A United Nations report concludes U.S. consumers and Chinese exporters are the primary losers in the trade war. Taiwan, Mexico, Europe and Vietnam are net beneficiaries.
COSCO Shipping Energy Transportation (HKEX: 01138; SSE: 600026) has shrugged off U.S. sanctions on subsidiary companies to report a huge jump in revenues and a massive surge in profits.
Asia-Europe and Asia-U.S. spot freight rates jumped 12-30% last week, but can carriers hold on to the gains?
It’s an income statement of two halves for COSCO Shipping Development, which both leases container ships while also making and leasing ocean shipping boxes. Revenues fell off a cliff. But COSCO Shipping Development was able to protect its bottom line by slashing costs. Profits surged.
Transit times of 10-12 days are promised on the new service from DHL Global Forwarding.
Hong Kong Stock Exchange-listed ocean carrier Pacific Basin (HK: 2343) will issue US$175 million (approximately HK$1,371 million) of non-amortizing unsecured convertible bonds to boost its balance sheet while growing and renewing its fleet.
Logistics real estate developer ESR Cayman (HK: 01821) roared into public life on Friday when it floated on the Hong Kong Stock Exchange. It was the second-biggest IPO of the year in Asia.
Saudi Aramco, believed to be the world’s largest integrated oil and gas company, has announced it will undergo an IPO on the Saudi Arabian stock exchange.
Commerce secretary says talks on foreign automaker investment in the U.S. may again delay imposition of tariffs on imported vehicles.
Signs of the impending transition to electric vehicles continue to gather apace. The authorities in the Western Australian City of Fremantle are trialing an electric garbage truck. “So what?” a reader might reasonably say. But when the operator of the electric truck is Cleanaway, which operates 4,000 heavy vehicles across Australia, the potential fuel savings […]
Ben Thrower writes about the importance of American agriculture – not just to the U.S. population, but to the country’s trade negotiations.
Mitsui OSK Lines (MOL) recorded a major drop in revenues in the first half of its financial year as container earnings fell off a cliff and the U.S.-China trade war took its toll. But MOL was able to limit damage to operating profits.
Hong Kong-based port operator Cosco Shipping Ports (HKEX: 1199) has announced mixed results for the third quarter of 2019. Revenues were flat and profits were down. But box volumes rose. And analysts are bullish on the stock.
Platform addresses lack of delivery options in the Philippines
Ocean shipping along the coast of Oman, in the Middle East and throughout the Arabian Sea, is being disrupted by Cyclone Kyarr – the most powerful storm ever in that sea-space. However, local sources advise that shipping through a globally critical oil chokepoint, the Strait of Hormuz, is unaffected.
Hutchison Port Holdings Trust (SGX: NS8U), a Singapore Stock Exchange-listed container terminal operator active in Hong Kong and mainland China, has reported a small decline in unaudited revenues for the nine months to September. That led to a 5% fall in profit after tax.
Hong Kong Stock Exchange-listed ocean container carrier SITC (HKEX: 01308) has reported increases in its unaudited third-quarter results despite a global trade slowdown and the China-U.S. trade war. SITC’s container revenues and volumes have both increased.
Fewer cargoes, lower freight rates, higher fuel costs and the consequences of operating a smaller fleet during a time of a slowdown in world trade has led intra-Asia specialist, Samudera Shipping (SGX: S56 / SAMU.SI), to report a net loss for the third quarter of the year.
Read what Ted Stevens Anchorage International Airport is doing to stay relevant and its importance to U.S.-international trade.
Poor navigation and poor “bridge resource management” were the cause of the Maersk container ship, the Leda Maersk, running aground in a New Zealand harbor channel during fair weather.
Growing source of U.S. containerized goods imposes navigation restrictions due to sunken boxship.
Struggling flag carrier seeks to offload strategic stake
Engines in Australian trucks may have been modified to allow them to break speed limits. Australian police have been reading premises across the country. In other Down Under News: APE eats up AHG; new boss for Orcoda; mobile phone driving surveillance laws; broken bridges; accident black spots; corporate debt.
