ocean container shipping

Panama Canal’s future is dark and stormy, much to shippers’ relief

The end of Panama’s dry season is in sight, and the Panama Canal Authority (ACP) plans to welcome more vessels in the coming weeks.

Over six months since the Panama Canal’s reservoir system suffered from the driest October in at least 73 years, the ACP finally sees a path to normalizing operations. On March 25, the ACP allotted three additional transit slots to Panamax vessels, bringing the total number of reservations to 27 per day.

Water levels at Gatun Lake are currently at the low end of...

https://www.freightwaves.com/news/panama-canals-future-is-dark-and-stormy-much-to-shippers-relief

Demand shocks keeping aging fleet afloat, argue shipowners

Ship recycling has fallen to its lowest level in 20 years, per a recent report by the Baltic and International Maritime Council (BIMCO). 

BIMCO — a trade group representing shipowners — states that capacity has been overtaxed by the Red Sea crisis, which has forced shipping lines to take a longer route around Africa’s Cape of Good Hope. Prior to the emergence of this latest choke point, BIMCO points to the impact of Western sanctions on Russian oil and coal, which similarly stressed tanker and...

https://www.freightwaves.com/news/demand-shocks-keeping-aging-fleet-afloat-argue-shipowners

Red Sea crisis nears boiling point, unable to heat up spot rates

Russian warships entered the Red Sea last Thursday, for what the Russian Pacific Fleet’s press service has stated was the performance of “assigned tasks within the framework of the long-range sea campaign.” This intentional vagueness has invited no small amount of speculation as to the ships’ true objectives.

Theories range from retaliatory pressure on Israel, which decided in late February to co-sponsor a United Nations resolution condemning Russia’s invasion of Ukraine, to supporting...

https://www.freightwaves.com/news/red-sea-crisis-nears-boiling-point-unable-to-heat-up-spot-rates

Borderlands Mexico: Container shipments from China to Mexico skyrocketed in January

Borderlands is a weekly rundown of developments in the world of United States-Mexico cross-border trucking and trade. This week: Container shipments from China to Mexico skyrocketed in January; construction set for border logistics park in West Texas; Nippon Steel set to build $71M plant in Mexico; and China-based auto supplier announces $178M investment in Mexico.

Container shipments from China to Mexico skyrocketed in January

China’s container exports to Mexico surged nearly 60% year over year...

https://www.freightwaves.com/news/borderlands-mexico-container-shipments-from-china-to-mexico-skyrocketed-in-january

Threat of strike looms large over East, Gulf Coast ports

There’s an increasing abundance of skittishness surrounding the future of East and Gulf Coast ports.

The labor contract between the International Longshoremen’s Association and the United States Maritime Alliance (USMX) is set to expire at the end of September. The ILA represents some 70,000 dockworkers, while the USMX represents employers at 36 coastal ports — including three of the U.S.’s five busiest ports: the Port of New York and New Jersey, the Port of Savannah, Georgia, and the Port of...

https://www.freightwaves.com/news/threat-of-strike-looms-large-over-east-gulf-coast-ports

War risk exclusions by insurers heighten stakes in Red Sea attacks

In early February, oil markets were lulled by hope of a now-unlikely ceasefire in the Israel-Hamas war. But a recent string of Houthi attacks have reignited concerns about the Red Sea crisis, raising the floor for tanker rates.

The Iran-aligned Houthis claimed responsibility for Friday’s attack on oil tanker M/T Pollux, which was bound for India. No injuries were reported.

This and other recent Houthi attacks, which followed a brief pause in early February, led major maritime insurer Steamship...

https://www.freightwaves.com/news/war-risk-exclusions-by-insurers-heighten-stakes-in-red-sea-attacks

Despite dim outlook, January imports grew at fastest pace in 7 years

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With geopolitical tensions rising around the Suez Canal and water levels dropping at the Panama...

https://www.freightwaves.com/news/despite-dim-outlook-january-imports-grew-at-fastest-pace-in-7-years

Red Sea turmoil drives Chinese exporters to rail, other alternatives

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A recent round of U.S. and British strikes on Houthi targets in Yemen raise fresh questions about...

https://www.freightwaves.com/news/red-sea-turmoil-drives-chinese-exporters-to-rail-other-alternatives

Is the Red Sea effect on container shipping being overblown?

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No one disputes that the Red Sea crisis is massively diverting containerized goods around the Cape...

https://www.freightwaves.com/news/is-the-red-sea-effect-on-container-shipping-being-overblown

Red Sea-driven surge in container shipping rates loses momentum

map showing container ships diversions from Red Sea to Cape of Good Hope

Mass diversions of container ships around Africa’s Cape of Good Hope caused spot rates to surge, but the Red Sea effect has a limit, which may have already been reached.

Upward momentum has slackened. Rates in most lanes have leveled off. Several indexes for European lanes have pulled back.

The Shanghai Containerized Freight Index (SCFI) dropped 2.7% in the week ending Friday versus the prior week, the first weekly drop since late November.

Location of container ships with capacity of 10,000...

https://www.freightwaves.com/news/red-sea-driven-surge-in-container-shipping-rates-loses-momentum

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