Operator: “Your next question is from David Cohen.”
Cohen: “Yes, what is the current plan to destroy stockholder value as you did with Imperial Petroleum?”
StealthGas CEO Harry Vafias: “Next question please.”
Cohen: “What is the plan? …” (Operator hangs up on Cohen.)
That was an exchange during the latest quarterly call of StealthGas (NASDAQ: GASS), whose spinoff Imperial Petroleum (NASDAQ: IMPP) is one of numerous Greek-owned shipping companies that have raised millions via dilutive share...
Consolidated Chassis Management (CCM) announced Tuesday it has been acquired by funds managed by global investment firm Oaktree Capital Management.
The chassis pool manager was previously owned by a group of 10 container shipping companies — the Ocean Carrier Equipment Management Association (OCEMA).
Financial terms of the transaction were not provided.
The deal is expected to provide CCM with a bigger capital base as it acts as the sole manager and chassis provider to the South Atlantic...
https://www.freightwaves.com/news/chassis-pool-manager-ccm-acquired-by-oaktree
In October 2021, Willie Adams, president of the International Longshore and Warehouse Union (ILWU), sat across the table from President Joe Biden at the White House. The two met again at the White House last month, celebrating the new six-year labor contract for America’s West Coast ports.
“I’ve known Willie for a long time,” said Biden after the latest meeting. “I was kidding him: I said I want to know who his haberdasher is. He looks awfully good, doesn’t he? I like that cut.”
Just a few weeks...
https://www.freightwaves.com/news/how-a-fight-over-2-jobs-bankrupted-union-of-40000-dockworkers
America has committed a massive sum — $43.7 billion and rising — toward military equipment for Ukraine. Simultaneously, the U.S. and NATO have ramped up their joint exercise, Operation Atlantic Resolve, in the wake of Russia’s invasion of Ukraine.
For heavy military equipment that’s being transported across the Atlantic, ocean shipping plays a central role, led by one company in particular: U.S.-flag operator American Roll-On Roll-Off Carrier (ARC).
According to Chris Heibel, ARC’s head of...
https://www.freightwaves.com/news/how-us-military-equipment-for-ukraine-is-shipped-across-atlantic
Container flow in August slumped in Houston, while global demand for crude oil continued to fuel exports through Corpus Christi, Texas. The Port of New Orleans reported steel and rubber as its top breakbulk commodities during August.
Port Houston sees declines in container volumes, steel shipments, general imports
Port Houston handled 307,624 twenty-foot equivalent units in August, a year-over-year (y/y) decrease of 20%.
Overall container volumes and freight flows at Port Houston declined in...
https://www.freightwaves.com/news/port-houston-sees-falling-container-traffic-in-august
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With all the attention on U.S. consumers and inventory levels, Europe’s importance to shipping lines...
https://www.freightwaves.com/news/container-shipping-has-a-europe-problem-and-its-getting-worse
Barge rates for moving grain on the Mississippi continue to climb with no signs of significant increases in water levels.
At 8.2 feet below base level, the Mississippi at Memphis, Tennessee, on Wednesday was starting to approach some of the worst levels of late October 2022, which was considered a crisis.
The grain transport cost indicator published each Thursday by the U.S. Department of Agriculture climbed to 529 for the data published that day. The indicator is a percentage of a base-year-100...
Industry-standard in the container business
Slavia Kristina Jumelet is a Product Owner for Operational Efficiency Standards at the Digital Container Shipping Association (DCSA), a neutral, non-profit group founded by major ocean carriers to digitise and standardise container shipping. DCSA member carriers include MSC, Maersk, CMA CGM, Hapag-Lloyd, ONE, Evergreen, Yang Ming, HMM and ZIM.
Slavia Kristina has an extensive background in shipping, even though she started studying mathematics. She...
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It’s not looking good for container shipping lines. Peak season is running out of whatever limited...
