Operating on Liquefied Natural Gas (LNG) from day one in service, the MV George III, the first of Pasha Group’s two new ‘Ohana Class’, Jones Act-qualified containerships, features a state-of-the-art engine, an optimized hull form, and an underwater propulsion system with a high-efficiency rudder and propeller. George III is the first LNG-powered vessel to fuel on the West Coast and the first to serve Hawaii…
January proved to be a dramatic month for long-term ocean freight rates, with the latest data from the Xeneta Shipping Index (XSI) showing the largest ever month-on-month declines. According to the XSI, average long-term contracted rates dropped by 13…
The Valencia Containerized Freight Index (VCFI) closed the year 2022 with a fall of -13.1% in December compared to November. This is the fourth consecutive month of decline in the Index, in a year marked by ups and downs that reflects the uncertainty…
In his annual New Years' address to employees, NYK President Hitoshi Nagasawa warned that while markets, particularly the containershipping market, will be more challenging in 2023 compared to the past two years, overall the group has 'long anticipated that the strong tailwind would not last long…
Facing global economic headwinds, the volume of containerized cargo movement continues to plummet, Peter Sand, Chief Analyst, Xeneta, summarizes: “It is clear that the carriers are no longer in charge, the shippers are.”Peter, it seems like…
While drama in the container shipping sector has calmed a bit, container carriers still wrestle with unexpected drops in demand. Peter Sand, Xeneta, discusses vessel capacity moves and their likely impact on rates, as well as the first containership…
In its latest Container Freight Rate Update note, Xeneta covers the average capacity and blank sailings on the Far East to the US West Coast while we head into the not-so-traditional peak season.The average capacity offered from the Far East…
South American spot rate gap set to narrow as shippers take advantage of lower Far East to West Coast ratesThe latest ocean freight rate data from Xeneta reveals that spot rates are currently $3,700 more expensive for shipping 40-ft. containers from the Far East to the South American East Coast…
Ten trade organizations representing the owners and forwarders of cargo, port terminal operators and other parts of the supply chain dependent on container shipping are demanding an immediate review of European Union’s Consortia Block Exemption Regulation for the container shipping industry…
It’s been another bumper month for long-term contracted ocean freight rates, as the cost of securing container shipments climbed by 10.1% in June. Following on the heels of a record 30.1% hike in May, this now means rates stand 169.8% higher than this time last year…
Kongsberg Digital and MSC has signed a contract for digitalizing MSC’s entire fleet consisting of approximately 500 vessels with Vessel Insight.“This is a very important contract for MSC as making our fleet more sustainable is one of our top priorities…
The Federal Maritime Commission approved a settlement agreement reached between its Bureau of Enforcement (BoE) and Hapag-Lloyd AG (Hapag-Lloyd) where the ocean carrier will pay a $2 million civil penalty to address alleged violations related to their detention and demurrage practices…
According to the latest crowd-sourced data from Xeneta, long-term rates for reefer containers on the key US West Coast to Far East route soared almost 60% in April.In its report Xeneta notes a surge in rates of around $2000 per 40-ft. unit after the latest 12-month contracts came to a close…
According to a recent analysis by Container xChange, one of the many challenges for the supply chain now is the overflowing container depots in the U.S. and the pileup of empties that will push the container prices further downwards in the mid-term…
Despite months of softening on the backhaul North Europe to Far East trade, with rates on the spot market closing in on $1,000 per FEU for normal-dry containers, spot rates for reefer containers on this trade have been stable since early 2021…
