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Trade Recovery Seen Keeping Asian Shipping Firms Afloat in 2010
Hong Kong. Asian container shippers, which slogged through their worst-ever year in 2009, could be headed for a smoother ride this year after a surprise upswing in volumes and freight rates propelled major routes back to profitable levels.
Restocking by retailers late last year and shipping companies taking vessels out of service to help ease oversupply have fueled freight rates.
European routes have largely returned to profit with freight rates from China to Europe rising to nearly $2,000 including fuel surcharges for a twenty foot equivalent unit (TEU) last month, versus $300, the lowest for a decade, a year ago.
Optimism that the shipping market has bottomed out lifted shares of Asian liners across the board this year with Orient Overseas (International) and South Korea?s Hanjin Shipping rising by about half.
Hong Kong. Asian container shippers, which slogged through their worst-ever year in 2009, could be headed for a smoother ride this year after a surprise upswing in volumes and freight rates propelled major routes back to profitable levels.
Restocking by retailers late last year and shipping companies taking vessels out of service to help ease oversupply have fueled freight rates.
European routes have largely returned to profit with freight rates from China to Europe rising to nearly $2,000 including fuel surcharges for a twenty foot equivalent unit (TEU) last month, versus $300, the lowest for a decade, a year ago.
Optimism that the shipping market has bottomed out lifted shares of Asian liners across the board this year with Orient Overseas (International) and South Korea?s Hanjin Shipping rising by about half.
Maersk Line Joins Vietnam Gold Rush
Large ships to use Cai Mep deepwater port for faster U.S. service
Maersk Line plans to add a direct, all water call from South Vietnam to the U.S. West Coast to its Trans-Pacific 6 service.
By starting its first direct service from Vietnam to the U.S. West Coast, the Danish carrier joins what looks like a gold rush of carriers that have been setting up direct services to the United States since last May when the harbor on the Cai Mep River was dredged deep enough to handle deep-sea vessels.
Large ships to use Cai Mep deepwater port for faster U.S. service
Maersk Line plans to add a direct, all water call from South Vietnam to the U.S. West Coast to its Trans-Pacific 6 service.
By starting its first direct service from Vietnam to the U.S. West Coast, the Danish carrier joins what looks like a gold rush of carriers that have been setting up direct services to the United States since last May when the harbor on the Cai Mep River was dredged deep enough to handle deep-sea vessels.
Maersk's new Halifax line to serve lobster trade
The world's biggest container shipper, Maersk Line, has opened a route from Halifax in Nova Scotia to Rotterdam to meet growing demand for transport of live shellfish, Maersk and its partner Aqualife said.
The world's biggest container shipper, Maersk Line, has opened a route from Halifax in Nova Scotia to Rotterdam to meet growing demand for transport of live shellfish, Maersk and its partner Aqualife said.
STOCKS NEWS EUROPE-Maersk hits 10-wk high on Singapore GDP
Shares in Danish shipping and oil group A.P. Moller-Maersk (MAERSKb.CO) rise almost 5 percent to their highest level in 10 weeks, lifted by positive economic data from Singapore, which sent an Asian rival's stock to 20-month highs.
Singapore says its economy expanded by a stronger-than-expected 13.1 percent in the first quarter of 2010 from a year earlier and the country revised up its 2010 growth forecast to between 7 and 9 percent, citing a trade flows rebound.
"The (Maersk) shares are rising because Singapore has raised its GDP forecast. That shows that things are going in the right direction. Developments in Singapore and all of Asia are important for A.P. Moller-Maersk and other container shipping lines," says Ole Jensen, head of equities at Sydbank.
Shares in Danish shipping and oil group A.P. Moller-Maersk (MAERSKb.CO) rise almost 5 percent to their highest level in 10 weeks, lifted by positive economic data from Singapore, which sent an Asian rival's stock to 20-month highs.
