ocean container shipping

US imports dragged down by seasonality, Panama Canal crisis

chart showing imports

The good news for container lines: U.S. imports are still higher than they were before the pandemic. The bad news: This year’s string of month-on-month gains is over. Seasonality, combined with worsening conditions at the Panama Canal, pulled down imports in November — a negative for freight rates.

According to data from Descartes (NASDAQ: DSGX) released Thursday, U.S. ports handled 2,099,408 twenty-foot equivalent units of imports last month, 9% less than in October.

(Chart: Descartes Datamyne)

V...

https://www.freightwaves.com/news/us-imports-dragged-down-by-seasonality-panama-canal-crisis

Bankrupt Bed Bath & Beyond files $316M mega-claim against MSC

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The bankruptcy estate of former retail giant Bed Bath & Beyond (BBBY) continues its relentless...

https://www.freightwaves.com/news/bankrupt-bed-bath-beyond-files-316m-mega-claim-against-msc

Zim container ship diverts as threat to Israel-linked vessels mounts

map showing route of Zim Europe, leased by Israel-based Zim

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Following three attacks on vessels linked to Israel, a container ship operated by Israeli ocean...

https://www.freightwaves.com/news/zim-container-ship-diverts-as-threat-to-israel-linked-vessels-mounts

‘Dire’ scenario for shipping lines more likely as spot rates fall back

There’s a lot at stake for container lines’ 2024 bottom lines in the last few weeks of 2023. If lines can’t push up spot rates very soon, next year’s annual contract rates will reset much lower versus this year’s.

That scenario — which would have a very negative financial effect on liners — looks increasingly likely. Time is running out for a fourth-quarter rebound, and indexes show spot rates falling, not rising.

Shipping lines’ attempts to use general rate increases (GRI) this month to improve...

https://www.freightwaves.com/news/dire-scenario-for-shipping-lines-more-likely-as-spot-rates-fall-back

Greek owner to sell all container ships, spend $3B on LNG tankers

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There have been a number of “big picture” questions about shipping stocks through the years: Should...

https://www.freightwaves.com/news/greek-owner-to-sell-all-container-ships-spend-3b-on-lng-tankers

Shipping line Hapag-Lloyd suffers ‘big miss’ as Q3 profits slump

chart of Hapag-Lloyd shipping rates

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Germany’s Hapag-Lloyd, the world’s fifth-largest ocean carrier, reported much lower profits than...

https://www.freightwaves.com/news/shipping-line-hapag-lloyd-suffers-big-miss-as-q3-profits-slump

What downturn? US imports still rising, highest since boom

chart of imports volumes

American consumers just keep on spending — and the volume of containerized imports keeps on rising. October import numbers released Tuesday by Descartes came in exceptionally strong.

The U.S. imported 2,307,918 twenty-foot equivalent units of containerized goods last month, according to Descartes Systems Group (NASDAQ: DSGX), which obtains its data from customs filings. That’s up 3.9% year on year and 4.7% compared to September.  

(Chart: Descartes. Data: Descartes Datamyne)

Imports have surged...

https://www.freightwaves.com/news/what-downturn-us-imports-still-rising-highest-since-boom

Crippling port strike could hit 1 month before presidential election

Organized labor is having a moment. Unions representing port workers, parcel deliverers, auto workers, writers, actors, teachers and others are securing or seeking to secure hefty salary increases by striking or threatening to strike.

Container shipping flows to the U.S. have been affected by labor negotiations this year — and could be even more affected by union action in 2024.

In June, the International Longshore and Warehouse Union (ILWU), which represents over 40,000 West Coast dockworkers,...

https://www.freightwaves.com/news/crippling-port-strike-could-hit-1-month-before-presidential-election

Some shipping lines are still posting 9-figure profits amid downturn

chart of ONE results

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The predicted container shipping wipeout is not here yet. Several container lines are still posting...

https://www.freightwaves.com/news/some-shipping-lines-are-still-posting-9-figure-profits-amid-downturn

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