Container Shipping 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…

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…

Vessels in the passenger/cruise, container, RoPax, bulker and tanker segments will have significant cost exposure from the FuelEU Maritime regulation due to be implemented from January 1 next year, despite a relatively modest initial target of a 2% cut in GHG intensity, according to OceanScore.The Hamburg-based maritime technology firm’s data analytics team has calculated that shipping will rack up total FuelEU penalties of €1.345 billion in 2025 through analysis of the 13,000 vessels over 5,000gt trading within and into the EU/EEA that are subject to the regulation.

U.S. Customs and Border Protection (CBP) has approved a proposal from Ports of Indiana-Burns Harbor to establish the first international sea cargo container terminal on Lake Michigan. This would create the only all-water container route for ocean vessels to serve the greater Chicago metropolitan area via the Great Lakes.The Burns Harbor terminal is located in northwest Indiana, inside the Greater Chicago Metropolitan Area and within sight of the Chicago skyline. It is part of the 25th largest U.S.

Niels Rasmussen, BIMCO’s Chief Shipping Analyst, reports that ship supply is expected to grow on average 10.3% in 2024 and 5.3% in 2025. After increasing in 2024, sailing speeds are expected to reduce in 2025.Attacks on ships in the Red Sea have forced nearly all container ships to sail around the Cape of Good Hope, adding 10% to average sailing distances and ship demand.Re-routing via Cape of Good Hope could impact all of 2024. Ship demand increases an estimated 15.0% in 2024…

Congestion at Singapore's container port is at its worst since the COVID-19 pandemic, a sign of how prolonged vessel re-routing to avoid Red Sea attacks has disrupted global ocean shipping - with bottlenecks also appearing in other Asian and European ports.Retailers, manufacturers and other industries that rely on massive box ships are again battling surging rates, port backups and shortages of empty containers, even as many consumer-oriented firms look to build inventories heading into the peak year-end shopping season.Global port congestion has reached an 18-month high…

Ocean freight container shipping spot rates are set to increase further, but there are signs the recent dramatic growth may be slowing.The latest data from Xeneta, the ocean freight rate benchmarking and intelligence platform, indicates spot rates on major trades out of the Far East will increase again on June 15, but to a less dramatic extent than witnessed in May and early June.Average spot rates from the Far East to US West Coast are set to increase by 4.8% on June 15 to stand at $6,178 per 40ft equivalent container (FEU).

The World Shipping Council (WSC) has released its annual report on containers lost at sea, showing a significant decrease to 221 containers lost in 2023 out of 250 million containers transported, a reduction from the previous lowest-ever loss of 661 containers in 2022.While this is the lowest number recorded since the survey began in 2008, the WSC underscores the ongoing need for stringent safety measures and constant vigilance, as every container lost at sea is one too many.About…

The charter owners’ container fleet has grown at an average annual rate of 3.2% for the past 12 years and currently stands at 11.7m TEU. The operator owners’ fleet has however grown faster, so the charter owners’ fleet now makes up only 40% of total container fleet capacity, down from 50% in 2012,” says Niels Rasmussen, Chief Shipping Analyst at BIMCO.The charter owners’ share of the container fleet has fallen every year during the past 12 years but a third of the 10 percentage point fall in share occurred during the past three years.

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…

Maersk faces significant terminal congestion in Mediterranean and Asian ports, causing substantial delays in its vessel schedule, the Danish shipping group said in a statement on Monday.As a result of that congestion, the world's second-largest container shipping company, will skip two westbound sailings from China and South Korea that had been planned to depart in early July, it added.The notice from Maersk comes as global supply chains are suffering cascading delays and higher costs due to the Yemen's Houthi militant attacks on commercial vessels near the Suez Canal.

