#Maritime

All-time high: Shares of container company Textainer still rising

The big surprise for shipping stocks has been the outperformance of certain container industry names despite the post-boom plunge in volumes and freight rates. Container-equipment lessor Textainer (NYSE: TGH) is a case in point.

Textainer’s stock just hit its highest price since the company went public in 2007. Its shares are doing even better than they did at the peak of the COVID-era boom.

Box leasing companies are in close contact with their customers — the shipping lines — and during a...

https://www.freightwaves.com/news/all-time-high-shares-of-container-company-textainer-still-rising

Ocean carriers warn FMC against regulating prices

WASHINGTON — Revisions made to a proposed rule aimed at curbing the ability of container ship carriers to refuse to provide vessel space to their customers has delved into the dangerous area of price regulation, according to the carriers.

In a rulemaking proposed last year, the U.S. Federal Maritime Commission attempted to define what is an “unreasonable refusal to deal or negotiate” the vessel space that carriers provide for their customers’ containers.

After both carriers and shippers took issue

https://www.freightwaves.com/news/ocean-carriers-warn-fmc-against-regulating-prices

Shipping line ONE’s profits plunge but still top pre-COVID levels

chart of ONE container rate index

During the peak of the supply chain crisis, accusations flew, alleging that shipping lines were somehow colluding to prop up rates and gouge customers. Recent results posted by ocean carriers undermine those claims. They show the container shipping market behaving the same way commodity shipping markets always have: Rates spike when cargo demand exceeds transport supply, and once the imbalance passes, competition brings rates and utilization back to normal.

Ocean Network Express (ONE), the...

https://www.freightwaves.com/news/shipping-line-ones-profits-plunge-but-still-top-pre-covid-levels

Container shipping giant CMA CGM still earning over billion a quarter

chart of CMA CGM financial KPIs

The bad news for France’s CMA CGM, the world’s third-largest ocean carrier: Profits continue to slide. The good news: The company is still raking in over a billion a quarter, net profits and revenue per container are still well above pre-COVID levels, and it still has a huge cash cushion courtesy of its boomtime windfall.

CEO Rodolphe Saade said Friday that “performance remains robust” despite “difficult market conditions” amid “further normalization” of shipping rates.

Liquidity still high at...

https://www.freightwaves.com/news/container-shipping-giant-cma-cgm-still-earning-over-billion-a-quarter

219 Empowering Women in Transport: the maritime industry and the Role of the EU, part 2

Panel discussion in the European Parliament June, 27th 2023, part 2

Episode 219 is the second part of the panel discussion in Brussels organised by Ms Vera Tax, MEP, to raise awareness amongst the maritime community and policymakers about the importance of women and how to improve working conditions in the sector. 

The participants have generously permitted me to share with you what we discussed. 

You will hear five panellists (besides me) speaking;

  • Ms Line Heimstad, Deputy Head of Agreement,...

https://shippingpodcast.com/219-empowering-women-in-transport-the-maritime-industry-and-the-role-of-the-eu-part-2/

Corporate governance in shipping: Who’s been naughty or nice?

Shipping has long suffered an image problem on Wall Street, fueled by perceptions that some shareholders have been ripped off by self-dealing management.

No analyst has focused on the fair treatment of shipping’s common stockholders more than Michael Webber. He has published an annual corporate governance scorecard for shipping since 2016, until 2019 at Wells Fargo and since then at his own firm, Webber Research & Advisory.

Bulker owner Genco Shipping & Trading (NYSE: GNK) ranks first in this...

https://www.freightwaves.com/news/shipping-corporate-governance-whos-been-naughty-or-nice

Cargo volumes a mixed bag for Gulf Coast ports in June

Container flow in June slipped in Houston, while the global demand for crude oil continued to fuel the flow through Corpus Christi. The Port of New Orleans reported plastic resins, chemicals and coffee as their top containerized cargo during the month.

Steel cargo continues to boost Port Houston volumes

Port Houston handled 315,983 twenty-foot equivalent units in June, a year-over-year (y/y) decrease of 2% compared to last year’s record-breaking monthly total of 323,823 TEUs. 

Roger Guenther,...

https://www.freightwaves.com/news/cargo-volumes-a-mixed-bag-for-gulf-coast-ports-in-june

Zim downsizing its container ship fleet as demand disappoints

Israel-based ocean carrier Zim (NYSE: ZIM) is cutting its exposure to the freight market by offloading multiple leased vessels. News of its divestment strategy was first reported in late June and fresh details are now emerging.

There have been reports this week of seven early charter terminations by Zim as well as two sublets. Two of the early charter terminations were confirmed by the vessels’ owner.

Charters terminated early for Euroseas duo

Euroseas (NASDAQ: ESEA) said that charters of its...

https://www.freightwaves.com/news/zim-downsizing-its-container-shipping-fleet-as-demand-disappoints

Trans-Pacific shipping rates rise as carriers make capacity cuts

Shipping lines finally seem to be making some headway in managing vessel capacity in the Asia-U.S. trades.

Spot rates have been on the rise for three straight weeks, rebounding to levels last seen in early 2023 and late 2022, according to several index providers. U.S. import bookings remain above pre-COVID levels, and multiple analysts are now highlighting positive rate effects from reduced vessel capacity.

Liners managing down trans-Pacific capacity

“Typically, higher demand leads to higher...

https://www.freightwaves.com/news/trans-pacific-shipping-rates-rise-as-carriers-constrain-capacity

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