Shipping Container Crunch Underway As Rates Skyrocket
A perfect storm in global trade is causing a major shipping container shortage, leading to unexpected spikes in ocean freight rates.
Baltimore Harbor Bridge Collapse Involving Cargo Ship Dali Claims Lives
Early Tuesday morning, a major incident occurred at Baltimore Harbor.
Manufacturing Diversification to Drive Container Shipping Growth, says ONE CEO
According to ONE CEO Jeremy Nixon, as manufacturers increasingly diversify their production away from China, it will lead to growth in container shipping.
Container Prices Decline as Overcapacity and Weak Consumer Demand Plague Shipping Industry
Container prices have experienced a significant drop, with the average price of 20ft dry containers in New York falling by 82% from its peak in June 2021.
Container Shipping Industry Confronts Unprecedented Downturn in Long-Term Rates
The container shipping industry witnesses a record-breaking 27.5% decline in global long-term freight rates in May, marking the ninth consecutive month of rate drops, according to Xeneta's Shipping Index.
Two Maritime Transport Companies Penalized for Breaching Ocean Shipping Reform Act
The Federal Maritime Commission (FMC) has imposed fines on carriers Ocean Network Express (ONE) and Wan Hai Lines, totaling $2.65 million, for violating the Ocean Shipping Reform Act of 2022 through unreasonable pricing practices related to demurrage and empty container returns.
Shipping lines are holding onto capacity despite ongoing price war
This action is likely due to capacity cuts having significant long-term consequences for their business.
Traffic in Egypt’s Suez Canal eased after broken-down container ship is moved
Four tugboats worked hard over the weekend to move the MSC INSTANBUL from being stranded in the middle of the canal, allowing traffic to flow through the vital waterway once again.