South Korea-based ocean box shipping line Hyundai Merchant Marine (KRX: 011200) has revealed plans to issue a 660 billion Korean won (US$562.4 million) convertible bond. It’s a bold move for a company that’s already carrying KrW4.1 trillion (US$3.49 billion) of debt. One analyst has described the company as having a “horrible balance sheet”.
Container ship lessor says charter rates on larger vessels is improving as supply falls.
Broadford Global has made a mandatory unconditional offer for all the H shares in the dual-listed Dalian Port Co. (HKEX: 2880 and SSE: 601880) of Liaoning Province, China.
Battery Council International, which represents U.S. lead acid battery manufacturers, praised the removal of the potentially unsafe products from the supply chain.
Aggressive action by Indonesia’s marine police is putting pressure on Southeast Asian pirates and the number of local attacks is falling, the crime-fighting International Maritime Bureau has reported.
The Wise Honest illegally transported coal on behalf of the North Korean regime from November 2016 to April 2018.
Freight flows in and out of Japan may again be disrupted owing to the presence of ex-Typhoon Neoguri, located to the south east of Osaka, which is dumping huge amounts of rain onto a waterlogged Japan. Meanwhile, out in the far reaches of the Philippine Sea, near the Guam island group, Typhoon Bualoi is also lining up to threaten Japan.
Chow Chi-yeung (42), a former logistics supervisor with cross-border trucking services company Extrans International of Hong Kong, has been charged with fraud.
Nearly all maritime kidnappings and hostage-takings in the nine months to the end of September this year took place in or near the Gulf of Guinea, said global maritime piracy watchdog the International Maritime Bureau (IMB).
The last couple of days took a dramatic turn with U.S. short seller J Capital making explosive allegations that global logistics software behemoth, WiseTech – a A$9 billion (US$6.2 billion) company, has been seriously misleading investors. WiseTech has robustly denied these claims. In other news: CTI Logistics annual results; truck rest stops “desperately needed”.
Japan’s freight industry is set for a downturn on the back of declining economies in the U.S., China and the Eurozone, new research reveals.
The Hong Kong Human Right Rights and Democracy Act, which unanimously passed the House of Representatives on Oct. 15, puts pressure on Hong Kong to uphold U.S. export controls.
A boost to demand from higher commodity volumes and a reduction in supply owing to IMO 2020 low sulfur fuel regulations are giving a boost to the international dry bulk freight markets, says Hong Kong ship operator Pacific Basin (HKEX: 2343).
September saw China record its lowest monthly export growth to the U.S. since 1996 as the trade war inflicted more damage.
European shippers have joined with leading container line analyst Drewry to bring order to the “who pays what” implementation of IMO low-sulfur fuels.
Although Super Typhoon Hagibis has caused catastrophic floods, mudslides and at least 68 tragic deaths in Japan, FreightWaves understands from local sources that Tokyo’s critical freight infrastructure – seaports and airports – are undamaged. Japan’s wider logistics network is suffering from a miscellany of damage such as flooding.
Maritime carriers are leaving up to US$110 on the table every time they carry a box, according to research from startup MizzenIT. And that means ocean carriers could be missing out on hundreds of millions of dollars a year simply by not charging the right price.
Saudi Arabia eyes multi-billion dollar logistics project; a pot warehouse in ruin; China logistics activity rebounds
Asia-Europe demand has been strong for much of the year, but spot rates have tumbled as some lines have cut rates. With demand weakening, carriers are poorly placed ahead of annual contract negotiations, says Drewry.
Freight volumes in and out of Japan’s busiest port, the Port of Tokyo, have declined in the first six months of 2019 compared to the first six months of 2018, new comprehensive data shows.
An influx of new container ships has hiked the average size of vessels deployed on the trans-Pacific and Asia-Europe trades, reports Alphaliner.
