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 RATES SPIKE AS RED SEA CRISIS DRAWS FIRST BLOOD For cargo importers, the outlook is now clear: higher freight costs and longer delays. For liner profits, sentiment is increasingly bullish — but there are uncertainties. Spot rates and surcharges are rising fast, but liner costs are also increasing due to much higher fuel …
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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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GPA-SPONSORED TRANSLOAD FACILITY OPENS IN SAVANNAH NFI Industries has opened a transloading facility adjacent to the Garden City Terminal at the Port of Savannah which, while not the first such location near the port, is unique because it does not require drayage drivers or chassis and will be dual served by the Georgia Ports Authority …
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PORT OF NEW YORK AND NEW JERSEY GREEN LIGHTS CMA CGM’S TAKEOVER OF TWO KEY CONTAINER TERMINALS The Port Authority of New York and New Jersey has agreed to amend leases held by Global Container Terminals Inc. (GCT) at two key container terminals in New Jersey and Staten Island, paving the way for French shipping …
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LOUISIANA GOVERNOR AIMS TO RESTORE FUNDS FOR NEW PORT NOLA TERMINAL The Port of New Orleans is looking to the governor of Louisiana to help restore $4 million in state funding that would go toward early work on its proposed $1.5 billion container terminal after legislators unexpectedly cut the funding from the state’s most recent …
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PORT OF LOS ANGELES KEEPING A CLOSE EYE ON LABOR TALKS AS CARGO VOLUMES GAIN FOR A THIRD MONTH Cargo volumes at the Port of Los Angeles increased for the third consecutive month in May but continue to track below pre pandemic numbers amid protracted West Coast labour negotiations and uncertainty in the economy. The …
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DOCKWORKERS DISRUPT US WEST COAST PORTS AS CONTRACT TALKS DRAG ON Dockworkers at Los Angeles and Long Beach ports staged a slowdown late last week, with longshore workers not showing up for their shifts. In the on and off negotiations between the labour and shipping lines/terminals, which have been underway for a year, job actions …
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PORT HOUSTON SEES SURGE IN CONTAINER EXPORTS As U.S. imports continue to come in well below last year’s records, Port Houston has announced that its container exports are surpassing historic volumes seen in 2022, signalling strong growth in the region. Loaded exports, particularly driven by the demand for resin exports, have increased by an impressive …
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PORTS OF SINGAPORE, LONG BEACH, AND LOS ANGELES SIGN GREEN SHIPPING CORRIDOR PACT The Maritime and Port Authority of Singapore (MPA), Port of Long Beach, and Port of Los Angeles, along with support from C40 Cities, signed a memorandum of understanding to establish a green and digital shipping corridor. The purpose of the corridor is …
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