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Tag: News

Mitsubishi HC Capital takes over container leasing company CAI International

Japan’s Mitsubishi HC Capital (MHC) has snapped up San Francisco-based container leasing company CAI International in a $1.1bn deal. The deal comprises of $104m of preferred stock and $986m of common stock equity value, and has an enterprise value of…

Congestion persists as volumes rise at Port of Oakland

Imports jumped by 26% in May at the Port of Oakland, although the spike in volumes is creating immense operational challenges for marine terminals and ocean carriers. The port handled 1.08m teu between January and May, representing a record high,…

BEST acquires new port equipment

With the addition of two new gantry cranes and two shuttle carriers, Hutchison Port BEST now has a total of 13 quay cranes capable of operating the world’s largest container ships. The cranes are currently being commissioned and are expected…

Profit-focused FedEx Freight abruptly dumps ‘less-lucrative’ LTL clients

Executives and logistics planners at some 1,400 US firms had their weekend wrecked, courtesy of FedEx Freight. On Friday, the company notified customers it would no longer pick up their shipments, starting Monday. The integrator’s trucking arm said the sudden…

Lockdown may be easing, but box and capacity shortages still hobbling Indian exports

India may be slowly easing out of lockdown, but limits on factory production and tight air and sea freight capacity are still jeopardising exports – particularly to the US. Covid restrictions vary from state to state, but major economic hubs…

Montreal Port Authority signs agreement with biofuel specialist

Montreal Port Authority (MPA) has signed a cooperation and development agreement with biofuel production specialist Greenfield Global, in an effort to evolve towards clean energy, notably green hydrogen, ethanol and methanol. In the wake of dockside shore power implemented in…

Transocean looks to raise $400m

Offshore driller Transocean is looking to benefit from a continuous rise in its stock price in the past months by setting up a plan to raise additional cash. The company has recently entered into an equity distribution agreement with Jefferies…

MSC’s secondhand splurge over the past 10 months hits record 60 ships

Mediterranean Shipping Co’s stunning secondhand splurge has hit another milestone. The Soren Toft-led company has paid Eastern Pacific Shipping $42.5m for the 5,018 teu Kowloon Bay boxship, according to multiple broker reports. This sale comes alongside other recent purchases including the 4,250…

Congress discusses forcing liners to accept US export container bookings

American politicians are discussing taking drastic action to force global liners to take all US export container bookings. A Republican and a Democrat have pitched the idea to the US House Transportation & Infrastructure Committee, claiming yesterday American exporters are…

Biden pressured to fix US port congestion issues

America’s National Retail Federation (NRF) yesterday asked president Joe Biden to step in and help fix port congestion as retailers face up to the trickiest peak season in living memory. “The supply chain disruption issues, especially the congestion affecting our…

HMM confirms cyber attack

South Korea’s HMM has become another shipowner to suffer a cyber attack. The company confirmed today that it had detected an unidentified security breach, which led to limited access to the e-mail outlook system in certain areas. Most of the…

CNES and CMA CGM partner together to create innovative solutions for shipping, logistics and spave industry

CMA CGM and the French National Centre for Space Studies (CNES) have signed a five-year partnership agreement to identify, design and develop innovative solutions together. Calling on their respective expertise, the two organisations will serve shipping, logistics and the space…

Hapag-Lloyd to provide full transparency on vessel arrivals

Amongst one of the worst operational crises for the container industry in many years, Hapag-Lloyd is set to offer enhanced transparency on the schedule performance of its vessels. By also increasing the ships’ on-time performance, the carrier aims to improve…

HPC to assist in performance upgrades at terminal in Port Sudan

Sudan’s transport ministry has commissioned Hamburg Port Consulting (HPC) to assist in reducing vessel waiting time and increasing equipment availability at South Port Container Terminal (SPCT) in Port Sudan. The goal of the planned port development programme for the country’s…

New port complex in Brazilian state of Espírito Santo moves a step closer

The Imetame group is preparing to build a private port complex in Aracruz, in Brazil’s state of Espírito Santo. The company has now obtained all of the licences it requires to begin construction, which it has estimated will cost $335m…

China congestion pushes carriers as they are ‘forced’ to add surcharges

Carriers, faced with increasing congestion, low productivity and a mounting backlog of exports in southern China have been forced to omit port calls, extend gate-in times and, in Ocean Network Express (ONE)’s case, added a $1,000 surcharge on reefer cargo…

Supply chain disruption warning as EU prepares sanctions on Belarus

Asia-Europe shippers and freight forwarders using the overland rail routes have been warned of potential disruption, as political tension mounts in the aftermath of the recent diversion of a passenger plane for the arrest of a Belarussian journalist. Last month’s…

Fast services from Asia bypassing congested southern Californian ports

Two more container lines have suspended expedited services through the US port of Oakland. They are following in the footsteps of Zim, which was forced to divert the inaugural sailing of its Central China E-Commerce Express to Los Angeles and…

