Shipping giant CMA CGM said on Thursday it would reduce container shipping rates for some common consumer products imported in France to support government steps to curb inflation.The group will from Aug. 1 reduced shipping rates by 500 euros ($520…
Pacifica Shipping confirms it is introducing a second vessel onto its New Zealand coastal shipping service, which is expected to be operational mid-September this year.The vessel will add 1,300TEU extra capacity every week and will complement…
The Ocean Shipping Reform Act of 2022 (the Act) was signed by President Biden on Thursday, June 16, 2022. The long term fixes, which require Federal Maritime Commission rule-making, establishes additional requirements requiring the FMC to issue rules related to certain fee assessments…
President Joe Biden on Thursday signed legislation to improve oversight of ocean shipping, which lawmakers say will help curb inflation and ease export backlogs.The bipartisan bill passed the U.S. House of Representatives on a 369-42 vote earlier this week…
Global port congestion is set to continue until at least early 2023 and keep spot freight rates elevated, logistics executives said on Wednesday, urging charterers to switch to long-term contracts to manage shipping costs.The COVID-19 outbreak has lengthened ship delivery times since 2020…
The United Arab Emriates wants to bolster trade with Morocco to reach $7 billion within 10 years from $800 million in 2021, UAE Economy Minister Abdullah bin Touq Al Marri said on Thursday in Rabat.For that purpose, the two countries will speed up container shipping to seven days from 40 days…
U.S. President Joe Biden on Thursday urged Congress to “crack down” on ocean carriers that have raised shipping prices significantly and helped drive up the cost of goods in the country.“One of the reasons prices have gone up is because a handful…
China will make port operations more efficient and hold more online trade fairs, among new measures to ease pressure on foreign trade, Vice Commerce Minister Wang Shouwen said on Wednesday. Export growth in the world’s second largest economy slowed to single digits in April…
Hapag-Lloyd announced it has closed its acquisition of the container liner business of German carrier Deutsche Afrika-Linien (DAL), as the German liner shipping company aims to continue its growth in the South African market.Hapag-Lloyd, which signed the framework agreement in March 2022…
The Port of Oakland Turning Basins Widening Study reached a key milestone with the port's release of a Notice of Preparation (NOP) to begin an environmental review per the California Environmental Quality Act (CEQA), on May 31, 2022.“This is…
A Singapore trade data sharing platform backed by banks, commodity houses and state firms has signed up 70 participants as part of the city-state's attempts to bolster confidence after a spate of commodity trade finance frauds in recent years…
Jordan's only container port on the Red Sea has been capturing traffic to Syria, Israel and the West Bank as higher ocean freight costs give it an edge over closer but heavily congested Mediterranean ports, its CEO said on Tuesday.Crises from…
German container shipping group Hapag-Lloyd on Thursday reported first-quarter net profit of 4.2 billion euros ($4.4 billion), more than triple the number a year ago and, forecast another strong performance for the second quarter.'The year has got off to an exceptionally strong start on the whole…
Cavotec reports it has won a shore power order valued at €15.7 million from a major global container shipping line. Deliveries are scheduled to start in the fourth quarter of 2022 and continue throughout 2023 and 2024.Cavotec is to supply its…
In contrast to spot rates on the Far East to North Europe trade which have fallen by more than USD 3,600 per FEU [Forty-Foot-Equivalent-Unit ] since the start of the year, those to the Mediterranean have seen a much smaller decline, falling by just USD 850 per FEU…
