Industry Opinions

Container ship fleet sees fastest growth in 15 years

Since the beginning of the year, the capacity of the container ship fleet has increased by 1.6 million TEUs.

“Compared to one year ago, the capacity has risen 11% to 29.5 million TEUs, the fastest fleet growth in 15 years,” mentioned Niels Rasmussen, Chief Shipping Analyst at BIMCO.

During the first half of 2024, the delivery of new ships reached a new high. A total of 264 ships with a combined capacity of 1.6 million TEUs have been delivered from shipyards, two-thirds more than during the first...

https://container-news.com/container-ship-fleet-sees-fastest-growth-in-15-years/

Ocean rates dip on capacity increase and early peak

The massive IT outage caused by the CrowdStrike update led to thousands of delayed or cancelled flights worldwide over the weekend as airport and airline systems went black.

Though many – but not all – carriers were able to restore operations relatively quickly, delays are expected for impacted shipments as the backlog is cleared. Though some container ports and carriers also had outages, the impact on ocean freight was minimal. Houthis in Yemen continued their attacks on vessels in the region...

https://container-news.com/ocean-rates-dip-on-capacity-increase-and-early-peak/

AI roadmap takes trucking from chaos to control in 2024

You’re a logistics manager. Fuel costs are skyrocketing, drivers are hard to find, and regulations keep changing. How do you keep your fleet efficient and profitable?

The American Transportation Research Institute reported a 6.6% increase in truck operating costs for 2023. This rise coincides with a significant financial burden: deadhead mileage reached an average of 16.3% for non-tank operations. Additionally, five in every 100 drivers quit. These combined pressures, coupled with low freight...

https://container-news.com/ai-roadmap-takes-trucking-from-chaos-to-control-in-2024/

Survey: More Than 15 Years Needed for Transportation Sector to be Fully Powered by Sustainable Fuel Sources

Almost half the respondents who took part in a survey spearheaded by Reed Smith revealed that they expect it to take more than 15 years for the sector to be powered by 100% sustainable fuel sources.

These insights were gathered from nearly 50 of Reed Smith’s clients in the transportation sector, including global companies in aviation, shipping, logistics, manufacturing, utilities, and environmental services.

The International Maritime Organization’s (IMO’s) ambitious target of reaching net-zero...

https://container-news.com/survey-more-than-15-years-needed-for-transportation-sector-to-be-fully-powered-by-sustainable-fuel-sources/

Reputation matters: It’s time to digitalise ocean freight

Global economics and conflict continue to push trade, cargo demand, capacity and pricing in unexpected directions, creating headaches for the ocean cargo ecosystem. Carrier teams are looking to work faster, understand change better and deliver stand-out service with competition for custom being so high.

This all asks questions of ocean carriers’ ability to understand and respond effectively to change. Its vital carriers have the tools to forecast and strategize better, quickly match supply and...

https://container-news.com/reputation-matters-its-time-to-digitalise-ocean-freight/

BIMCO: Dry bulk newbuild contracting fell, despite strong market

“During the first half of 2024, newbuild contracting in the dry bulk sector fell 34.2% y/y despite favourable market conditions. A 6.5% y/y increase in prices could be deterring contracting, yet in the second-hand market, where prices rose 15.2% y/y, the number of sales still increased 11.7% y/y. Other factors, such as limited shipyard availability and uncertainty on fuels and demand outlook could be contributing to this hesitation,” says Filipe Gouveia, Shipping Analyst at BIMCO.

Shipyards are...

https://container-news.com/bimco-dry-bulk-newbuild-contracting-fell-despite-strong-market/

Dual Fuel Fleet Additions Continue to Rise

Increase of c.72% year-on-year comparing 2018 vs 2023

Owners are shifting to dual fuel systems in order to achieve net-zero emissions and comply with current environmental standards in the maritime sector and utilising the Fleet Database feature of the VesselsValue platform, we examine the annual deliveries of Dual Fuel vessels since 2018, broken down by into the following sectors: Bulkers, Tankers, and Containers.

Screenshot of VesselsValue Fleet Database showing search criteria for dual fuel

Usin...

https://container-news.com/dual-fuel-fleet-additions-continue-to-rise/

Spiralling ocean container shipping market set to peak

The dramatic spike in the ocean freight container shipping market is reaching its peak as importers push back against spiralling spot rates.

Data released by Xeneta shows average spot rates from the Far East to the US East Coast increased by 3.7% on 15 July to stand at US$10,045 per FEU (40ft equivalent shipping container). On the US West Coast, spot rates increased by 2.0% to stand at US$8,045 per FEU.

While this means spot rates are up almost 150% on these trades since the end of April, the...

https://container-news.com/spiralling-ocean-container-shipping-market-set-to-peak/

Record-breaking demand for ocean container shipping adds to perfect storm in market

Global demand for ocean freight container shipping hit an all-time record in May amid soaring spot rates and severe port congestion.

The 15.94 million TEUs transported by ocean in May beats the previous record of 15.72 million TEUs set in May 2021, according to data released by Xeneta and Container Trades Statistics.

The record levels of demand in May brings year-to-date volumes to just under 74 million TEUs, which is an increase of 7.5% compared to the first five months of 2023.

“More...

https://container-news.com/record-breaking-demand-for-ocean-container-shipping-adds-to-perfect-storm-in-market/

Freightos Weekly Update: Rates keep climbing on early month increases

Ocean rates out of Asia climbed significantly last week, with the latest daily prices already at US$8,200/FEU to North America West Coast, US$9,300/FEU to the East Coast, US$8,600/FEU to North Europe and US$7,900/FEU to the Mediterranean.

Peak season demand coinciding with Red Sea-driven capacity constraints and congestion has now pushed Asia – North America West Coast spot rates 60% higher than their February peak and prices to North Europe are 80% higher than highs seen in January....

https://container-news.com/freightos-weekly-update-rates-keep-climbing-on-early-month-increases/

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