American Shipper

Drayage truckers ramp up chassis-rate dispute with ocean carriers

U.S. trucking companies claiming that foreign ocean carriers have been manipulating the intermodal chassis-leasing market at the truck carriers’ expense are ready to take their dispute to federal regulators.

In a May 4 letter to the Ocean Carrier Equipment Management Association (OCEMA), whose members represent 80% of the U.S. container market, the Intermodal Motor Carriers Conference (IMCC) warned that they will be filing a formal complaint with the Federal Maritime Commission (FMC) unless...

https://s29755.pcdn.co/news/drayage-truckers-ramp-up-chassis-rate-dispute-with-ocean-carriers

Amid COVID outbreak, freighter demand boosts ATSG in Q1

Big white jet with wheels down for landing.

It’s much better to be a cargo than a passenger airline these days. The former has seen demand shoot through the roof; the latter’s business has fallen off a cliff.

Air Transport Services Group (NASDAQ: ATSG) delivered first-quarter operating profit of $133.7 million, or $2.27 per share, versus $22.6 million in the year-ago period on the strength of combined revenue growth of 12% for its aircraft leasing and air transport segments. That’s a good three months compared to passenger carriers that...

https://s29755.pcdn.co/news/amid-covid-outbreak-freighter-demand-boosts-atsg-in-q1

COVID-19 puts most of Hawaiian Air on standby

The substantial grounding of Hawaiian Airlines (NASDAQ: HA) during the past two months left the carrier with a $144.4 million loss in first quarter earnings.

By the end of March, Hawaiian had grounded 95% of its passenger flights to and from the islands to restrain the spread of the coronavirus. Hawaiian has been impacted more than most by government travel restrictions and quarantines, but analysts say it should make it through the crisis because of its low debt obligations and ability to hold...

https://s29755.pcdn.co/news/covid-19-puts-most-of-hawaiian-air-on-standby

Investors dump tanker stocks just as tanker profits soar

product tanker

Imagine you’re the CEO of a company ringing the opening bell of the New York Stock Exchange. You show up at the corner of Wall Street and Broad full of excitement and anticipation on the morning of the big event. Then the entire U.S. market crashes the moment trading begins and no one pays any attention to you.

Public tanker company executives can relate.

The top names in the space are issuing earnings releases in rapid fire this week, with Ardmore Shipping (NYSE: ASC) the first out of the gate...

https://www.freightwaves.com/news/investors-dump-tanker-stocks-just-as-tanker-profits-soar

Now profitable, ONE expands reefer fleet

Ocean Network Express (ONE), which last week announced it had turned a profit, said Tuesday it was expanding its refrigerated container fleet by 5,000 40-foot units.

Two hundred of those units will be equipped with advanced controlled atmosphere technology, said Singapore-based ONE, which said it already has one of the largest state-of-the-art reefer fleets and procured 6,000 units last year.

Global refrigerated container volume grew by more than 7% in 2019, according to ONE, which said that...

https://s29755.pcdn.co/news/now-profitable,-one-expands-reefer-fleet

Alaska Air wins by losing less

A white jet comes in for landing.

Investors rewarded Alaska Air Group (NYSE: ALK) for reporting first-quarter losses and cash burn projections that beat expectations, with the stock up 1.15% to $29.10 per share at Tuesday’s market close.

The parent company of Alaska Airlines and Horizon Airlines said its first-quarter adjusted net loss was $0.82 per share, or $102 million, ahead of Wall Street’s consensus of a $1.14 loss per share. Total revenue fell 13% to $1.6 billion compared to analyst estimates for $1.7 billion compared to...

https://s29755.pcdn.co/news/alaska-air-wins-by-losing-less

Barge giant Kirby: signs of life but too soon to call bottom

tank barge

It’s a strange time for public reporting. Companies are posting results for a period – January to March – that’s largely irrelevant because it pre-dated peak COVID-19 fallout.

The value of this round of quarterly reporting is in commentary on current conditions, particularly from bigger public players who can provide front-line insights on the U.S. economy.

One of those bigger players is Kirby Corporation (NYSE: KEX), the largest owner of inland tank barges in America and by far the largest...

https://www.freightwaves.com/news/barge-giant-kirby-signs-of-life-but-too-soon-to-call-bottom

More airlines gut passenger interiors for cargo

A passenger plane with some seat rows removed for cargo.

LATAM Airlines and Austrian Airlines are the latest passenger carriers to make room for cargo by removing seats in the cabin as shippers frantically seek more airlift to move their goods.

Airlines opting to reconfigure passenger aircraft as full freighters in the seven weeks since cargo-only flights became a phenomenon have cleared all the seats, but Chile-based LATAM is taking the unusual step of dismantling only some rows to improve capacity. Austrian, too, is leaving some seats in place.

LATAM...

https://s29755.pcdn.co/news/more-airlines-gut-passenger-interiors-for-cargo

WISTA invites seafarers to connect virtually for free

The Women’s International Shipping and Trade Association (WISTA) announced Monday that seafarers in some countries can get free membership in national chapters.

Membership in WISTA Norway, United Kingdom, Singapore, Brazil or Argentina gives seafarers from or working in those countries access to the largest network of female managers in the shipping industry as well as online programming.

WISTA Norway is credited with the idea of offering free memberships.

“While most of the world is on lockdown,...

https://s29755.pcdn.co/news/wista-invites-seafarers-to-connect-virtually-for-free

Stevedoring services join forces in Charleston

Competitors officially became collaborators Monday as the Charleston Stevedoring Co. (CSC) launched to optimize terminal, vessel and gate operations at the South Carolina port. 

CSC is a joint venture of Marine Terminals Corp.–East (Ports America), Ceres Marine Terminals and SSA Atlantic to provide container terminal and stevedoring services at the Port of Charleston.

“The new entity will provide significant benefits to the Port of Charleston, including improved container terminal services...

https://s29755.pcdn.co/news/stevedoring-services-join-forces-in-charleston

+ More