Cargo News

The dramatic spike in the ocean freight container shipping market is reaching its peak as importers push back against spiraling spot rates.Data released by Xeneta today, Monday, shows average spot rates from the Far East to US East Coast increased by 3.7% on July 15 to stand at USD 10,045 per FEU (40ft equivalent shipping container). Into the US West Coast, spot rates increased by 2.0% to stand at USD 8,045 per FEU.While this means spot rates are up almost 150% on these trades since the end of April…

The cost to ship a standard 40-foot container of toys, auto parts or other goods from Shanghai to New York has jumped to nearly $10,000, fueling frustration among importers and prompting some experts to say the market is in a bubble.The Drewry World Container Index's spot rate for such a shipment hit $9,387 on July 11. That is more than double the rate from February but still below the peak of $16,000 early in the pandemic when it swelled due to spree buying by homebound consumers.Industry…

Global demand for ocean freight container shipping hit an all-time record in May amid soaring spot rates and severe port congestion.The 15.94m TEU transported by ocean in May beats the previous record of 15.72m TEU set in May 2021, according to data released by Xeneta and Container Trades Statistics.The record levels of demand in May brings year-to-date volumes to just under 74m TEU, which is an increase of 7.5% compared to the first five months of 2023.Emily Stausbøll, Xeneta Senior Shipping Analyst…

Severe weather conditions near the Cape of Good Hope has brought container traffic to a halt this week according to analysis by LSEG Shipping Research.Since Monday, daily transit data and vessel location data via the LSEG Workspace Interactive Map show no containerships passing the Cape of Good Hope – adding to congestion and delays exacerbated by the Red Sea crisis. The Interactive Map layer shows marine weather and waves over 10 meters high.Fabrice Maille, Global Head of Shipping & Agriculture at LSEG…

Ethical Farming Ireland (EFI) has raised concerns that the livestock carrier Shorthorn Express is currently sailing to Israel from Greenore despite having previously been subject to a Houthi attack in the Red Sea region in June. The Shorthorn Express was travelling to Haifa port from Portugal with 12,000 sheep on board at the time.EFI continues to raise other concerns about the trade. The organisation is calling for an immediate end to live export to countries outside the EU that do not share Ireland’s animal welfare standards.

Cargo shipments at Ukraine's Black Sea and Danube ports were 68% higher in January to June than in the same period of last year, a senior lawmaker said on Thursday.Six functioning ports processed 52.7 million tons of cargo compared with 31.3 million tons last year, Danylo Hetmantsev, head of the parliamentary finance committee, said on the Telegram messenger.More than 63% of total shipments constitute agricultural products, he said.In the first half of 2023, shipments were carried…

The Australian Parliament has now legislated an end date for live sheep export, with the Senate officially passing the Export Control Amendment (Ending Live Sheep Exports by Sea) Bill 2024 on Monday evening.From 1 May 2028, sheep will no longer be sent on long-haul journeys. The government has committed $107 million over five years for sheep producers and the supply chain to plan for and adjust to the phase out. Early action is being encouraged by the provision of funding now.Professional…

The bill to phase out live sheep export has passed through the Australian House of Representatives.“This is a historic moment in Australia’s history that brings us closer than ever before to a legislated end to this cruel and unfixable trade,” said RSPCA Australia CEO Richard Mussell.“Year after year sheep suffer on live export voyages, from the serious and cumulative impacts of heat stress, overcrowding, hunger, infection, disease as well as being slaughtered while fully conscious at their destination.”In an opinion piece in local media…

Global manufacturing activity and freight are showing signs of a recovery, after a downturn took hold in the second half of 2022 and lasted for most of 2023, which could support petroleum consumption and prices later in 2024.But indicators from the United States have been more mixed and manufacturers there may struggle until the central bank starts to cut interest rates to stimulate consumption of expensive durable items.Global industrial output was up by 1.6% in the three months between February and April 2024 compared with the same period a year earlier…

U.S. crude oil imports last month rose to a nearly two-year high as refiners scooped up heavy crudes from Canada and Latin America to process into fuels for summer driving season.Imports of crude oil rose to 3.1 million barrels per day (bpd) in May, the highest since July 2022, data from ship tracking service Kpler showed. Imports so far this month have remained strong, at around 2.9 million bpd to date.Fuel demand has remained tepid with product supplied for gasoline at 9.1 million bpd in the week to June 14, slightly below the 10-year seasonal average, data from the U.S.

A petition signed by over 50,000 people has been accepted by New Zealand MP Damian O’Connor.O’Connor is the former agriculture minister who led the establishment of the ban in April last year, while still in government.The current government has indicated that it would bring back live exports if stock were shipped on custom-built vessels, which it claims would be better for the animals and safer for the crew.The petition was led by John Hellstrom (retired veterinarian, past Chief Veterinary Officer of MAF (now MPI)…

European Union countries agreed on a 14th package of sanctions against Russia over its war in Ukraine, diplomats said on Thursday, including their first restrictions on Russian gas.The package bans re-exports of Russian liquefied natural gas (LNG) in EU waters but stops short of banning imports as the bloc did in 2022 for Russian seaborne oil. Some EU countries still import pipeline gas from Russia via Ukraine.However, gas market experts say the measure will have little impact…

Speaking at this year’s Drycon conference in Mumbai, Captain Pappu Sastry, CEO of Adhira Shipping and Logistics (ASL), said that Africa’s mining sector is entering a golden age where opportunities are open to investors, shipping lines and logistics companies.Africa is a continent of more than 1.4 billion people, with a mining sector that is growing rapidly and investment opportunities across the continent, said Sastry. “We are experiencing a rapid expansion in the development of junior mines in Africa along with increased demand for commodities from existing mines.

