Container volumes in July rose sequentially by 17% but were down by 16% year over year at the Port of Savannah, the Georgia Ports Authority said Thursday.
Ocean carrier HMM attributed much of its first-half net-profit nosedive of 90% to overcapacity in the container shipping industry.
“Weaker demand and lower freight rates are having a very noticeable impact on our earnings,” said Hapag-Lloyd CEO Rolf Habben Jansen.
Cathay Pacific is rebuilding its passenger network after a three-year pandemic freeze, and the network effect is greatly benefiting the freighter operation.
Containerized imports are rising seasonally, as expected. This year is on track to top pre-pandemic volumes by low single digits.
Freighter operator Western Global got in financial trouble when the overheated air cargo market cooled off last year and nearly shut down this summer before getting a financial lifeline from creditors and filing for bankruptcy.
We are now in peak season and, as all logistics data has shown, it is not going to be stellar.
DOT and MarAd are moving on a new database aimed at preventing vessel collisions.
Investors in Danaos thought they were buying a container shipping stock. Now they’re invested in dry bulk, too.
Western Global Airlines, struggling under a heavy debt load and weak market conditions, has filed for Chapter 11 bankruptcy protection in a Delaware court.
After double-digit gains since June, trans-Pacific spot rates have just surpassed contract rates, according to Xeneta data.
Sun Country Airlines had a strong quarter for cargo thanks to growth in its Amazon business.
Mediterranean Shipping Co., the largest ocean carrier in the world, is expanding its fledgling air cargo airline with an acquisition.
Despite upgrading its full-year outlook, container shipping giant Maersk no longer sees a second-half demand rebound.
Lufthansa Cargo last year was able to avoid much of the fallout from the shrinking freight market, but the bottom line is feeling the negative effects in 2023.
Asian demand for propane continues to build, as does US supply, equating to booming business for LPG tanker owners in the middle.
“The discussion of reducing the de minimis back to the $200 threshold could impact e-commerce retailers with high-value products by increasing costs,” said BoxC Logistics co-founder Chad Schofield.
Korean Air is the latest Asian airline to announce outsize declines in cargo revenue for the latest quarter.
Shipping lines are seeing higher cargo volumes and successfully integrating newly built vessels into their fleets, says Textainer’s CEO.
Requiring container ship operators to file an export policy would be too costly — and unlawful as well, carriers tell regulators.
