Maersk posts blockbuster Q2 results — and Q3 looks even better

Maersk

There’s a saying at public companies: “Underpromise and overdeliver.” A.P. Moller-Maersk has apparently taken that credo to heart in 2021.

At the beginning of this year, it introduced initial guidance for 2021 earnings before interest, taxes, depreciation and amortization of $8.5 billion-$10.5 billion.

In May, it raised its EBITDA guidance to $13 billion-$15 billion.

Then on Monday, it hiked it yet again, to $18 billion-$19.5 billion. The midpoint of the new range is double the midpoint of the...

https://www.freightwaves.com/news/maersk-posts-blockbuster-q2-results-and-q3-looks-even-better

FreightWaves Classics: Port of Mobile is a key Gulf Coast port

An aerial view of the Port of Mobile. (Photo: Alabama State Port Authority)

The ports of the United States are our nation’s windows to the rest of the world. Imports and exports flow through them daily, helping maintain the world’s largest economy. 

A key Gulf Coast port is located in Mobile, Alabama. It is one of the top 20 U.S. ports by volume. Located along the Mobile River where it empties into Mobile Bay, the Port of Mobile has  deepwater terminals with direct access to 1,500 miles of inland and intracoastal waterways. These waterways serve the Great Lakes, the...

https://www.freightwaves.com/news/freightwaves-classics-port-of-mobile-is-a-key-gulf-coast-port

COVID threatens Chinese exports as US struggles to restock inventories

COVID

U.S. import demand is stronger than ever as inventory-to-sales ratios remain painfully low. But there’s rising risk to shipping volumes on the supply side of the equation: Most American containerized imports come from China and elsewhere in Asia, where the delta variant is spreading.

There were two big plunges in trans-Pacific volume last year: one supply-side driven, when China locked down in the first quarter; another demand-side driven, when the U.S. locked down in the second quarter.

There...

https://www.freightwaves.com/news/covid-threatens-chinese-exports-as-us-struggles-to-restock-inventories

US company sues ‘collusive’ ocean carriers, alleging price manipulation

A U.S. manufacturer is accusing two of the world’s largest ocean carriers of reneging on its container service contract for imports from Asia so that the carriers can instead charge other shippers exorbitant transportation rates on the spot market.

In a complaint filed on Wednesday with the Federal Maritime Commission, Easton, Pennsylvania-based MCS Industries, a maker of household furnishings, also accuses China’s COSCO Shipping Lines, Switzerland’s MSC Mediterranean Shipping and their...

https://www.freightwaves.com/news/us-company-sues-collusive-ocean-carriers-alleging-price-manipulation

US ports face peak-season ‘gridlock plus’ as anchorages fill

container ships

The fear voiced by Port of Los Angeles Executive Director Gene Seroka earlier this year was that “we will still have vessels at anchor come midsummer,” when terminals pivot to handling the peak season rush starting around Aug. 1.

It is now midsummer. There are still vessels at anchor — a lot of them.

Logistics consultant Jon Monroe warned Thursday, “Now we have a myriad of charter carriers all introducing vessels into a China-Pacific Southwest service at the same time the large carriers are...

https://www.freightwaves.com/news/us-ports-face-peak-season-gridlock-plus-as-anchorages-fill

ONE giant leap — 1,432% profit gain

Huge profit gains in ocean shipping have become commonplace this year. But Ocean Network Express’ year-over-year profit increase — 1,432% — is still attention-grabbing.   

For its fiscal 2021 first quarter, ONE recorded profit of $2.559 billion, a $2.39 billion gain from the $167 million posted in the same period last year. 

ONE’s fiscal year runs from April 1 to March 31.

ONE said in its earnings report Friday that “profit significantly increased” in large part because of the continuing strong...

https://www.freightwaves.com/news/one-giant-leap-1432-profit-gain

FreightWaves Classics: Port of Philadelphia has served region for 300+ years

The Port of Philadelphia. (Photo: PhilaPort)

Like several major U.S. ports on the nation’s East Coast, Philadelphia has been a center of international commerce for over 300 years. 

Today, the Port of Philadelphia (PhilaPort) has a leading position in several areas of trade. These include the importation of “perishable cargoes from South America, high-quality paper products from Scandinavia, and premium meat from Australia and New Zealand.”

Early history

William Penn was the founder of Philadelphia and the Commonwealth of Pennsylvania is...

https://www.freightwaves.com/news/freightwaves-classics-port-of-philadelphia-has-served-region-for-300-years

168 Agneta Dahl, Director, Exercises & Preparedness, NJ Resources, Inc.

Pollution protection from shipping and contingency planning

Meet Agneta Dahl, a Certified Master Exercise Practitioner (MEP) and an expert in incident management and risk assessment who actually get paid to create mayhem. 

Agneta is passionate about the ocean and everything therein. She started her career in medical school, went into research and, like most of the people in the maritime industry, stumbled into this fascinating world. Agneta joined the US Coast Guard and worked with marine...

https://shippingpodcast.com/168-agneta-dahl-director-exercises-preparedness-nj-resources-inc/

Ever Given containers finally being offloaded at Port of Rotterdam

Despite the early-morning hour, 5:15 a.m. Thursday in the Netherlands, the Ever Given “arrived amid great interest,” according to a Port of Rotterdam statement. 

Normally a container ship’s arrival in port does not warrant a press release. But the case of the Ever Given, which will be forever infamous for getting stuck in the Suez Canal, is anything but normal and prompted Port of Rotterdam officials to post a brief statement and two photos of the Ever Given’s arrival Thursday.  

The statement...

https://www.freightwaves.com/news/ever-given-containers-finally-being-offloaded-at-port-of-rotterdam

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