Unifeeder A/S and MPC Container Ships ASA (MPCC) announced a new collaboration to make joint investments into energy efficiency technology (EET), a partnership that will see the parties unite to increase decarbonization and efficiency in maritime transport.Under the agreement, Unifeeder and MPCC will jointly invest in efficiency-enhancing retrofits with advanced EET solutions. The investments will be shared between the charterer, Unifeeder, and MPCC. Subsequent cost savings resulting from these energy efficiency enhancements will also be shared between the two parties…

TCP, an arm of China Merchants Port, is working to dissuade a logistics firm from applying a surcharge on outgoing cargos at South America's largest container terminal, TCP Commercial Director Carolina Brown said.France-based logistics firm CMA CGM's $150 surcharge, which would take effect on July 1, could impact the cost of shipping goods through Brazil's main refrigerated container terminal, which is also the world's biggest chicken export corridor."We have already contacted CMA…

Twenty-two oil tankers are scheduled to load this month in Vancouver with crude from the expanded Trans Mountain pipeline, which is running around 80% full with a "little bit" of spot capacity also being used, a Trans Mountain executive said on Wednesday.Speaking with Reuters six weeks after the C$34.2 billion ($24.94 billion) project started commercial operations, Trans Mountain Corp's chief financial and strategy officer Mark Maki said so far the system is operating as expected and final costs for the expansion are not expected to rise significantly.The Trans Mountain expansion…

Russia has started wheat shipments to Brazil from Vysotsky Port on the Baltic Sea, the quality inspection arm of Russia's agricultural watchdog said on Friday."Grain was shipped to Brazil from Russian Baltic Sea ports for the first time," the grain quality assessment centre said.It said a 31,000-ton shipment of wheat had undergone quality checks and was shipped at the start of June.The grain terminal at Vysotsky Port, 50 km (30 miles) from the Russian-Finnish border, started shipments in April 2023 with the first cargo going to Tunisia.

Great Lakes shipments of limestone rose and iron ore fell in the month of May, according to latest figures published by industry trade group the Lake Carriers' Association (LCA).Shipments of limestone on the Lakes totaled 3.9 million tons in May, an increase of 33.9% compared to a year ago. May’s loadings were also above the month’s 5-year average by 6%.Limestone loadings from U.S. quarries increased 42.2% compared to 2023 to 3.2 million tons, while shipments from Canadian quarries totaled 734…

Mainland China's national plan identifies hydrogen as a key element in its low-carbon energy transition strategy. The nation is committed to using hydrogen for decarbonization, with Rystad Energy projecting the installation of approximately 2.5 gigawatts (GW) of hydrogen electrolyzer capacity by the end of the year.This capacity is expected to produce 220,000 tonnes per annum (tpa) of green hydrogen, 6-kilotonnes-per-annum (ktpa) more than the rest of the world combined. Under its national plan…

Turkish authorities seized 373 kilograms (822 lb) of cocaine shipped from Latin America and hidden in a container at the Turkish port of Gemlik, detaining nine suspects, Interior Minister Ali Yerlikaya said on Tuesday.The minister said on X that the operation against a criminal group trafficking drugs, "Operation Narco-Steel-20", was carried out in Istanbul and the northwestern city of Bursa.(Reuters - Reporting by Burcu Karakas; Editing by Daren Butler)

The World Shipping Council (WSC) has applauded the recent adoption of amendments to SOLAS at MSC 108. Starting January 1, 2026, these amendments will require mandatory reporting of all containers lost at sea, setting a new standard for maritime safety and environmental protection.“The new regulations, specifically amending SOLAS Chapter V Regulations 31 and 32, mark a significant advancement in maritime safety and environmental protection. By ensuring prompt and detailed reporting of lost and drifting containers…

Danish shipping group AP Moeller-Maersk on Monday raised its full-year profit guidance for the second time in a month on the back of strong container market demand and the crisis in the Red Sea.Maersk now expects its underlying earnings before interest, tax, depreciation and amortisation in the range of $7 billion to $9 billion, up from its previous forecast of $4 billion to $6 billion.The company, viewed as a barometer of world trade, said it now sees signs of further port congestions…

Extreme temperatures across Asia are driving up liquefied natural gas (LNG) demand in the region as importers seek cargoes ahead of summer, with imports in South Asia hitting records.This could tighten available supply and further lift Asian spot prices that have already gained a third since April, with heatwaves across South and Southeast Asia boosting air-conditioner use and other cooling demand. Prices are now at a near six-month peak at $12 per million British thermal units (mmBtu) and are expected to remain elevated."Spot prices are now driven by Asian demand.