SPOT rates for shipping containers from Asia to Northern Europe fell eight per cent to US$713 per TEU in the week ending Friday, according to the Shanghai Containerised Freight Index (SCFI), IHS Media reported.
MEMBER lines of Asia Australia Discussion Agreement (AADA) have announced a US$300 per TEU and $600 per FEU (both dry and refrigerated goods) rate increase on all cargo from Hong Kong and mainland China to ports and points in Australia from September 1.
HONG Kong's Orient Overseas Container Line (OOCL) has announced that total volumes for the second quarter of year from all trades totalled 1.5 million TEU, an increase of 6.6 per cent over last year's Q2 total of 1.4 million TEU.
A Leading equity analysts has said that consolidation of the container shipping business will not return the sector to profitability, the UK's Lloyd's Loading List reported.
HYUNDAI Merchant Marine will have a new CEO in August to replace Lee Paik-hoon. The new CEO will be tasked with returning the company to profitability, overseeing its restructuring and leading the company into a new era of mega-ships and membership in the 2M Alliance.
SINGAPORE's position as Asia's leading maritime services hub is likely to be boosted in a post-Brexit environment, according to Singapore-based Ince Law Alliance, comprising Ince & Co Singapore LLP and Incisive Law LLC.
ADQANI Ports and SEZ (Special Economic Zone) aims to complete expansion of Adani International Container Terminal (AICTPL) at Mundra port in Gujarat by 2017 to create a transshipment hub for the Middle East, South Asia and India.
SEVEN global financial institutions have signed a syndicated loan facility worth AUD398 million (US$300 million) with Victoria International Container Terminal (VICT). The facility provides significant financial flexibility with long-dated tenors of seven, ten, and 16 years.