Seven months ago, Maersk CEO Soren Skou touted Q4 2020 as “the best quarter ever.” Announcing the initial outlook for this year on Feb. 10, he said the best-case scenario “would basically mean for us to do four times what we did in the fourth quarter.” That outlook has long since been left in the […]
The Virginia Port Authority anticipates that the volume strength seen in August will persist through the remainder of 2021. “We are nearing the height of peak season and do not anticipate a let-up before year’s end. Knowing that, we are focusing on remaining agile and fluid in our operations and continuing to invest in new assets that […]
The word “historic” in the maritime and logistics industry has become so overused that its meaning now is watered down (yes, pun intended). Every week, there seems to be more “historic” news to report. Take your pick: congestion at the ports, container prices, containers falling into the ocean, the denial of trade over empty containers […]
You can buy a brand-new Ferrari starting at $250,000. To rent a 12-year-old container ship for a mere three months, it could cost you a lot more than that: as much as 68 new Ferraris. Euroseas (NASDAQ: ESEA) confirmed this week that it chartered its 2009-built, 4,250-twenty-foot equivalent unit container ship Synergy Oakland for 60-85 days […]
Container volumes didn’t back down in August, with volumes 12% higher at the Port of Charleston than they were a year ago, the South Carolina Ports Authority said Thursday. At the Port of Charleston’s three terminals — the Wando Welch Terminal, the North Charleston Terminal and the Hugh K. Leatherman Terminal — August volumes were 234,688 twenty-foot […]
France’s CMA CGM, the world’s third-largest ocean carrier, will cease all increases in spot rates worldwide through Feb. 1, effectively immediately. At first blush, the decision sounds like a game changer. But even if other carriers make similar announcements, how much of this is genuine mercy toward customers that will have bottom-line effects related to […]
As I have been stressing, we are likely to see capacity constraints continue well into 2022 and 2023. The recent outbreak of the Delta variant of COVID in Asia is shutting down factories and ports. This will only add to the back log of products being shipped to North America. While ocean containers are waiting […]
The Port of New Orleans (Port NOLA) has awarded a $4 million contract to HDR Engineering Inc. as part of the multiyear due diligence and permitting process for the new Louisiana International Terminal container facility. As part of HDR’s three-year program management and control services contract with Port NOLA, the company will provide: terminal operation and […]
FIRESIDE CHAT TOPIC: How to grapple with peak season traffic at the port DETAILS: Many U.S. ports are struggling under the extreme import loads. Yet Virginia has largely avoided heavy congestion. How has it done that? SPEAKERS: Stephen Edwards, CEO and executive director, Virginia Port Authority, and Henry Byers, maritime market expert, FreightWaves BIO: Edwards directs and manages […]
Port Houston announced Wednesday that July was the biggest month ever recorded for container twenty-foot equivalent units, with 297,621 TEUs moved. That beat the previous record set in March by more than 73,000. July saw a 27% increase in container TEUs year-over-year (YoY) and was the fifth month of 2021 recording double-digit growth in container TEUs […]
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