OOCL ‘supercharged’ record final-quarter earnings tempered by falling volumes

Huge increases in freight rates last year are likely to lead to container carriers reporting record fourth-quarter earnings, despite carrying fewer volumes than in Q4 20.
This morning, Cosco-owned OOCL released its fourth-quarter operational update that reported volumes across its four main trades declined by 16.9% to 1.85m teu, compared with Q4 20’s 2.23m.
The financial performance, however, was markedly different, with total revenues more than doubling, from $2.4bn in the fourth …

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Against the odds: US banana importer joins trucker’s FMC action against Hapag-Lloyd

In response to this week’s Loadstar story on South Korean antitrust regulators fining 23 container lines for price-fixing on the intra-Asia trades between 2003 and 2018, one source sent a WhatsApp message to our editorial team that said simply: “And so it begins…”
This is one of the several transport executives who have been engaged over the last few months as expert witnesses by law firms that are beginning to prepare …

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Felixstowe sets new record for ULCV box exchange – up to 130 moved per hour

The extraordinary lengths operators are having to go to clear congested container ports was highlighted this week when Felixstowe revealed it had broken its record for the largest exchange of containers on a single vessel.
A total of 23,773 teu, almost the entire nominal capacity of the ultra-large container vessel (ULCV) MSC Diletta, was exchanged over one week.
MSC Diletta first appeared on The Loadstar’s radar early this week when a local Mission to …

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Letter from Bangladesh: congested Chittagong and a new airline

A desperate Chittagong Port Authority (CPA) last week urged shippers to remove boxes from the badly congested port.
It wrote to shippers requesting they move containers quickly, as both the less-than-container load (LCL) and full-container-load (FCL) sheds are full.
Yesterday, some 43,679 teu was lying at the port yards, up from 42,324 teu on Saturday
At least three letters were issued on Thursday asking for quicker deliveries, while another was sent noting the …

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2021: a year of Covid variants and milking the freight rate cash cow

Starting the year in lockdown and ending the year in lockdown, it all seems like a scene from the Bill Murray classic film Groundhog Day, but in between we did manage some valuable face-to-face networking. So here’s hoping we can finally kick this nasty virus into touch in 2022!
Meanwhile, 2021 proved to be a very challenging year for shippers, but an exceptionally profitable one for ocean carriers and containership owners.
Soaring …

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Supply chain radar: 2022 – the year of direct government intervention

Goodbye 2021, we’re done. But watch out, here comes 2022!
How lucky
I recently argued that we are in a supply chain stalemate, as ports around the world remain congested due to excessive numbers of out-of-position empty containers not being loaded for repatriation by the world’s shipping lines, among other factors.
But how can this be addressed?
Before mowing on, a cocky round of self-applause as shipping trouble was my last column of 2020, …

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Port of LA threatens penalties for empty boxes left at clogged-up terminals

To nobody’s surprise, the spectre of late dwell charges on containers at the prime US port complex receded yet another week yesterday, as the port authorities of Los Angeles and Long Beach deferred a decision until 27 December.
However, the port of LA raised the spectre of charges for empty boxes clogging up terminals.
Executive director Gene Seroka said last week 60% of empty containers stayed nine days or longer at LA …

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How to sue a carrier for delays, blanked sailings and D&D overcharges

If you are facing unprecedented delays in shipping and route cancellations that are compounded by the inability to get your containers out of the port, with huge charges for demurrage and detention adding insult to injury, you are not alone.
I have seen numerous articles talking about these issues, but none advising on practical steps to take. Here is that long overdue article.
Let’s take these issues one by one:
If delays …

The post How to sue a carrier for delays, blanked sailings and...


Good news, bad news ‘and even worse news’ from congested Euro ports

The knock-on effects of the blockage of the Suez Canal is likely to impact North Europe supply chains until June.
Container hub ports that used the week-long lull from ship arrival delays to prepare their landside facilities for the box onslaught are now “full to the brim”, according to a carrier source.
Container lines have discharged Asian imports wherever they can to turn ships around in North Europe as quickly as possible …

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