Asia Pacific

Trans-Pacific, East Coast ocean rates strong in late November

Political and labor tensions kept late November container rates to the U.S. strong in what is usually a slow period following the peak shipping season. 

Average Asia-U.S. rates remained level and elevated at more than $5,000 per forty-foot equivalent unit since October, analyst Freightos said in its update for the week ending Nov. 22, with daily rates to the U.S. East Coast climbing past $6,000 since then. 

“This rate strength probably reflects some frontloading ahead of both a possible renewed...

https://www.freightwaves.com/news/trans-pacific-east-coast-ocean-rates-strong-in-late-november

Montreal port terminal has first direct call from China

Supply chain issues brought together a Dutch-operated ship chartered by a U.S. forwarder to make a historic call at a Canadian port.

Montreal Gateway Terminals Partnership, a terminal operator at the Port of Montreal, announced its first vessel call originating directly from China.

The heavy-lift vessel Happy Rover arrived in Montreal Nov. 14 under charter agreement with Houston-based forwarder Fracht FWO Inc., MGTP said in a release. The 453-foot ship had departed Taicang, China, on Sept. 29 and...

https://www.freightwaves.com/news/montreal-port-terminal-has-first-direct-call-from-china

Trump tariffs to slow US trade, says analyst 

President-elect Donald Trump’s proposed tariffs will likely blunt U.S. imports, especially from China, but also exports by American manufacturers, a trade analyst predicts.

“The three key words for U.S. trade in 2025 are ‘uncertainty,’ ‘uncertainty’ and ‘uncertainty,’ and add ‘disruption,’” said Mary E. Lovely, Anthony M. Solomon senior fellow at the Peterson Institute for International Economics. “Trump’s trade policy will cause a lot of headaches for shippers and supply chain professionals.”

Lov...

https://www.freightwaves.com/news/trump-tariffs-to-slow-us-trade-says-analyst

Port of LA whittles dwell time despite record container volumes

Container volumes continued their torrid pace in October, but the Port of Los Angeles posted improved times in getting those boxes out the door to inland destinations.

Container volume totaled 905,025 twenty-foot equivalent units, up 25% from 725,774 TEUs in October 2023. Loaded imports were 462,740 TEUs, up 24% from 372,454 TEUs y/y, while loaded exports of 122,716 TEUs were flat from 121,277 TEUs a year ago.

The port handled 319,570 empty TEUs, an increase of 38% from 232,043 TEUs in October...

https://www.freightwaves.com/news/port-of-la-whittles-dwell-time-despite-record-container-volumes

Zim Q3 powered by spot market, new ships 

Zim Integrated Shipping Services saw record volumes in the third quarter that contributed to revenue of $2.77 billion, up from $1.3 billion a year ago, and net income of $1.3 billion, from a loss of $2.2 billion.

Adjusted pretax earnings came in at $1.53 billion for the quarter ended Sept. 30 from $214 million year over year, and adjusted operating profit totaled $1.24 billion, from $2.3 billion. Adjusted pretax and adjusted operating margins were 55% and 45%, respectively.

Volume grew 12% y/y to...

https://www.freightwaves.com/news/zim-q3-powered-by-spot-market-new-ships

Lone container line undeterred by Red Sea attacks

At least one major container carrier has continued to operate in the Red Sea despite a monthslong campaign of violent attacks on the key global shipping route that has forced other lines to divert around Africa.

French carrier CMA CGM has continued to operate a number of services through the Suez Canal with calls at Jeddah in Saudi Arabia, as well as south to the Gulf of Aden and destinations farther east including China.

Liner companies operating between Asia, the Mediterranean and the east...

https://www.freightwaves.com/news/lone-container-line-undeterred-by-red-sea-attacks

Demand, disruptions supercharge ONE results in Q2

Profits and revenue rocketed for Ocean Network Express (ONE) in the fiscal second quarter on steady consumer demand, geopolitical disruptions and an early eastbound trans-Pacific peak shipping season.

The Singapore-based alliance of liner operators said earnings before interest and taxes in the quarter ended Sept. 30 was $1.9 billion and earnings before interest, taxes, depreciation and amortization was $2.4 billion, up from $31 million and $436 million, respectively, from the second quarter in...

https://www.freightwaves.com/news/demand-disruptions-supercharge-one-results-in-q2

ONE Q2 earnings: First look

Ocean Network Express (ONE) said revenue was $5.9 billion for the fiscal second quarter, up 65% from the same quarter a year ago. Net profit was $2 billion, up from $1.8 billion year on year.

The Singapore-based carrier alliance in an earnings statement said Asia-North America and Asia-Europe trades experienced strong demand in the quarter ended Sept. 30, driven by consistent consumer activity and an early peak season in July and August. Early shipments in the North America trade came amid...

https://www.freightwaves.com/news/one-q2-earnings-first-look

ONE adds Jaxport-East Asia services

Liner operator alliance Ocean Network Express (ONE) announced it will add the Port of Jacksonville to its East Coast 2 (EC2) container service.

The service, beginning February 2025, directly connects Florida’s Jacksonville Port Authority with five ports in Asia with a fleet of vessels each with capacity of 13,500 twenty-foot equivalent units, all operated by ONE, the alliance said in a release.

The service will call the newly modernized SSA Jacksonville Container Terminal at the port’s Blount...

https://www.freightwaves.com/news/one-adds-jaxport-east-asia-services

Report says Russia aided Houthi attacks on Red Sea shipping

Russia aided Houthi rebels in Yemen targeting shipping through the Red Sea, according to a report by the Wall Street Journal.

The data used to target ships with missiles and drones came earlier this year from Iran’s Islamic Revolutionary Guard Corps stationed in Yemen.

The newspaper in the report cited “a person familiar with the matter” and two anonymous European defense officials.

The Iran-backed Houthis began targeting commercial shipping in the Red Sea shortly after the Oct. 7 terror attacks...

https://www.freightwaves.com/news/report-says-russia-aided-houthi-attacks-on-red-sea-shipping

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