Asia Pacific

Accelerated Global Solutions buys share of Malaysian logistics firm KGW

Freight forwarder Accelerated Global Solutions, which was acquired in November by startup parcel delivery service SpeedX, said Monday it has taken a 15% stake in Malaysia-based KGW Logistics. The transaction is part of owner Chris Zheng’s ambitious plan to develop within 18 months a $1 billion company capable of managing customers’ entire logistics process from origin to destination. 

The KGW investment expands Accelerated Global Solutions’ footprint in Asia and bolsters its trans-Pacific ocean...

https://www.freightwaves.com/news/accelerated-global-solutions-buys-share-of-malaysian-logistics-firm-kgw

Amid uncertain trade outlook, higher Asia-US container rates the only sure bet

Shippers continue to fuel upward movement in trans-Pacific container rates as 2025 approaches, and there are likely more increases on the way.

While frontloading by importers looking to beat tariffs threatened by President-elect Donald Trump on China goods helped U.S. gateways to record volumes in November, prices aren’t expected to decline all that much amid a host of looming factors in the coming weeks. 

Rates for containers moving from Asia to U.S. West Coast ports increased 8% to $4,825 per...

https://www.freightwaves.com/news/amid-uncertain-trade-outlook-higher-asia-us-container-rates-the-only-sure-bet

Suez Canal revenue down 60%, but Red Sea outlook may be changing

Suez Canal revenue has plunged 60% this year, a loss of $7 billion for Egypt, amid attacks on shipping in the Red Sea and ongoing regional tensions.

President Abdel Fattah al-Sisi in a statement blamed rising geopolitical challenges for the decline but offered no other details, according to published reports.

Egypt collects tolls on vessels that transit the canal, a key route for maritime commerce. 

Since late 2023, Houthi fighters based in Yemen have disrupted global trade by attacking merchant...

https://www.freightwaves.com/news/suez-canal-revenue-down-60-but-red-sea-outlook-may-be-changing

Hapag-Lloyd US port strike surcharges to go into effect same day as Trump inauguration

Ocean container carrier Hapag-Lloyd announced two surcharges ahead of a potential strike by unionized longshore workers at U.S. East and Gulf Coast ports in January.

The Work Disruption Surcharge (WDS) and Work Interruption Destination Surcharge (WID) are effective Jan. 20, 2025, in the event of a strike, the German company said in an announcement on its website. 

“This surcharge covers additional costs from labor disruptions, strikes, slowdowns, unrest, congestion, and other unforeseen events...

https://www.freightwaves.com/news/hapag-lloyd-us-port-strike-surcharges-to-go-into-effect-same-day-as-trump-inauguration

Yang Ming plans to order new container ships

Yang Ming Marine Transport Corp. became the latest ocean carrier to join the newbuilding club when it announced plans to order a dozen or more new container ships. 

The Taiwan-based carrier in a release said its board on Dec. 20 approved a new fleet optimization plan, including the addition of up to 13 container vessels ranging from 8,000 twenty foot equivalent units (TEUs) to 15,000 TEUs.

The orders, which the carrier said will optimize its service network and enhance fleet competitiveness,...

https://www.freightwaves.com/news/yang-ming-plans-to-order-new-container-ships

Asia-US container rates climb in latest Freightos index

Ocean container rates on trans-Pacific Asia-U.S. services continued their December rise, ahead of a possible longshore strike and tariffs concerns in the new year.

The Freightos Baltic Index for the week ending Dec. 17 showed Asia-U.S. West Coast rates increased 10% to $4,301 per forty-foot equivalent unit. Asia-U.S. East Coast prices gained 13% to $5,814 per FEU.

“The pull-forward for the strike is likely exhausted by now as the pre-Jan. 15 arrival window has closed,” wrote Judah Levine, head of...

https://www.freightwaves.com/news/asia-us-container-rates-climb-in-latest-freightos-index

November container flows a torrent at Port of LA

In a year full of container volume records, the hits just keep on coming for the Port of Los Angeles.

The busiest U.S. container hub saw total volume of 884,315 twenty-foot equivalent units in November — usually a lull period following the peak shipping season — an increase of 16% from November 2023. It was also 15% above the port’s five-year running average for the month of November.

Year to date, the port has processed 9,375,735 TEUs, ahead 19% from the previous year and 5% above the five-year...

https://www.freightwaves.com/news/november-container-flows-a-torrent-at-port-of-la

Freightos sees trans-Pacific container rates ease

Freight rates for trans-Pacific ocean container transport from Asia to the United States fell for the week ending Dec. 6, as time ran out for importers to frontload shipments ahead of potential labor issues at U.S. ports in January.

Asia-U.S. West Coast prices fell 20% to $3,910 per forty-foot equivalent unit, according to the Freightos Baltic Index, and Asia-U.S. East Coast prices fell 16% to $5,145 per FEU.

The weaker trans-Pacific rates contrasted with Asia-North Europe prices, which increased...

https://www.freightwaves.com/news/freightos-sees-trans-pacific-container-rates-ease

Tariff threats roil North American container marketplace

Trade and tariff concerns are roiling an already volatile market and pushing up prices for shipping containers in North America, a new report says.

The region saw a 20% spike in average container prices over the past 90 days to lead a global surge on market volatility, U.S. election uncertainty and tariff fears, growing Mexico-U.S. trade, and logistical disruptions in Canada, according to the December forecast from box marketplace Container xChange.

Higher container prices — and freight rates —...

https://www.freightwaves.com/news/tariff-threats-roil-north-american-container-marketplace

Container rates buoyed by tariff, strike threats 

The dual threats of tariff hikes and port strikes continue to buttress ocean freight rates through what is historically a post-peak trough.

Asia to U.S. West Coast rates fell 4% to $4,905 per forty-foot equivalent unit while Asia-U.S. East Coast prices climbed 13% to $6,095 per FEU for the week that ended on Friday, according to the Freightos Baltic Dry Index.

Some frontloading ahead of a possible strike by the International Longshoremen’s Association after an extension of the coastwise master...

https://www.freightwaves.com/news/container-rates-buoyed-by-tariff-strike-threats

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