RED SEA-DRIVEN SURGE IN CONTAINER SHIPPING RATES LOSES MOMENTUM Mass diversions of container ships around Africa’s Cape of Good Hope caused spot rates to surge, but the Red Sea effect has a limit, which may have already been reached. Upward momentum has slackened. Rates in most lanes have leveled off. Several indexes for European lanes …
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CONTAINER SHIPPING OUTLOOK 2024: RISING RISK OF DELAYS, DISRUPTIONS The supply chain crisis is long over, but America’s importers still have a lot to keep them up at night as they plan for 2024. Two key container shipping “chokepoints” — the Panama Canal and the Bab-el-Mandeb Strait in the Red Sea — are simultaneously under …
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ONE READIES INDIA-US EAST COAST SERVICE AS PART OF 2024 NETWORK ROLLOUT Ocean Network Express (ONE) has unveiled plans for its first standalone container service from India to the US East Coast, aimed at capitalizing on India’s fast-growing export market. ONE said in a statement on Monday that the West India North America (WIN) service …
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PORT HOUSTON RECORDS NEW LOADED EXPORTS RECORD Port Houston celebrated a major milestone in October, reporting the highest volume of loaded exports in its history. Compared to the same period last year, loaded exports increased by an impressive 6%. Year-to-date export figures also show a significant growth of 10%, with a total of 1,151,638 twenty-foot …
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SOUTH CAROLINA PORTS REPORT STRONG OCTOBER PERFORMANCE South Carolina Ports (SC Ports) announced impressive performance for the month of October, with container volumes showing signs of recovery and even reaching new record highs. Despite a 9% year-over-year decrease in container volumes, mainly driven by a decline in empty volumes, which fell 27% yoy, loaded import and …
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U.S. CONTAINER IMPORTS CONTINUE TO RISE, OUTPACING PRE-PANDEMIC LEVELS Imports from China increased by 2.3% in October 2023 compared to September, reaching 886,842 TEUs. However, this is still a decrease of 11.6% from the peak in August 2022. China accounted for 38.4% of total U.S. container imports in October, a decrease of 0.9% from September …
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APM TERMINALS AND DP WORLD JOIN FORCES ON CONTAINER HANDLING ELECTRIFICATION APM Terminals, the terminal operating arm of A.P. Moller Maersk, and DP World have announced a joint initiative aimed at expediting the decarbonization of port terminals worldwide through the widespread electrification of container handling equipment (CHE), a critical component of port operations. Recent research …
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PORT OF MONTREAL GETS FEDERAL FUNDING FOR NEW CONTAINER TERMINAL The Government of Canada has announced a significant investment of up to CAD $150 million (US $110 million) to construct a new container terminal at the Port of Montreal in Contrecoeur, Québec. This investment, provided under the National Trade Corridors Fund, aims to enhance the …
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NDIA-US INDAMEX 2 SERVICE DROPS NORFOLK CALL AS DEMAND PRESSURE PERSISTS In a routing reshuffle, the Indamex 2 service (IN2) — touted as the fastest connection between West India and the US East Coast — will be discontinuing direct calls to Norfolk beginning in early November amid a cooling demand environment. Hapag Lloyd and CMA …
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DOCKWORKERS’ UNION ILWU FILES FOR CHAPTER 11 AMID DECADE-LONG LEGAL BATTLE The International Longshore and Warehouse Union (ILWU) representing U.S. dockworkers has filed for a chapter 11 bankruptcy protection to resolve a pending litigation with the Oregon affiliate of the International Container Terminal Services Inc (ICTSI). The union has listed its assets and liabilities in …
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