China’s first floater foundation launched

China’s first floating wind foundation platform rolled out yesterday from the Wison Offshore & Marine yard in Zhoushan. The 91-metre by 32-metre semisub foundation will be used to mount the world’s first typhoon-resistant floating wind turbine. The trailblazing floater will…

South Korean shipowners hit out after 23 lines are fined for price-fixing

South Korea’s anti-trust authority has slapped penalties on 23 liner operators for colluding to fix freight rates. But the move has angered the Korea Shipowners’ Association (KSA). The Korea Fair Trade Commission (KFTC) said on Tuesday its investigations found that…

Samsung Heavy partners with the Korea Atomic Energy Research Institute to develop nuclear-powered ships

One of the world’s largest shipbuilders is pressing ahead with plans to build nuclear-powered merchant ships. Samsung Heavy Industries said Wednesday it will partner with the Korea Atomic Energy Research Institute (KAERI) to develop molten salt reactors to power ships…

NYSHEX enters European markets

The New York Shipping Exchange (NYSHEX) is expanding into Europe, tapping a former chairman of the digital platform to run regional operations from the UK. The box contracting platform, which was founded six years ago initially focusing on the transpacific,…

How the X-Press Pearl disaster could have been avoided

Shipping man and author, Carlos Luxul, questions why the X-Press Pearl was not allowed to offload a leaking box of acid at ports in Qatar and India before its fateful voyage to Sri Lanka. The X-Press Pearl sank on June 2 in…

Rocket Cargo: Airfreight but not as we know it

The US Department of the Air Force (DAF) has revealed a new project where it will examine whether it can use rockets to transport cargo. As part of its Vanguard research programme, the Air Force Research Laboratory (AFRL) will lead…

Asian ports refuse entry to Covid-hit Evergreen ship with dead captain onboard

Nearly two months since the death of an Italian captain onboard Evergreen’s 5,090 teu Ital Libera and his family are still unable to arrange a funeral with port authorities in Asia refusing to accept the ship that was hit with an outbreak…

April air cargo uptick may have signalled ‘false dawn’ for recovery as May dips

April’s uptick in air cargo volumes may have signalled a “false dawn” for the industry’s recovery: last month saw a 4% dip in demand. Comparing May’s volumes with the pre-Covid levels of 2019, Clive Data Services and TAC Index said…

Cyber-attack on major shipper adds to food supply chain woes

A cyber-attack on giant meat processor JBS’s operations in North America and Australia has set off alarm bells along supply chains. The attack, which targeted servers supporting the company’s IT systems, forced JBS to shut down nine US beef processing…

Three missing after Japanese roro sinks off Ehime coast

Japanese roro vessel Byakko sank early Friday after colliding with Korean chemical tanker Ulsan Pioneer off Ehime Prefecture, western Japan. Three of the 12 crewmembers are missing, including the captain. According to the Imabari Coast Guard Office, the incident was reported around 23.55 hrs…

Explosion rocks X-Press Pearl, all crew evacuated as Sri Lanka prepares for the worst

The situation on the X-Press Pearl deteriorated dramatically today. The three-month old, 2,700 teu ship, carrying 25 tons of nitric acid, caught fire on Thursday off Colombo Port with Sri Lanka deploying aircraft and navy vessels to assist in firefighting. This morning the vessel…

Belarus faces sanctions threat over ‘state piracy’, some airlines avoid its air space

Several airlines said on Monday they would avoid Belarusian air space after Belarus scrambled a warplane to intercept a Ryanair jetliner and arrest a dissident journalist in an act denounced by Western powers as “state piracy”. The European Union was…

Suez Canal boss says Ever Given can leave once a $200m deposit is paid

It’s been a busy weekend of back and forths between Japanese shipowner Shoei Kisen and the Suez Canal Authority over the future of the 20,388 teu containership Ever Given, currently under arrest in the Great Bitter Lake having grounded and blocked the…

Fire erupts on brand-new boxship carrying 25 tons of nitric acid off Sri Lanka

A fire erupted on the 2,743 teu X-Press Pearl yesterday afternoon off Colombo. The ship, which was carrying around 25 tons of nitric acid among is cargoes, radioed for help and the Sri Lankan navy dispatched a number of vessels to douse…

Covid outbreaks at sea immobilising entire crews

New variants of Covid-19 are immobilising entire crews, creating further panic and mayhem at sea, and highlighting the urgent need to get a global seafarer vaccination programme in place. Alice Amundsen, who heads up Gard’s global people claims area, has…

Crew safe after battling engine room blaze aboard box ship NYK Delphinus

A ONE containership on THE Alliance’s AL5 transatlantic service has been forced to take refuge at the US port of Oakland after fire broke out in its engine room over the weekend. The 4,900 teu NYK Delphinus was en route from Vancouver,…

Fire breaks out on tanker near Syrian coast

A small fire occurred in one of the engines of a tanker off the coast of Syria’s Mediterranean port of Banias, state media said. The fire was extinguished by the crew quickly with no casualties, it said. “The technical fault…