Ocean carrier ZIM fast-tracks IPO, targets $2 billion valuation

ZIM NYSE listing

Israeli ocean carrier ZIM Integrated Shipping Services is striking while the iron is hot and moving fast on its initial public offering (IPO). It plans to price its offering and list its stock on the New York Stock Exchange (NYSE) in just a few days — on Jan. 27. The U.S. investor roadshow is now underway.

According to its newly revised prospectus, ZIM plans to sell 17.5 million shares at a target price of $16-$19 each. Gross proceeds would be $306.5 million at the target-range midpoint ($17.50...


United Airlines continues cargo hot streak in Q4

United Airlines planes parked at airport.

United Airlines’ (NASDQ: UAL) cargo revenue grew 77% in the last three months of 2020, the third consecutive quarter of outsized gains for a division that normally represents just 2.5% of total revenue.

The Chicago-based carrier reported after Wednesday’s market close an adjusted net loss of $2.1 billion during the fourth quarter and a 69% drop in operating revenue to $3.4 billion, including $560 million in cargo revenue. Officials expressed confidence they had stabilized finances and created a...


Qatar Airways to offer capacity through WebCargo digital platform

A Qatar Airways Cargo jet, beige on top and white on bottom parked on a sunny day.

Qatar Airways, the world’s second-largest cargo airline, has signed onto WebCargo’s digital freight marketplace, which gives freight forwarders the ability to quickly compare live rates and capacity, and electronically book shipments.

Logistics companies in France, Germany, Italy, the Netherlands, South Africa and Spain will be able to access Qatar’s real-time supply and instantly make cargo reservations beginning Feb. 7, the companies announced Wednesday.

As part of the launch, Qatar Airways...


Port of LA will pay container terminals for efficiency gains

The Port of Los Angeles is willing to pay out $7.5 million to San Pedro Bay container terminals over the next year if they turn trucks faster.

“We see this as an investment in our efficiency,” a port spokesman told American Shipper Wednesday.

The port announced this week that beginning Feb. 1, it will reward container terminals for both improving truck turn times and completing dual transactions.

The port said the incentive program is designed to help move trucks faster and more efficiently...


Airlines ask Biden-Buttigieg DOT to focus on COVID recovery

Line of planes in queue on taxiway wait to takeoff.

U.S. airlines, casting themselves as a vital cog in the economic recovery from the pandemic, appealed Monday to the incoming Biden administration for more flexible, risk-based COVID measures that will enable the safe revival of air travel and with it the revenues necessary to survive.

In a letter to Transportation Secretary-designate Pete Buttigieg obtained by FreightWaves, the Airlines for America (A4A) warned that some carriers, and thousands of their workers, may not be around to transport...


Airlines absorb $391 billion revenue shortfall in 2020

The damage to the airline industry from the coronavirus pandemic last year totaled $391 billion in lower revenue as 60% fewer passengers took to the skies, according to a tally by the International Civil Aviation Organization

The financial hardship has continued into 2021 as airlines try to cope with a double-dip recession. Experts are maintaining their outlook for a prolonged depression in passenger demand that will likely keep airlines at a diminished size for several years. 

ICAO estimated...


Dry bulk shipping revs up after ‘extraordinarily bad decade’

dry bulk terminal

Hope springs eternal in dry bulk shipping — the largest shipping market in the world by volume. Over the past decade, each year has started out with bullish proclamations on why the market would finally turn. And then, it didn’t.

Only a few weeks into 2021, it’s clear this year will be different for many shipping segments. Could dry bulk finally surprise to the upside?

Industry veteran Aristides Pittas, CEO of EuroDry (NASDAQ: EDRY), thinks it will.

During a Capital Link forum on Tuesday, he...


Data reveals unprecedented nature of US import surge

container imports data

The COVID pandemic was unprecedented. By nature, it was hard to predict the fallout. And the one thing no one predicted was that U.S. consumers would dramatically increase spending on goods as their ability to spend on services was constrained and that their lost income from unemployment would be counterbalanced by stimulus.

Data on freight rates and freight flows available on FreightWaves’ SONAR platform reveals just how unprecedented and off the charts the current container-import market has...


Hong Kong, Amsterdam airports lost cargo business in 2020

A temperature-controlled container on a lift gets loaded in side of a light blue plane.

Full-year traffic figures from several airports last week reflect an upside down year dominated by the coronavirus pandemic in 2020. Passenger business slowed to a trickle with airlines closing most of their networks in the face of government lockdowns and other health measures, while cargo picked up the slack in some cases.

Hong Kong, the world’s largest cargo airport, experienced a 7% decline in cargo to 4.5 million tons, and served 87% fewer passengers. The airport handled 68,660 cargo...


Ship fuel prices jump, spread widens. Is ‘scrubber’ revival nigh?

ship fuel

One year ago — which seems like an eternity ago — no one in ocean shipping was talking about COVID. They were talking, ad nauseum, about fuel. About a massive spike in fuel prices due to a regulatory “tsunami” that would hammer liner companies’ 2020 financial results, inflate the cost of imported goods and steer winners and losers among shipping stocks.

It didn’t happen, courtesy of COVID. Instead, the price of marine fuel collapsed. Shipowners and cargo shippers actually saved money on fuel in...


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