Three new berths will start operations at Singapore Tuas Port later this year to tackle extended waiting times for ships after Red Sea shipping tensions boosted vessel arrivals, said Singapore's Maritime and Port Authority (MPA).The diversion of vessels around the Cape of Good Hope has disrupted arrival schedules at major ports globally and has caused a "vessels bunching" effect for container vessels calling at Singapore this year, MPA said in a statement late Thursday.The new berths will bring the total number of operating berths to 11 at Tuas Port and will help handle the higher container ve

Ocean freight container shipping spot rates are set to exceed the level seen at the height of the Red Sea crisis when the latest round of increases hit the market on June 1, according to the latest data released by Xeneta.Peter Sand, Xeneta Chief Analyst, said: “The ocean freight container shipping market has seen rapid and dramatic increases during May and that is set to continue with further growth in spot rates.“On 1 June, spot rates will reach a level we haven’t seen since…

X-Press Feeders, Global Energy Trading Pte Ltd (GET), and PSA Singapore (PSA) have successfully completed the first simultaneous methanol bunkering and cargo operation (SIMOPS) in Singapore on May 27, 2024.The SIMOPS was conducted at the new Tuas Port with the support of the Maritime and Port Authority of Singapore (MPA), together with various government agencies and local research institutions. The use of the mass flow metering (MFM) system for methanol, together with the use of digital bunkering…

A combination of the ongoing Cape of Good Hope diversions, a stronger-than-expected demand rebound and weather delays in major Chinese ports is the most likely explanation for the freight rate rally of the past four weeks, according to MSI.MSI’s HORIZON monthly containerships report points out that the speed and strength of the unexpected rally took shippers in mainlane East Asia to Europe and North America trades by surprise.Similar dynamics were soon seen in second-tier trade lanes as well…

Global supply chains are braced for further disruption and increasing costs after US President Joe Biden announced new tariffs on Chinese imports on Tuesday.The tariffs will be imposed on a wide range of Chinese imports including semi-conductors, batteries, EVs and solar cells, with the changes staggered to come into effect between 2024 and 2026.Peter Sand, Chief Analyst at Xeneta, said: “The new tariffs under President Biden may be a case of history repeating. If so, businesses…

Ocean freight container carriers are treading a fine line between risk and reward during new contract negotiations as the market remains gripped by uncertainty in the Red Sea, according to new data on the Xeneta Shipping Index (XSI®).The latest data released by Xeneta on May 2 shows the Global XSI (the average rate of all valid long term contracts in the market) remained fairly flat in April at 154.3 points, up by just 1.7% from March.However, looking at sub-indices within this global figure reveals a dynamic market…

Nigeria secured a $600 million investment in seaport infrastructure from Danish shipping company A.P. Moller-Maersk, the presidency said in a statement on Sunday.The investment was secured during a meeting between President Bola Tinubu and Moller-Maersk Chairman Robert Maersk Uggla on the sidelines of a World Economic Forum meeting in Saudi Arabia."We believe in Nigeria, and we will invest $600 million in existing facilities and make the ports accommodating for bigger ships," the Nigerian presidency quoted Uggla as saying during the meeting.Nigeria has promised to revamp its ports…

ClassNK has released a new tool, WAve Climate Data Aggregation for Ships (WACDAS), for calculating the route correction factors essential for ensuring the safety of container lashing and supporting container stacking optimization.The move follows ClassNK’s release of its Guidelines for Container Stowage and Securing Arrangements (Edition 3.0) last year. WACDAS enables the easy calculation of route correction factors necessary for utilizing the approved lashing software compatible…

Maersk may resume some shipping services at the Port of Baltimore when a temporary channel is opened to give access for commercially essential vessels that remain blocked by a collapsed bridge, the company said."This channel, with a controlling depth of 20 feet, could potentially allow Maersk and other carriers to operate limited barge services into and out of the Port of Baltimore," Maersk said in a statement.The group last Wednesday said the port's alternate shipping channels…

Ocean Network Express (ONE) has launched a reduced emissions shipping service ONE LEAF+ which offers customers the opportunity to proactively manage their own emissions and minimize environmental impact across the value chain.ONE LEAF+ offers:• Reduced Carbon Footprint: ONE will deploy regulation-compliant alternative fuels on designated vessels, allowing customers to reduce Scope 3 GHG emissions on their shipments with ONE.• Added Transparency: With ONE LEAF+, customers will…

“Due to the COVID-19 pandemic, the global container market grew only 1.5% from 171.0 million TEU in 2019 to 173.5 million TEU in 2023. Without the pandemic, that figure would have been 24.6 million higher, landing at 198.1 million in 2023,” says Niels Rasmussen, Chief Shipping Analyst at BIMCO.During the past four years, the container market has faced not only lower than expected growth in the global economy, but the ratio of market growth vs economic growth, the so-called GDP multiplier…