It has been a dramatic week in Australian trucking: strip club bus-truck crash; nine months of jail; massive infrastructure works; trucker death; call for mandatory brakes; beer crates. And more!
“Finally, a ray of hope for the U.S.-China trade relationship,” said Myron Brilliant, U.S. Chamber of Commerce’s head of international affairs.
Global parcel activity will hit 200 billion a year by 2025, Pitney Bowes report predicts
Asian merchant shipping and major drinks manufacturers are responsible for an increase in the amount of plastic bottles found in the world’s oceans.
Körber Logistics, the investment and logistics arm of tech conglomerate Körber of Hamburg, Germany, has acquired a majority stake in the warehouse autonomous logistics robot installer and consultancy Cohesio.
The Chinese city of Yiwu has announced a new freight train route to Belgium’s Liege, with trains expected to finish the journey in about 20 days.
Maersk expects ample supplies of low-sulfur fuels to be available in most ports, but warns shippers to expect higher costs.
Drewry expects service levels to be cut by lines if shippers prove unwilling to foot the bill for mandatory low-sulfur fuels.
Break bulk is a shrinking market. Pure-play break bulk operators are being squeezed as governments and seaport operators boost local infrastructure. Meanwhile non pure play competitors simultaneously try to grab market share.
Break bulk is in a state of change… and experts are forecasting a shrinking of the world fleet and a possible winnowing out of players.
In this week’s Down Under Trucking – death by reckless driving; hill driving; trucker fired; police shoot tow truck thief; logistics industry urges government to ramp up!
The transfer of production out of China to avoid U.S. tariffs of up to 25% is having a tangible impact on global trade flows.
The introduction of new low-sulfur fuels, bearish demand and increased blanked sailings will bring more volatility to box markets in the coming months, says MSI.
From Oct. 1 new low-sulfur fuel charges are being levied by some container lines with more to follow through Q4. Use of the fuels is not mandatory until January 1, 2020.
Export and import volumes falling well below earlier estimates as economy slows and trade tensions rise.
Japanese shipping giant NYK has taken a big step into the future as it has revealed the successful trial of a “Maritime Autonomous Surface Ship”, which it claims as a world-first.
Rod Sims, the chairman of the Australian Competition and Consumer Commission, has barked at the many monopolists inhabiting Australia, including the world’s biggest coal export port, the Port of Newcastle.
Hong Kong-based 300cubits is suspending its platform after it failed to generate sustained interest within the maritime logistics space due to issues with interoperability and government regulations.
Northern Asia is again in the cross-hairs of an extreme weather event as Typhoon Mitag bears down on some of the busiest box ports in the world.
A massive explosion aboard a chemical tanker blew a fireball and mushroom cloud into the sky over the weekend at the Port of Ulsan, South Korea. Local reports indicate that about 18 people were injured primarily from burns and smoke inhalation. One ship has likely been rendered inoperable and another has sustained heavy damage.
Australian logistics continues to be dangerous for workers: a man was tragically crushed to death last week. In corporate Australia, companies are winning contracts. Meanwhile, trucks might get bigger in Australia, following an official recommendation.
Air and ground express firm DHL Express announced September 27 a 5.9% general rate increase on shipments moving to and from the U.S., effective January 1, 2020. The increases are for tariff, or published, rates. Contract rates will differ depending on the specific customer. However, contract pricing in the express delivery business is influenced by […]
U.S. trucking operators, heed this warning from Asia. Maritime experts say that after the IMO 2020 deadline, fuel availability will be uncertain, scrubbers won’t work, stockpiles will “evaporate” and fuel prices will “go through the roof”.
Small tariff increase fails to excite demand as rates reach 2-year lows.
Countries around the world are aligning their corporate insolvency regimes with the U.S. system. Lawyers say alignment will benefit the international ocean shipping industry.
Flexport’s head of airfreight believes a small bump in demand out of Asia could result from new U.S. tariffs, while higher fuel prices will push up air cargo costs.
