From a net loss of $700 million in the fourth quarter of 2023, container shipping lines’ net profits improved, rising to $5.4 billion in the first three months of 2024. Despite facing many crises in recent times, the world’s container shipping has helped carriers increase profits. Carrier profits have increased sharply due to the pandemic,
SITC Shipping Company in Ho Chi Minh City has just announced the launch of a new service to Japan, aiming to improve its service provision to better serve the needs of customers. New Service VTX6: HCM – NANSHA – TOKYO – YOKOHAMA – NAGOYA. The first train from HCM will depart on Thursday, June 26.
Previously closed container terminals in Singapore’s city centre have been temporarily reopened to ease a backlog of ships loading and unloading cargo at the world’s second-largest port. The Maritime and Port Authority of Singapore (MPA) said on May 30 that operations at the city-centre’s shuttered container terminals have been temporarily reopened to ease the backlog
Revenue from Egypt’s Suez Canal has nearly halved this year after Houthi attacks on shipping in the Red Sea forced many ships to divert around the Cape of Good Hope. According to Egypt’s Al-Mal News, data released this week last month showed that the Suez Canal’s revenue fell 64.3% to around $337.8 million, compared to
Labor negotiations at ports on the U.S. East Coast and Gulf Coast are a potential new risk for retailers, manufacturers and shippers already grappling with longer shipping times and higher costs. The International Longshoremen’s Association (ILA) contract, which covers 45,000 stevedores at 30 ports from Maine to Texas, expires Sept. 30. If a new deal
(HQ Online) – The United States is one of Vietnam’s leading iron and steel export markets and has achieved impressive growth rates. According to preliminary statistics from the General Department of Customs, in the first half of February (February 1-15), the country exported 377,858 tons of iron and steel of all kinds, with a turnover
Yang Ming Shipping Company’s container ship had an explosion at Ningbo port, China, the initial cause was determined to be an explosion of a container containing dangerous goods. One of Yang Ming Marine Transport’s ships suffered an explosion on Friday, August 9 at around 1:40 p.m. local time while docked at Ningbo, China. Video footage
Shanghai container shipping futures suggest that Asia-Europe shipping rates could fall by 2025, after appearing to have peaked at present. On August 5, the EC2408 (August contract) index closed at 5,627 points, while the EC2410 (October contract) closed at 3,585 points, down 3% and 9% respectively from July 29. The EC2504 (April 2025 contract) closed
International Container Shipping and Logistics Market Update for Asia, Europe and North America in Week 35/2024. Drewry’s composite global container freight rate index for Week 35/2024 continued to decline by 3% compared to the previous week, to USD 5,181. This freight rate index is 265% higher than the pre-pandemic average of 2019 (USD 1,420). 1.
