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The Shipping Corporation of India (SCI) has announced the commencement of its new direct container service, in partnership with Hull & Hutch, linking the West Coast India and Red Sea ports. To commence, tentatively from the first week of February, it will initially deploy two vessels of about 1,600 TEUs each, with SCI and its partner providing a vessel ea...
According to JP Morgan, market conditions on container trades from Asia will not improve in 2009. Asia-Europe freight rates are below variable costs and transpacific freight rates are slightly above. Both markets are unprofitable when taking fixed costs into account. Profitability is not expected to decrease further. Demand is expected to increase by 2.6%...
Tricon Shipping Pvt. Ltd, a Chennai-based company involved in freight cargo logistics, has entered into a joint venture/integration pact with German freight forwarding and logistics major, Rohlig, and its Austrian partner, Gebrüder Weiss (the largest freight forwarding company in that country), to tap the growing opportunities in India and around the glob...
APL, Hamburg Süd, Hapag-Lloyd, Hyundai Merchant Marine and Evergreen are reducing capacity in their joint service connecting Northeast Asia and Australia. The carriers are taking 3,200 TEUs of nominal weekly capacity out of their AAS from February through June by idling the southern loop of the service. The carriers said the northern AAS loop would...
DryShips Inc. said it is making two transactions to reduce its future financial commitments and improve its financial strength, and said it expected a large loss in the fourth quarter. The company said it is disposing of three capesize newbuildings, and canceling the acquisition of nine capesize vessels, including five newbuildings. "These t...
Container volume for Orient Overseas International. Ltd., the parent company of ocean carrier OOCL, was down 3 percent in the fourth quarter of 2008, but rates on its global services increased by an average of 4 percent during that time, according to a report Thursday from JP Morgan analyst Johnson Leung. Though rates fell substantially in the Far ...
A glut of capacity in the liner carrier industry might only be helped if lines are able to convince shipyards to push back orders of ships to be delivered over the next three years. As American Shipper has reported, the number of container vessels being laid up has risen dramatically in recent weeks. As of Tuesday, the idled fleet reached 750,000...
Freight rates in the dry cargo shipping segment have taken a major dip since September 2008. Day rates currently flucturate around USD 5,000 (EUR 3,742.96) compared to USD 200,000 a year ago. Danish shipping companies are forecast a tough year ahead but according to Torben Janholt, chairman of the Danish Shipowners' Association (Dansk Rederiforening) t...
Port of Tallinn is the biggest port authority in Estonia and as far as both cargo and passenger traffic are taken into account, the biggest port on the shores of the Baltic Sea.
Qingdao Saint Voyage Logistics Inc. (SVL) is an Experienced International Shi
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