containerships

FMC launches expedited inquiry into ocean carrier pricing practices

  The Federal Maritime Commission has launched an expedited inquiry into the timing and legal sufficiency of ocean carrier practices with respect to certain surcharges. Eight ocean carriers are being asked to provide the Commission’s Bureau of Enforcement (BoE) with details about congestion or related surcharges they have implemented or announced. BoE has given the …

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American shipper files lawsuit with FMC over alleged abusive pricing by container lines

  An American furniture shipper has filed a $600,000 lawsuit with the Federal Maritime Commission (FMC) against a couple of global containerlines, which it claims have repeatedly contravened terms of the US Shipping Act, according to a report by Sam Chambers in the Splash247 daily newsletter. The case will be watched carefully by other shippers, …

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Drewry’s sees soaring container rates continuing

  Drewry’s today reported that its World Composite Index (WCI) increasedby 4% or $344 to reach $9,330.28 per 40ft container – which is 368% higher than the same week in 2020.The UK-based shipping consultancy expects rates to increase further in the coming weeks. The average composite index of the WCI, assessed by Drewry for year-to-date, …

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MSC and Shell collaborate closely towards decarbonization

  MSC Mediterranean Shipping Company (MSC), the world’s second-largest container line, and Shell International Petroleum Company Limited (Shell) have agreed to work closely together to help accelerate the decarbonization of the global shipping sector. The long-term memorandum of understanding will help MSC and Shell to play enhanced roles in the energy transformation of shipping, as …

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The Port of Montreal’s Contrecœur expansion enters a new phase 

  MONTREAL – The Montreal Port Authority (MPA) is entering a new phase in achieving its Contrecœur expansion as it prepares to launch a Design-Build-Finance-Operate-Maintain (DBFOM) procurement process that will be open to national and international industry players. “Factoring in our timeline, we are proceeding with the development and implementation of the Contrecœur container terminal through …

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Drewry forecasts $80 billion profit in 2021 for container lines

  According to UK-based Drewry maritime consultancy, global container carriers are on track for an annual 2021 profit of $80 billion, and this could even stretch to $100 billion  should rates continue their meteoric rise through the second half of this year. This represents a substantial upgrade to its $35 billion forecast of earnings before …

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Ever Given to leave Suez Canal Wednesday

  The 20,388TEU Ever Given is to leave the Suez Canal for Northern Europe after more than three months of legal wrangling, following an agreement announced between the Suez Canal Authority (SCA) and the vessel owners and insurers. “Following the agreement in principle between the parties, and after further meetings with the Suez Canal Authority’s negotiating committee …

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Many of the twelve largest container carriers have not published their Sustainability Reports for the year 2020 yet

  There is so much talk about the environmental commitment of the largest container carriers. The companies have joined initiatives and promised serious efforts to decarbonize and become more environmentally responsible. However, the first half of 2021 ended yesterday, and seven out of the twelve largest container carriers in the world have not released their …

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Container rates to remain at record levels into 2022

  According to Moody’s Investor Service, container shipping rates will remain at record levels for the rest of this year and into 2022. Global demand is significantly outpacing capacity in an environment that will further increase carrier profits. “We expect financial performance to be even better in 2021 than it was in 2020,” the ratings …

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