Featured News

Taewoong builds tank container business

South Korean freight forwarder Taewoong Logistics is eyeing a share of the tank container market amid growing shipments in this segment.

In April 2020, Taewoong opened a tank container manufacturing plant in Yangsan. The company was listed on the Korea Exchange’s secondary board KOSDAQ in December 2019 and the proceeds are being used for business expansion, including the provision and shipping of tank containers.

Taewoong said it is planning to transport more liquid cargoes based on its expertise...

https://container-news.com/taewoong-builds-tank-container-business/

VGM losses are approximately US$6bn, but who’s counting?

Cargo losses as a result of improper weight declarations for cargo carried in containers were meant to have been solved with the introduction of the Verified Gross Mass (VGM) regulation in 2016. But cargo accidents since the introduction of the rule show that it can be ineffective.

The loss of more than a hundred containers from CMA CGM George Washington two years ago is evidence that there is some way to go before the regulation is completely effective, while the major loss of 342 containers...

https://container-news.com/vgm-losses-are-approximately-us6bn-but-whos-counting/

Wan Hai, Sealand and Interasia re-launch CTV service

Taiwanese intra-Asia carrier Wan Hai Lines will launch a China-Thailand-Vietnam service with Maersk Sealand and Interasia Lines.

The CTV service, to begin on 15 May, is part of Wan Hai’s strategy to consolidate its market share in the competitive intra-Asia segment.

Wan Hai said, “At present, the impact of the Covid-19 pandemic on cargo volumes on the China-Southeast Asia route, has been relatively mild, so we are moving in early to secure our position.”

Wan Hai, Sealand and Interasia, a Japanese...

https://container-news.com/wan-hai-sealand-and-interasia-re-launch-ctv-service/

Costamare prepares for “deferred built-in demand”

Greek container ship operator Costamare is anticipating a “deferred built-in demand” in the economy following the end of the lockdown in the US and Europe by increasing the number of vessels in its fleet.

In preparation for this upturn the company had taken on a number of newly acquired vessels and refinanced loans. In its first quarter statement the company said it had taken on US$165 million in new loans to finance the acquisition of new vessels and the refinancing of existing loans.

Costamare...

https://container-news.com/costamare-prepares-for-deferred-built-in-demand/

Covid-19 hits COSCO Ship Holdings & CIMC earnings

Domestic volumes were hit the hardest and weak demand was also a factor as COSCO Ship Holdings and China International Marine Containers both posted lower earnings for the first quarter of 2020, as the Covid-19 pandemic impacted on shipping demand during the period.

COSCO Ship Holdings, the COSCO group’s container shipping unit, announced that net profit for the first quarter of 2020 fell 57% to CNY292m (US$41 million), as container volumes fell 4% to 5.61 million TEU.

Chinese domestic routes saw...

https://container-news.com/covid-19-hits-cosco-ship-holdings-cimc-earnings/

Oakland forecasts permanent changes in container transportation processes

The Port of Oakland has cautioned that the coronavirus pandemic could permanently alter container transportation practices, as shipping lines may consolidate more cargo on bigger ships while reducing the frequency of voyages.

Supply chains could also be altered, the port added. For example, the online purchasing explosion prompted by the shelter-in-place orders has hastened distribution centre reconfiguration and consolidation. Distribution hubs could be relocated to more central locations to...

https://container-news.com/oakland-forecasts-permanent-changes-in-container-transportation-processes/

SCA seeks to head-off ships diverting via Cape of Good Hope

In an effort to keep container vessels transiting its waterway the Suez Canal Authority has cut its vessel transit rates, by up to 75% for some ships.

A number of vessel owners have taken advantage of the low cost of bunker fuel, the price of which has fallen following the collapse of crude oil prices earlier this year. By sending ships around the African Cape owners can save Suez Canal charges and use vessel capacity which would otherwise be idle.

Simon Heaney senior manager, container research...

https://container-news.com/sca-seeks-to-head-off-ships-diverting-via-cape-of-good-hope/

Busan Port considers volume-linked terminal rentals

Busan Port Authority (BPA), aware of the challenges facing liner operators, could offer volume-linked rental rates to terminal operators from 2022, ahead of the opening of the opening of Phases 2-5 and 2-4 of Busan New Port (BNP).

Currently, a fixed rent is paid based on the area of ​​the wharf, regardless of the amount of loading and unloading.

The volume-linked rental system could reduce the terminal operators’ financial burdens and discourage them from engaging in a price war by cutting fees.

Th...

https://container-news.com/busan-port-considers-volume-linked-terminal-rentals/

Economic spring a mirage in the Covid desert

Reports of the apparent gradual lifting of restrictions in Spain and Italy and some evidence of a reduction in the number of hospital deaths in the UK have given rise to speculation about how the global economy might get moving again.

Notwithstanding the fears of a “second wave” of infections seeing the recovery slide into relapse, there is a sense that these projections are less a Covid Spring and more a false dawn.

Shipbroker Braemar points to the reawakening of industry in the Chinese economic...

https://container-news.com/economic-spring-a-mirage-in-the-covid-desert/

China-Europe rail freight bucks Covid-19 trend

China State Railway Group Company (China Rail) said that container rail freight to Europe grew in the first quarter of 2020 as Chinese manufacturers resumed operations after the Covid-19 outbreak.

Demand for medical protection equipment, much of which is manufactured in China, resulted in higher container volumes being railed to Europe.

According to China Rail 1,941 container rail trips were made from January to March, transporting 174,000TEU. Compared to 1,688 trips, 147,458TEU, in Q1 2019....

https://container-news.com/china-europe-rail-freight-bucks-covid-19-trend/

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