container industry

Shipping Companies Utilize FFAs Against Freight Rate Volatility

Largely ignored by container shipping industry since their inception over a decade ago, container freight derivatives are finally seeing increased use as shippers and forwarders seek tools to protect themselves against freight rate volatility, reports The Load Star.

Forward freight agreements

Derivatives, alternatively known as forward freight agreements (FFAs), have long been an established part of the dry bulk and tanker markets, but for many years remained unused in container shipping.

However,...

https://mfame.guru/shipping-companies-utilize-ffas-against-freight-rate-volatility/

South Korean Container Majors to Form Brand New K-Alliance

  • Five South Korean container shipping companies shake hands and agreed to establish a Korean Maritime Movement Alliance (K-Alliance).
  • This was done in an effort to enhance competitiveness in Asia.

According to country’s Ministry of Oceans and Fisheries (MOF), HMM, SM Line, Pan Ocean, Sinokor Merchant Marine and Heung-A Line signed a basic agreement in order to create the first national shipping alliance, says an article published in Safety 4 Sea.

Benefits of the collaboration

What is more, the...

https://mfame.guru/south-korean-container-majors-to-form-brand-new-k-alliance/

A.P. Moeller-Maersk Profits Soar To 83%

  • A.P. Moeller-Maersk saw profits soar 83% in the third quarter on recovering volumes and rising freight rates.
  • The Logistics giant expects that the global container market could expand by up to 5% in 2021.
  • Maersk’s third-quarter revenue fell 1.4% to $9.92 billion, above the company’s own guidance of $9.9 billion, and shipping volumes fell 3.6% from a year ago.
  • Maersk said it now expects full-year earnings before interest, tax, depreciation and amortization of $8 billion to $8.5 billion,...

https://mfame.guru/a-p-moeller-maersk-profits-soar-to-83/

Watch: Two more salvaged containers recovered from YM Efficiency

On 7 April 2020, AMSA released a video showing some highlights during the pre-lift surveillance of the salvaged containers of YM Efficiency. Specifically, the finding means the number of shipping containers being salvaged as part of Operation Recovery – YM Efficiency, which now total 62 while there are 14 containers yet to be located.

On 1 June 2018, the Liberian-flagged container ship ‘YM Efficiency‘, owned by the Chinese company Yang Ming Marine Transport, was en route from Kaohsiung to...

https://safety4sea.com/watch-two-more-salvaged-containers-recovered-from-ym-efficiency/

US retail container ports dropped to their lowest level in five years in March

The National Retail Federation and Hackett Associates shows issued a report stating that imports at major US retail container ports dropped to their lowest level in five years in March.

The report indicates that imports may continue being significantly below normal levels through early summer as the coronavirus pandemic continues.

According to Global Port Tracker, the US port handled 1.51 million TEU in February, the latest month for which after-the-fact numbers are available, reaching a 17%...

https://safety4sea.com/us-retail-container-ports-dropped-to-their-lowest-level-in-five-years-in-march/

MSC continues business during COVID-19 pandemic

In light of the COVID-19 pandemic, the group president and CEO of Mediterranean Shipping Company (MSC), Diego Aponte wrote an open letter marking the company’s actions in order to continue business during the outbreak.

As, Mr. Diego Aponte noted:

The spread of COVID-19 has created a public health issue unprecedented in our lifetimes, triggering an unexpected shock for societies and economies.

Despite the difficult operating conditions the shipping industry is facing, the company keeps delivering...

https://safety4sea.com/msc-continues-business-during-covid-19-pandemic/

Shipping companies cancel reefer surcharges for Chinese ports

Container lines are cancelling the implemented surcharges for reefer containers that had Chinese ports as destinations, taking into consideration that the congestion caused by COVID-19 eases.

Specifically, according to Hapag-Lloyd, the congestion in Chinese ports has eased, berthing operations have improved and the terminals have resumed to normal working conditions.

The reefer plug availability has also improved so that the company does not have to divert cargoes on a large scale anymore.

In...

https://safety4sea.com/shipping-companies-cancel-reefer-surcharges-for-chinese-ports/

Transport Malta investigation: Serious injury onboard while lashing containers

Transport Malta’s MSIU issued an investigation report on a serious injury of a crew member while lashing containers on the deck of the general cargo ship MV Boston Trader, in the port of Oran, Algeria, on 14 March 2019.

The incident

MV Boston Trader was moored at Dar Es Salem Terminal, in the port of Oran, Algeria.

During the morning of 14 March 2019, the third officer received a call over the portable radio that one able seafarer had an accident while securing containers on the cross deck between...

https://safety4sea.com/transport-malta-investigation-serious-injury-onboard-while-lashing-containers/

COVID-19 impacts Port of LA cargo volumes

Following the COVID-19 situation, the busiest and largest container port in US, Port of Los Angeles, saw a decrease in its cargo volumes. In fact, the port managed to move 544.037 TEUs during February, meaning a 22.9% drop in comparison to the same month last year.

Port of Los Angeles further announced that its February imports marked a decrease of 22.5%, to 270.025 TEUs compared to 2019.

At the same time, exports dropped by 5.7%, to 134.468 TEUs. As for the empty containers, were by 35% down to...

https://safety4sea.com/covid-19-impacts-port-of-la-cargo-volumes/

Port of Long Beach sees 9.8% drop in cargo volumes, amid COVID-19

Amid the ongoing COVID-19 outrbeak, the second busiest container port in the US, Port of Long Beach, marked a drop in its cargo handling volume. Namely, the port managed to handle 538.428 TEUs during February, down by 9.8% in comparison to February 2019.

As Port of Long Beach announced, due to the coronavirus situation, fewer ships are calling the port. In fact, this caused a decrease in the imports by 18%.

Although, the exports marked an increase by 19.3%. At the same time, empty containers...

https://safety4sea.com/port-of-long-beach-sees-9-8-drop-in-cargo-volumes-amid-covid-19/

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