Singapore says its economy expanded by a stronger-than-expected 13.1 percent in the first quarter of 2010 from a year earlier and the country revised up its 2010 growth forecast to between 7 and 9 percent, citing a trade flows rebound.
"The (Maersk) shares are rising because Singapore has raised its GDP forecast. That shows that things are going in the right direction. Developments in Singapore and all of Asia are important for A.P. Moller-Maersk and other container shipping lines," says Ole Jensen, head of equities at Sydbank.
Evergreen to Order 100 New Container Ships
Negotiations to begin in May for large and small vessels
Evergreen Line, which has been very cautious about adding vessel capacity to its container fleet during the last few years, confirmed Friday that it will start negotiating orders with shipyards soon to build as many as 100 new container ships.
A U.S. spokesperson for the company confirmed media reports from Japan of comments by Evergreen Group Chairman Chang Yung-Fa that it will select the shipyards and start negotiating ship specifications, construction volumes, delivery dates, ship prices, and payment terms in May.
Chang also said that Evergreen Group recorded losses in 2009 for the first time since the company's inception.
Negotiations to begin in May for large and small vessels
Evergreen Line, which has been very cautious about adding vessel capacity to its container fleet during the last few years, confirmed Friday that it will start negotiating orders with shipyards soon to build as many as 100 new container ships.
A U.S. spokesperson for the company confirmed media reports from Japan of comments by Evergreen Group Chairman Chang Yung-Fa that it will select the shipyards and start negotiating ship specifications, construction volumes, delivery dates, ship prices, and payment terms in May.
Chang also said that Evergreen Group recorded losses in 2009 for the first time since the company's inception.
CMA CGM Ups Black Pearl Frequency
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Overcapacity to Last Years, says OOCL Chief
Container industry could take three to four years to work out of glut
OOIL Group Chairman CC Tung said Tuesday that it could take three to four years before the container industry works its way out of the glut of vessel capacity that hangs over the market.
?We are pleased to see that after a very tough year for the container shipping industry in 2009, demand seems to be recovering, albeit tentatively,? Tung said at the christening ceremony for OOCL?s latest ship on Tuesday at the Geoje Shipyard in South Korea. ?However, many uncertainties remain and the industry is still looking at a tremendous capacity overhang. It could be three to four years before the supply and demand balance reaches equilibrium.?
Container industry could take three to four years to work out of glut
OOIL Group Chairman CC Tung said Tuesday that it could take three to four years before the container industry works its way out of the glut of vessel capacity that hangs over the market.
?We are pleased to see that after a very tough year for the container shipping industry in 2009, demand seems to be recovering, albeit tentatively,? Tung said at the christening ceremony for OOCL?s latest ship on Tuesday at the Geoje Shipyard in South Korea. ?However, many uncertainties remain and the industry is still looking at a tremendous capacity overhang. It could be three to four years before the supply and demand balance reaches equilibrium.?
Box sector still fragile
20 Nisan 2010 Sal? 09:24
Container shipping is not yet out of danger, despite the recent surge in cargo volumes and rebound in freight rates that has lifted the gloom from an industry that accumulated unprecedented financial losses in 2009.
Drewry warns box sector still fragile
Container shipping is not yet out of danger, despite the recent surge in cargo volumes and rebound in freight rates that has lifted the gloom from an industry that accumulated unprecedented financial losses in 2009.
That is the message from Drewry Shipping Consultants which has added its voice to those urging caution at this stage of the fledgling recovery.
20 Nisan 2010 Sal? 09:24
Container shipping is not yet out of danger, despite the recent surge in cargo volumes and rebound in freight rates that has lifted the gloom from an industry that accumulated unprecedented financial losses in 2009.
Drewry warns box sector still fragile
Container shipping is not yet out of danger, despite the recent surge in cargo volumes and rebound in freight rates that has lifted the gloom from an industry that accumulated unprecedented financial losses in 2009.
That is the message from Drewry Shipping Consultants which has added its voice to those urging caution at this stage of the fledgling recovery.