As the number of ships passing through the drought-ridden Panama Canal and the terrorist-hit Red Sea slows, the geopolitical importance of these so-called choke points in world trade comes to the fore once again. The disruption inevitably works its way through to the Asia Pacific. Take the Panama...
SIPG and Evergreen Marine recently signed a memorandum of cooperation on green methanol fuel supply for ships in the port.
The post SIPG, Evergreen Marine sign green methanol supply deal appeared first on Offshore Energy.
https://www.offshore-energy.biz/sipg-evergreen-marine-sign-green-methanol-supply-deal/
Container lines won’t release final results for the second quarter until next month, but early disclosures suggest they have stemmed the bleeding, at least temporarily.
Hawaii-based niche carrier Matson (NYSE: MATX) announced preliminary results late Thursday, projecting Q2 2023 net income of between $76.3 million and $81.5 million. This range is more than double Q1 2023 net income of $34 million.
Matson CEO Matt Cox confirmed that his company’s China service saw higher demand in the second...
https://www.freightwaves.com/news/container-line-earnings-could-surprise-to-upside-in-q2
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The double-digit declines keep piling up for container shipping.
The Port of Long Beach said Friday...
https://www.freightwaves.com/news/shipping-boom-hangover-when-measuring-markets-gets-tricky
New operating results from four Asian shipping lines were released Friday, pointing to steep performance declines in the fourth quarter and ongoing market erosion in the first month of this year.
Orient Overseas Container Line (OOCL), the Hong Kong-listed subsidiary of China’s Cosco Group, disclosed revenue and volume data for Q4 2022. Taiwan’s Evergreen, Yang Ming and Wan Hai released monthly operating stats for January.
OOCL
OOCL reported revenue of $3.18 billion for Q4 2022, down 35% year on...
https://www.freightwaves.com/news/asian-shipping-lines-are-reporting-steep-revenue-declines
Taiwan-based Evergreen Marine in June launched the largest container ship ever built, the aptly named Ever Alot.
The massive ship has a capacity of 24,004 twenty-foot equivalent units, just a little more than its slightly older sibling, the Ever Ace, launched in July 2021 and the former world record holder at 23,992 TEUs.
The Ever Alot is more than 1,300 feet long and 203 feet wide. If you were to stack the Ever Alot vertically, it would be taller than the Empire State Building in New York City.
T...
A Coast Guard investigation has determined that the pilot guiding the Ever Forward out of Maryland’s Craighill Channel in March spent much of the voyage taking personal phone calls rather than focusing on getting the container ship out to sea.
The 1,095-foot-long Evergreen Marine Corp. ship was carrying 4,964 containers when it grounded on March 13 after departing from the Port of Baltimore bound for Norfolk, Virginia. The Ever Forward was not freed until April 17.
A U.S. Coast Guard Sector...
https://www.freightwaves.com/news/cellphone-use-blamed-for-ever-forward-grounding
There’s no shortage of schadenfreude toward shipping lines these days. After making hundreds of billions in profits during the pandemic, there is gleeful talk of their looming comeuppance — of plummeting spot rates and carriers begging for business.
But anyone expecting shipping lines to book losses anytime soon will be disappointed. They’re still pocketing billions of dollars in profits each quarter. Spot rate declines and volume reductions are still being easily offset by higher contract rates.
There’s a new holder of “the world’s largest containership” title and it’s another Evergreen Marine Corporation giant, the 24,000 TEU Ever Alot,
Delivered Wednesday by China’s Hudong-Zhonghua Shipbuilding (Group) Co Ltd, it measures 399.99 meters in length and 61.5 meters in width. It is the first of four new A-Class box ships set to join the Evergreen fleet from the shipyard.
While cynics may be pondering how many tugs and dredges it would take to move the ship should it follow the example of Eve...
https://www.marinelog.com/video/video-hudong-zonghua-delivers-worlds-largest-containership/
The Ever Forward was refloated in Maryland’s Chesapeake Bay on Sunday, 35 days after it ran aground after sailing from the Port of Baltimore.
“Refloating the Ever Forward, which was hard aground outside of the navigation channel along the entire length of the ship’s hull, required extensive coordination of responders and involved the development and implementation of a comprehensive salvage plan, including dredging and push-and-pull tugboat operations,” the U.S. Coast Guard, which coordinated...
https://www.freightwaves.com/news/ever-forward-finally-moves-on