The $42.3 million bust is the latest in a string of global maritime drug seizures at sea and in ports.
Truck driver Terry Damon will receive a total of A$1.7 million (US$1.15 million) of compensation from his employer, a shipper and a consignee, after they collectively caused him to suffer a severe injury to his back.
France, Germany float proposal that would increase USPS charges for handling foreign mail, keep US in UPU
In a wide-ranging speech, the deputy director-general of the WTO, Alan Wolff, sets out the challenges and issues for the body. But he’s generally optimistic on the future of world trade.
After several days of dithering in the Philippine Sea, tropical storm Tapah (also called Nimfa) has transformed into a typhoon. It has also started accelerating towards southern Japan and Korea.
According to an MSI analyst, a key mainline container trade hardly bumped this summer – and the forward outlook for carriers is less than upbeat.
In wake of poor q1 results and a massive decline in share price, questions arise as to whether FedEx’s issues are cyclical or structural
MOL continues its foray into experimenting with LNG with an innovative LNG-powered tugboat; meanwhile, MOL’s LNG-bunkering business signs deals around the world.
FedEx posts lousy fiscal q1 results but insists that the long-term outlook remains bright
Australia is linking its interior to its coasts and its export markets by building a giant railway to the main seaports. But someone forgot to link the railway to the northern port.
Ship operators who engaged in “reprehensible,” “dishonest and predatory” behavior by forcing crew to work without pay get their ships banned from Australia.
DP DHL open s innovation center for Americas, the third center in its global network
Japanese ship owners have called — very, very politely — upon the Panama Canal Authority to give greater consideration to the shipping industry when hiking canal tolls.
German air carrier set to lift ban by next week.
In Australia this week: new truck sales this year in Australia are slumping when compared to last year; transport company PAGE buys Allalong to exploit the Sydney to Tasmania freight market; seaport says millions of truck movements can be eliminated; electric truck is donated to charity; stink-trunk gets un-sunk.
Tokyo-based ocean ship classification society ClassNK is boosting its cybersecurity capabilities by setting up a cross-sectional team of marine and security experts.
Yantai Port in northern China and the Brazilian miner Vale have signed a so-called strategic cooperation framework to promote the sale of Vale’s iron ore. It is the second such deal for Vale in recent months.
Larger ships now calling as liner services have to reach Southeast Asia ports for East Coast discharge.
Henry Byers writes about the latest twists and turns in the U.S.-China trade war.
China‘s largest freight forwarder will use WebCargo platform to bring rates and capacity online.
Humans are helping e-tailers lower logistics costs; logistics newbies, meet the seasoned pros
Canada Pension Plan Investment Board secures board seat in deal with the Indian third-party logistics provider.
Carnage on Australia’s roads continues as yet more truckers, passengers and vehicle drivers die. Meth-consuming, engine-tampering trucker caught. Pooper-scooper set up to salvage stink-truck. Drivers need to be thought about when designing vehicles, trade body says.
The Tasmanian airport is gearing up to become a cargo hub.
The air cargo-handling arm of financially troubled Chinese conglomerate HNA Group refinanced corporate debt in August.
Pilot eLCV projects are planned in the U.S. next year with local production a long-term aim.
At least 15 scheduled sailings from Asia are being temporarily culled due to the Chinese national holiday.
Forwarders and ocean carriers are betting a major holiday in Asia and seasonal inventory building at U.S. retailers will provide a boost to container shipping rates. Despite the short-term bump, one outlook for 2019 suggests the container shipping industry will remain challenged. Spot rates on one of the busiest ocean trade lanes for moving containerized […]
U.D. Trucks, the Japanese unit of Swedish truck maker AB Volvo. conducted the first test of an Level 4 autonomous truck in the island nation. The test run at a sugar processing facility in Hokkaido prefecture is partially aimed at addressing a shortage of truck drivers worsened by an aging population.
China has begun probe into charges FedEx handled restricted knives bound for Hong Kong
