Container freight rates take a breather. The spike in spot container freight rates has flattened off over the last week. The Drewry World Container Index (WCI,) which has been seeing double-digit percentage weekly increases recently, was up just 1% over the previous week on 11 July at $5,901 per feu. The Shanghai Containerized Freight Index (SCFI) slid 1% to 3674.86 [...]
15/07/2024
Chinese oil demand likely to underpin tanker market in medium-term. Rising oil demand in China is likely to be a key factor in supporting the tanker market in the coming years, according to analysis from New York broker, Poten & Partners. Following a sharp downturn in tanker contracting that saw the orderbook plunge to new lows before tanker owners started [...]
15/07/2024
Singapore port operator says vessel waiting time reduced to two days. PSA Singapore has been grappling congestion caused by the Red Sea crisis and has been reactivating berths that had been previously been closed down. A combination of longer rerouting of container ships via the Cape of Good Hope to avoid attacks by the Houthi in the Red Sea and [...]
15/07/2024
How high will container freight rate spike go? The dramatic rise in container spot rates continued into July with signs of impact on contract rates as well. The Drewry World Container Index (WCI) was up another 10% week-on-week on 4 July to stand at $5,868 per feu and is 298% higher than it was a year earlier. It is [...]
07/07/2024
Red Sea attacks still taking toll on global chemical shipping industry. Ocean freight rates for 40-foot containers from Asia to North Europe currently over $8,760 Ongoing attacks on vessels in the Red Sea by Yemen’s Houthis continue to disrupt shipping lanes in the chemical industry’s supply chain, according to Al Greenwood, chemicals expert and deputy editor at ICIS. “It’s having [...]
07/07/2024
FreightTech Friday: Japan’s proposed conveyor-belt highway. Japan’s transportation ministry fights ongoing labor shortage In a recent meeting of Japan’s Ministry of Land, Infrastructure, Transport and Tourism, the group unveiled plans to combat its transportation and logistics sector labor shortages with construction of an automated conveyor-belt highway running over 310 miles across central Japan. Known as the Autoflow-Road proposal, the ministry [...]
07/07/2024
Panama Canal announces second set of restriction easing in June. Through an Advisory to Shipping, the Panama Canal has announced that, effective June 26, the maximum authorised draught was raised to 14.33 metres (from 46 to 47 feet), and on July 11 will increase to 14.63 metres (48 feet). Additionally, a new booking slot for the Neopanamax locks will be [...]
30/06/2024
India to create $9bn mega port Near Mumbai. KUCHING: A joint venture (JV) between Malaysian and Chinese companies has been awarded a RM208.9mil contract to dredge the access shipping channel to Miri Port terminal and construct training bunds in the Batang Baram Delta. Rimbun Prima Sdn Bhd and China Communications Con-struction Company (M) Sdn Bhd joint venture (JV) had signed [...]
30/06/2024
Maritime shipping still on troubled waters Ocean spot rates hit 2-year highs. Spot rates for shipping forty-foot equivalent containers over the ocean from China to North America hit their highest levels since the summer of 2022 and are still climbing. Supply chain disruption has returned to the maritime industry, but how does it compare to the pandemic era and is [...]
30/06/2024
Loke: MOT supports Westports Malaysia 2 expansion project. KUALA LUMPUR (June 22): The Ministry of Transport (MOT) fully supports Westports Holdings Bhd’s (KL:WPRTS) expansion project in Port Klang known as Westports Malaysia 2. Transport Minister Anthony Loke Siew Fook said a new concession agreement for Westports had been approved by the Cabinet, following an evaluation by the Public Private Partnership Unit [...]
23/06/2024
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