Vespucci Maritime

Global demand isn’t booming. So why are shipping rates this high?

Maersk

There is no COVID-era surge in global cargo demand. There’s a lengthy albeit temporary spike in congestion compounded by a localized, stimulus-and-savings-driven demand boom in America.

That explanation for skyrocketing rates gained more traction Friday when liner giant Maersk released details of its quarterly performance.

Maersk — which pre-reported record Q2 2021 results on Monday — estimated that global container shipping demand was up only 2.7% in the second quarter versus the same period two...

https://www.freightwaves.com/news/global-demand-isnt-booming-so-why-are-shipping-rates-this-high

Beware ‘nasty side effects’ if government targets ocean carriers

container shipping

As skyrocketing rates squeeze importers and exporters scramble for containers, the push for government intervention is accelerating.

What if the U.S. government does move to rein in foreign carriers? What if carrier alliances are broken up, detention and demurrage charges are curtailed, export service is mandatory and — most hypothetically — spot rates are capped?

To answer these questions, American Shipper spoke with Lars Jensen of Denmark-based Vespucci Maritime. The consultant and former...

https://www.freightwaves.com/news/beware-nasty-side-effects-if-government-targets-ocean-carriers

Ever Given could resume voyage 3 months after Suez Canal grounding

The UK P&I Club, an insurer of the Ever Given, is reporting an agreement has been reached with the Suez Canal Authority (SCA) and the container ship could be released from custody in Egypt soon. 

That’s good news for owners of the cargo aboard the Evergreen Marine-operated vessel, which was en route from Yantian, China, through the Suez Canal to the Port of Rotterdam in the Netherlands on March 23 when it was reportedly hit by strong winds and ran aground. It became stuck sideways in the Suez...

https://www.freightwaves.com/news/ever-given-could-resume-voyage-3-months-after-suez-canal-grounding

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