FreightWaves Ocean Archives - Page 25 of 60

US containerized imports keep record pace in June, start strong in July

20 July 2022

photo showing container shipping imports

Recession fears abound, yet America’s ports keep racking up historically high numbers. Last month was the country’s best June ever for containerized imports. This month looks like it will be the best or second-best July.

According to The McCown Report, imports to the top 10 U.S. ports rose 5.9% year on year (y/y) to 2.16 million twenty-foot equivalent units, exceeding the 3% y/y gain in May and 5.1% gain in April.

Volumes continued to shift eastward. Imports to the top East/Gulf Coast ports rose...

https://www.freightwaves.com/news/us-containerized-imports-keep-record-pace-in-june-start-strong-in-july

US exports of crude oil and diesel are climbing even higher

19 July 2022

A photo of a tanker off Texas. US exports of crude, diesel and gasoline are rising

At-the-pump prices for gasoline and diesel may be down from all-time peaks but they remain exceptionally high. Meanwhile, as domestic energy resources flow to the highest bidder, more U.S.-produced crude is being loaded on tankers bound for Europe, and more U.S.-refined diesel aboard ships headed to Latin America.

“Rising [diesel] exports shipments have drained domestic supply,” reported Argus on Monday.

Citing ship-movement data from Vortexa, Argus said that diesel exports averaged 1.45...

https://www.freightwaves.com/news/us-exports-of-crude-oil-and-diesel-are-climbing-even-higher

Container shipping rates still falling: What will be the new normal?

15 July 2022

photo of container ship; rates are normalizing but still very high

Which of these two is happier? Someone who wins $3 million in the lottery then blows $2 million in Vegas, or someone who wins $1 million in the lottery and puts it in the bank?

Containerized cargo shippers face the reverse emotional scenario. Who’s more content? A shipper who’s used to paying $1,500 per forty-foot equivalent unit and suddenly sees rates quintuple to $7,500? Or one who paid $1,500 per FEU for years, suddenly got slammed with crippling rates of $20,000 per FEU including premium...

https://www.freightwaves.com/news/container-shipping-rates-still-falling-what-will-be-the-new-normal

Los Angeles port boss: Fix rail service or risk ‘nationwide logjam’

14 July 2022

photo showing imports to the port of Los Angeles

The Port of Los Angeles, the largest container gateway in America, reported another month for the record books in June. It also highlighted a major risk to the country’s supply chain if rail service is not improved.

The shortfall of rail service to handle import cargo — which is causing more containers to pile up at terminals for longer — is front and center, affirmed Gene Seroka, the port’s executive director.

“All eyes are focused on improving the rail product. Full stop. The bottom line is...

https://www.freightwaves.com/news/los-angeles-port-boss-fix-import-rail-service-or-risk-nationwide-logjam

In topsy-turvy commodity trades, small ships outperform big ships

13 July 2022

photo of large crude tanker; large ships are earning less than small ships

You pay more to get more. Renting a four-bedroom townhouse is far more expensive than renting a studio apartment. The nightly rate for a penthouse suite is much higher than for a standard room.

So, in ocean shipping, you might expect booking a load of coal on a mammoth dry cargo vessel would cost a lot more than on a bulker carrying less than a third the volume. Or that a spot voyage deal for a supertanker carrying over twice the volume of crude oil, or a product tanker carrying over twice the...

https://www.freightwaves.com/news/in-topsy-turvy-commodity-trades-small-ships-outperform-big-ships

Long Beach container backlog crosses red line as delays mount

12 July 2022

photo of containers at the port of Long Beach

The number of container ships waiting off Los Angeles and Long Beach is well off its highs, but the pileup of import containers waiting on Southern California terminal yards is rapidly reapproaching its peak.

Long Beach just crossed a red line. The number of import containers sitting on Long Beach terminals for nine days or more is now higher than it was on Oct. 28, 2021, the date the port first began counting these boxes as part of a plan to reduce them.

Gains from ‘key’ fee plan largely gone

Back...

https://www.freightwaves.com/news/long-beach-container-backlog-crosses-red-line-as-delays-mount

There’s still over $40B in cargo on container ships waiting offshore

8 July 2022

photo of a container ship waiting offshore

Anchorages continue to fill with waiting container ships off East and Gulf Coast ports, where vessel queues have now far outgrown those off the West Coast. Along all three coasts combined, the number of waiting container vessels remains exceptionally high.

There were 125 container ships waiting off North American ports on Friday morning, according to an analysis of ship-tracking data from MarineTraffic and queue numbers from Southern California.

That’s down from almost 150 at the beginning of...

https://www.freightwaves.com/news/theres-still-over-40b-in-cargo-on-container-ships-waiting-offshore

Win streak continues: Container lines just posted more record results

7 July 2022

Photo of a Cosco-operated container ship off US

Container shipping stocks are down double digits since March, yet ocean carriers are still posting record or near-record results. Several Asian liner companies have just released preliminary revenues and profits for Q2 2022 as well as monthly operating data through June.

Despite pessimistic sentiment on stocks, the numbers are still huge.

Cosco

China’s Cosco, the world’s fourth-largest liner group, said Wednesday that it expects net profit for the first half of 2022 of 64.7 billion yuan ($9.7...

https://www.freightwaves.com/news/win-streak-continues-container-lines-just-posted-more-record-results

California ports piling up again: Too many containers sitting too long

30 June 2022

photo of containers piled up in Los Angeles/Long Beach port complex

At the height of last year’s “will Christmas be canceled?” supply chain freak-out, the ports of Los Angeles and Long Beach — with the Biden administration’s backing — proposed a highly controversial fee on import containers that sat too long in terminal yards.

The mere threat of this fee, announced on Oct. 25 for implementation Nov. 15, seemed to initially chase more boxes out the gates, as designed. Every week since then, like clockwork, the ports have cited progress and announced that the fee...

https://www.freightwaves.com/news/california-ports-piling-up-again-with-long-dwelling-import-containers

Container ships still renting for $160,000 a day despite import fears

29 June 2022

pic of hundred dollar bills; container ship charter rates are still historically high

When demand to transport cargo weakens, short-term rental rates decline for the ships that carry that cargo. When freight demand rises, lease rates rise. You can see this now in spot rates for supertankers moving crude oil from the Middle East and large bulkers moving iron ore to China (weak demand, low rates) and for product carriers moving diesel, gasoline and jet fuel (high demand, high spot rates).

You can’t see it in container shipping, though. At least, not yet.

The container freight market...

https://www.freightwaves.com/news/container-ships-still-renting-for-160000-a-day-despite-import-fears

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