Long-term contracted ocean freight rates rocketed by a further 16.3% over the course of November, consolidating recent gains to leave container shipping costs up 121.2% year-on-year. The latest developments, revealed in the Xeneta Shipping Index (XSI®) Public Indices, stand as the second largest monthly rates rise on record, following a 28.1% jump in July this year, with all major shipping corridors experiencing significant growth. Leading carriers are, as a result, reaping breath-taking...
Xeneta on modal shift in freight transport – and “astronomical” long-term container freight rate hike in November, up 121.2% y-o-y
“Astronomical” monthly hike pushes long-term ocean freight rates up 121% year-on-year
Long-term contracted ocean freight rates rocketed by a further 16.3% over the course of November, consolidating recent gains to leave...
The latest twist in ocean shipping’s COVID saga: The new global threat from the omicron variant is being layered on top of existing fallout from delta-variant outbreaks in Europe and Asia.
Assuming omicron is not a false alarm, it’s more bad news for crude and product tanker rates, another positive for container shipping rates (with some downside risk also in the mix) and relatively neutral for dry bulk shipping, at least for now.
No matter what the shipping segment, omicron further obscures the...
https://www.freightwaves.com/news/omicron-threatens-tankers-but-could-extend-container-shipping-boom
By one measure, the number of container ships stuck waiting offshore of Los Angeles and Long Beach has plummeted. The logjam hit a peak of 86 container ships offshore on Nov. 16, according to data from the Marine Exchange of Southern California. A week later, it was a mere 61, the lowest since early October.
Problem solved?
Far from it. The waiting container ships are still out there — more of them than ever. It’s just that more are over the horizon, where you can’t see them, thanks to the...
https://www.freightwaves.com/news/california-pileup-still-piling-up-but-out-of-sight-over-horizon
The U.S. Navy is opening facilities in Port Hueneme, which is located less than 100 miles north of the Port of Los Angeles. The opening is in direct support of…
Just as the cost of gasoline has risen at the local pump, so too has the cost of marine fuel at the ports. The world’s container ships, tankers and dry bulk carriers are spending more to cross the oceans than they have since 2013.
According to Ship & Bunker, the price of 0.5% sulfur fuel known as VLSFO (very low sulfur fuel oil) at the world’s top 20 ports averaged $619.50 per ton on Friday, up 47% from the beginning of this year. The top-20 VLSFO average hit a recent high of $639 per ton on...
https://www.freightwaves.com/news/ship-fuel-price-highest-since-2013-scrubber-spread-widens
By Mike Wackett (The Loadstar) – CMA CGM has shot to the top of the Q3 carrier earnings league table, posting a net profit of $5.6bn for the period. And it said…
https://gcaptain.com/cma-cgm-sails-to-top-of-carrier-earnings-list-in-q3/
Danish container shipping giant Maersk and global eCommerce furniture company Zinus have signed a Memorandum of Understanding (MoU) for logistic services in 2022. The post Maersk secures logistics…
https://www.offshore-energy.biz/maersk-secures-logistics-deal-with-global-furniture-company/
PARIS, Nov 19 (Reuters) – Shipping group CMA CGM on Friday reported a surge in third-quarter earnings and said it expected an even stronger performance for the end of the year as…
https://gcaptain.com/shipping-line-cma-cgm-posts-5-6-billion-quarterly-profit/
The March 2021 grounding of the 20,150 TEU containership Ever Given and the consequent blockage of the Suez Canal had far-reaching implications for the shipping industry. The post Lessons learned…
https://www.offshore-energy.biz/lessons-learned-from-the-ever-given-incident/