West Coast port employers and the union representing 22,000 workers have 'overcome some sticking points' in tense labor talks that have entered their 13th month, White House press secretary Karine Jean-Pierre told reporters on Tuesday.Acting U…
The Saudi Ports Authority (Mawani) announced the addition of AE12 and AE7 shipping services to Jeddah Islamic Port by logistics giant Maersk.With a capacity of 18,000 TEUs and 12 vessels, the AE7 route includes 15 port calls at Ningbo-Zhoushan…
The largest U.S. business group on Friday urged President Joe Biden him to intervene immediately and appoint an independent mediator to address a West Coast ports labor dispute.More than 22,000 dockworkers at ports from California to Washington state have been working without a contract since July…
“During the first five months of 2023, demand for Capesize ships increased 5% y/y while supply increased 3% y/y. Nonetheless, spot rate increases remain hesitant, largely due to concerns over China’s fragile economic recovery,” says Filipe Gouveia…
Global container shipping freight rates have reached unsustainable levels and must rebound, the chief executive of Germany's Hapag Lloyd, the world's number five operator by volume, said on Tuesday.'There are spot rates that are clearly below cost…
Ports in China's Shandong province are demanding more detailed information about oil tankers that are more than 15 years old that call at their terminals, sources with knowledge of the matter said, potentially delaying the unloading of crude shipments in the world's biggest oil importer…
The ocean freight industry saw a slump in global long-term rates of unprecedented proportions in May, as the contracted cost of shipping containers fell by 27.5%. The development, detailed by Xeneta’s Shipping Index (XSI), marks the ninth consecutive month of rates drops…
Sweden-based H2 Green Steel and the Port of Luleå have signed a cooperation agreement whereby H2 Green Steel agrees to use the port as its primary logistics and transportation hub for intermediate goods and products to be transported to and from its new steel mill in Boden…
Global freight volumes show signs of having bottomed out in the first quarter, signalling the industrial cycle may be near its trough, which could provide some support to oil prices later in 2023.Global freight volumes fell 1.1% during the first three months of 2023 compared with a year earlier…
Commodities specialist Trafigura has published new research highlighting the vital role that hydrogen-based fuels will play in decarbonising shipping – and the enormous potential for countries in the Global South (Africa, Asia and South America) to produce green ammonia and green methanol…
The United Nations expressed concern on Monday that Ukraine's Black Sea port of Pivdennyi (Yuzhny) has not received any ships since May 2 under a deal allowing the safe wartime export of grain and fertilizer.U.N. spokesman Stephane Dujarric…
The number of containers lost overboard from ships at sea has been on the decline, according to a recent report from the World Shipping Council (WSC).The 661 containers lost at sea during 2022 is significantly lower that the average of 1,566 containers lost each year since 2008…
ZIM Integrated Shipping Services Ltd. (NYSE: ZIM) announced its consolidated results for the three months ended March 31, 2023.Net loss for the first quarter was $58 million (compared to net income of $1,711 million in the first quarter of 2022)…
Shipping finance markets for the rest of 2023 look positive, with a depth of lenders, banks, leasing houses and alternative credit funds all seeking to grow their portfolios and offer the best terms to win projects; and competition between lenders…
Some U.S. importers who shifted cargo away from West Coast ports to rival gateways over fears that labor contract talks could disrupt shipments have begun bringing some of that volume back, even as those negotiations stretch into their 13th month…
