggle with sky high freight rates.
A ceremony was held in Egypt to mark an agreement on compensation for the Ever Given fiasco, with the giant boxship now on the move to leave the country where it has been in since a transit of the Suez Canal went badly wrong on March 23.
Seaspan Corporation has entered into long-term charters worth more than $1.5bn with Israeli carrier ZIM for ten 7,000 teu LNG-powered containership newbuilds.
Shippers might be paying 332% more per box that they were this time last year, according to the latest data from Drewry, yet they’re having to put up with the worst schedule reliability in the history of containerisation.
Estimates suggest more than 600,000 teu has now been affected from the fallout of an outbreak of Covid-19 around Yantian Port in southern China with ports around the world braced for a severe shortage of equipment in the coming weeks, just as the US peak season gets underway.
According to Alphaliner data, this latest swoop takes MSC’s secondhand buying spree to 49 ships since last August.
Taiwanese liner Evergreen has announced that it will order twenty 15,000 teu containerships as part of a major fleet expansion plan
Container line schedule reliability fell to its lowest level for the sixth consecutive month according to Sea-Intelligence.
We continually read, see and hear news of hundreds of containers fallen into the sea from large containerships with their huge decks full of crumpled teu and feu.
The vessel was sold for $42.3m, far in excess of the $32.7m valuation according to both VesselsValue and MSI. The buyer was not named. Songa had originally picked the ship up for just $23m.
Swiss-headquartered containerline Mediterranean Shipping Company (MSC) continues to snap up boxships in the secondhand market according to Alphaliner, acquiring eight vessels in the past three weeks as container shipping rates continue to surge.
Israeli carrier ZIM’s IPO fell 23.2% on the first day of trading at the New York Stock Exchange with shares closing at $11.52, having started out at $15.
A total of 25 giant megamax containerships were ordered in Q4 last year, nudging the boxship orderbook to fleet ratio into double-digit territory for the first time in a long time, according to data from Alphaliner.
Shippers should prepare themselves for greater competition between trade lanes in 2021, as global carriers capitalise on having the upper hand in upcoming contract negotiations.
The container volume at eight major Chinese ports increased 13.1% year-on-year in early November.
Under pressure Pacific International Lines (PIL) told the Singapore Exchange on Monday it would not pay back S$60m ($44.6m) of notes due yesterday.
The Cypriot-flagged container ship Fesco Askold, operated by the Russian Far Eastern Shipping Company (Fesco) is being linked to a new outbreak of the COVID-19. Samoa and American Samoa are rushing to react to the possibility of exposure to the virus.
Manila-based port operator ICTSI has connected all of its 31 terminals to TradeLens, a blockchain platform jointly developed by IBM and Maersk.
PIL executive chairman SS Teo told Splash today: “As we have formulated a comprehensive restructuring plan with financial lenders, advisors and Heliconia Capital Management, today’s commencement of a scheme of arrangement process is a significant milestone for PIL in the debt-reprofiling plan to ensure the company’s long-term sustainability and success. It is a natural progression and will provide our creditors, noteholders, banks, and other interested parties the assurance that their interests will be treated in a fair and transparent way.”