Container shipping may get costlier
The spot rate for container shipping on the Asia-Europe route is likely to rise to US$2000 per TEU in two months as carriers plan to take out more capacity following the Chinese New Year due from the middle of this month, the Hindu Business Line reported.
The present rate is $1763 per [...]
By Joseph George on Monday, February 08, 2010
MISC’s wholly-owned subsidiary MISC Agencies has entered into an agreement with Al Hilal Shipping Agency to set up a joint venture (JV) company in Dubai.
In a filing with Bursa Malaysia, MISC last Wednesday said the agreement is to incorporate a joint venture company in Dubai for acting as [...]
While announcing 2009 results, commenting on US Steel’s outlook, Mr John P Surma chairman & CEO of US Steel said that “We expect to report an overall first quarter 2010 operating loss in line with the fourth quarter 2009 as gradually improving business conditions are not yet fully reflected in our operating results. We continue [...]
It is reported that, despite upheaval in the global economy and significantly reduced container throughput, Singapore is still the world’s busiest container port ahead of Shanghai, judging by statistics from both port authorities.
Mr Wang Hongquan vice director for the Shanghai Transport & Port Authority said that Shanghai’s container throughput for 2009 will be about 24 [...]
It is reported that container lines have withdrawn more ships from service over the past week as trade conditions stay slack during the seasonal winter slowdown.
Latest figures from Lloyd’s Marine Intelligence Unit show that 663 box ships with combined capacity of 1.32 million TEU are currently inactive. This compares with 641 idled vessels of 1.27 [...]
Customs officials in Riau Islands have foiled an attempt to smuggle 75 tons of pure ammonium nitrate, which could be used for improvised explosive devices, on a ship from Malaysia bound for Selayar Island in South Sulawesi.
Riau Islands Customs and Excise Office head Nasar Salim said Friday that the wooden ship was intercepted by a [...]
By Kang Siew Li
The global container shipping market will remain tough next year and is unlikely to see a return to healthier sustained revenue and volume growth until at least 2011, shipping analysts say. Many analysts are predicting minimum growth next year at best.
“This year will be the worst-ever year for the market with no growth. [...]
To all returning readers, thanks for the support all this while. You’ll see much lesser updates in this blog for the next few weeks or so (in fact, since the past few weeks) - got quite caught up really (hey i need a job to take care of my bills too ok?).
But do come back [...]
Mitsui OSK Lines Limited said that its container unit may be unprofitable for two more years as rising global capacity and slowing world trade damps rates. The unit will make a loss in the year ending March 2011.
Mr Masakazu Yakushiji EVP of MOL said that it may be able to return to profit the following [...]
