News
Maersk expects supply chain chaos to buoy 2022 profits
COPENHAGEN: Shipping group Maersk expects 2022 earnings to be around as high as last year, it said on Wednesday, as the supply chain disruption that sent freight rates soaring extends into the first half. It expects underlying earnings before interest, tax,...
Klochubar and Thune introduce Ocean Shipping Reform Act in the Senate
Following the passing of the Ocean Shipping Reform Act (OSRA) in December 2021 by the United States House of Representatives by a convincing 364-40 vote, the bill was introduced yesterday in the Senate by Senator Amy Klochubar (D-Minn.) and Senator John Thune...
Valenciaport improves pre-pandemic activity: More than 5.6 million TEUs in 2021 and 85 million tonnes mobilised
Valenciaport has closed the 2021 financial year with over 5.6 million TEUs (standard 20-foot container) and 85 million tonnes, numbers that improve activity with respect to 2020 and 2019, the latter being a pre-pandemic year. The import/export pull of Spanish...
Maersk is no longer the world’s largest shipping line
Mediterranean Shipping Company (MSC) has unseated Maersk as the world’s largest shipping line by container capacity, according to data from the shipping analytics firm Alphaliner. The shakeup ends Maersk’s 25-year reign as the undisputed champion of cargo shipping....
The largest container ship of COSCO SHIPPING Lines arrived at the Valencia’s Port
This past weekend, the container ship 'CSCL Pacific Ocean', belonging to COSCO SHIPPING Lines with a capacity of 19,000 TEU, has scaled for the first time at the CSP Iberian Valencia Terminal, being the largest container ship of the shipping company that until date...
Freight rates continue to climb, no decline in congestion at ports
Has been off to an ominous start for shippers - no let-up in climbing freight rates, port congestion globally at higher levels and demand continuing to increase in key markets like the U.S. The Drewry’s composite World Container Index (WCI) increased 1.6 percent to...
Suez Canal expansion due to finish in July 2023
A project to expand parts of the Suez Canal is expected to be completed after two years of work in July 2023, the chairman of the Suez Canal Authority (SCA) said on Sunday. The SCA announced accelerated plans to extend a second channel of the canal and to enlarge an...
The US is spending billions of dollars deepening port harbors to make room for ‘mega’ container ships that are only getting bigger
The Ever Ace, the world's largest cargo ship, is as long as four football fields and can carry over 23,000 containers. Container ships like this one have more than doubled in size over the past decade. While the massive vessels can hold more Amazon orders than you can...
Global port congestion is getting worse+
According to data from Sea-Intelligence, overall, 11.5% of the global capacity has been taken out of the market due to vessel delays in November 2021, a slight improvement from 12.3% in October 2021. "However, it seems that there is no sign of imminent improvement,...