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Greg Miller

Greg Miller covers maritime for FreightWaves and American Shipper. After graduating Cornell University, he fled upstate New York's harsh winters for the island of St. Thomas, where he rose to editor-in-chief of the Virgin Islands Business Journal. In the aftermath of Hurricane Marilyn, he moved to New York City, where he served as senior editor of Cruise Industry News. He then spent 15 years at the shipping magazine Fairplay in various senior roles, including managing editor. He currently resides in Manhattan with his wife and two Shih Tzus.
Mar - 2021 -
23 March
Greg Miller

Could America’s historic import crunch get even worse?

California’s container-ship traffic jam is slightly less jammed but import pressure remains high. One analyst warns the worst may be yet to come.

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22 March
Greg Miller

ZIM: US importers buckle, sign contracts early, pay 50% more

Ocean carrier ZIM just released record results and confirmed huge gains for contract rates. So why did its stock sink?

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Greg Miller

Inside the now-booming business of building container ships

Newbuild-to-fleet ratio now 15.3%, up from 9.4% in mid-2020. But orders are not high enough yet to wave red flags.

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16 March
Greg Miller

Deutsche Bank on import bonanza: ‘You ain’t seen nothing yet’

Deutsche Bank’s Amit Mehrotra on how long import surge could last and upside potential for container, dry bulk and tanker stocks.

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14 March
Greg Miller

Minus $7,400 a day? How can shipping rates fall below zero?

Tanker and bulker spot rates can go sub zero — some tanker rates are there now. What do the negative numbers really mean?

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12 March
Greg Miller

Full steam ahead for Wall Street’s shipping stocks

Container, dry bulk and tanker stocks push forward. Biggest winner since mid-2020: Danaos, up (this is not a typo) 1,202%.

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10 March
Greg Miller

America’s container-shipping gridlock: California vs. Georgia

Anchorages are filling up with ships off multiple ports — not just California’s. Yet the reasons behind the traffic jams are not always the same.

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08 March
Greg Miller

California port pileup leaves old records in the dust

How does California congestion rank versus 2015 logjam caused by tensions with dockworkers union? It’s not even close: 2021 wins by a long shot.

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05 March
Greg Miller

OPEC+ deal shocker will prolong bloodletting for crude tankers

Analysts tally tanker fallout after OPEC+ stuns market with decision to hold the line of production cuts.

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03 March
Greg Miller

What new boom in vessel sales means to shipping stocks

If ocean freight rates have legs, analysts see much more room for the secondhand ship values to run — which should, in turn, boost stocks.

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Greg Miller

GSCW chat recap: Ocean carriers wrest market power from shippers

Today’s container market chaos underscores the need for enforceable ocean contracts as opposed to loose agreements, argues consultant Tom Craig.

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02 March
Greg Miller

Is dry bulk shipping’s strange Q1 a sign of strength to come?

The bosses of public dry bulk shipping companies claim that recent market oddities point to good times ahead.

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Greg Miller

GSCW chat recap: Big year ahead for maritime tech startups

Evan Efstathiou discusses why VCs are looking to invest more in maritime just as shipowners are looking to partner more with startups.

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Feb - 2021 -
25 February
Greg Miller

Ocean carriers hold all the cards in contract talks with shippers

It’s not just small and midsized importers that face massive contract rate hikes. Even the biggest shippers will feel the pain.

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22 February
Greg Miller

Another one bites the dust: LNG shipping’s GasLog to delist

One of the largest players in public LNG shipping, GasLog Ltd., plans to give up its NYSE listing. Will more shipowners opt to go private?

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19 February
Greg Miller

All eyes turn to timing of tanker rate resurrection

Crude and product tanker rates are bouncing along the bottom. As one analyst put it, “There’s only one way to go from here.”

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17 February
Greg Miller

Chinese factories won’t build enough boxes to save US shippers

Cargo shippers hamstrung by the global container shortage should not expect a box building spree in China to come to their rescue.

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16 February
Greg Miller

Shipping stocks are suddenly revving up across the board

It’s not just container stocks rising. Shipping stocks are up for everything from bulkers to tankers to gas carriers.

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Greg Miller

Shipping tech startups: ‘Amazing’ valuations, ‘huge surge’ in interest

More venture capital flowing to maritime tech startups – and more shipping companies giving those startups a trial run.

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11 February
Greg Miller

New video shows massive scope of California box-ship traffic jam

Here’s a helicopter view courtesy of U.S. Coast Guard of container-ship armada off Los Angeles and Long Beach (WITH VIDEO).

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Greg Miller

Shares of ocean carrier ZIM jump 64% after ‘abysmal’ debut

ZIM, newest Wall Street shipping entrant, is riding wave of record-high freight rates. Shares fully recovered from rocky start.

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10 February
Greg Miller

Container giant Maersk sees no letup yet in COVID-fueled cargo boom

Maersk, the world’s largest container carrier, just reported record quarterly results. And its next quarter looks even better.

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05 February
Greg Miller

Crude tankers stuck in ‘rate hell’ but floating-storage pain wanes

Long grind ahead for crude tankers: Executives and analysts don’t see recovery until second half — if not later.

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03 February
Greg Miller

War of words escalates as exporters scramble for scarce containers

California calls on feds to protect exporters. Shipping groups claim California export cure will worsen congestion — including for importers.

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02 February
Greg Miller

Importers face massive hike in ocean contract costs

Container lines score huge negotiating advantage as spot-rate surge set to persist through annual contract season.

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Jan - 2021 -
29 January
Greg Miller

Shipping’s Wall Street saga: Rags to riches to rags to occasional riches

ZIM just completed the first U.S. shipping IPO in over five years. Here’s a look back at shipping’s wild multidecade ride on Wall Street.

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27 January
Greg Miller

Trans-Pacific trade crashes into max-capacity ceiling

Asia-U.S. liner sailings are now being canceled because too many container ships are stuck at anchor off California.

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25 January
Greg Miller

Crew in the crosshairs: Piracy, kidnappings, stranded by COVID

In Africa, one seafarer is dead and 15 have been kidnapped. Worldwide, more seafarers are being barred from travel as COVID fears rise.

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21 January
Greg Miller

COVID outbreak could cripple California container ports

Nearly 700 dockworkers in California have COVID. Hundreds more are out due to quarantines. Pleas for fast-track vaccinations intensify.

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20 January
Greg Miller

Ocean carrier ZIM fast-tracks IPO, targets $2 billion valuation

Ocean carrier ZIM has hiked its fleet capacity with new charters and is planning to price its New York IPO next week.

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19 January
Greg Miller

Dry bulk shipping revs up after ‘extraordinarily bad decade’

This has been the best January for dry bulk shipping rates in a decade. Is this the long-awaited turning point or yet another head fake?

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17 January
Greg Miller

Data reveals unprecedented nature of US import surge

Asia-West Coast spot rates are up 173% year on year. Rail and trucking volumes from ports are up double digits.

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15 January
Greg Miller

Ship fuel prices jump, spread widens. ‘Scrubber’ revival nigh?

Higher fuel prices are bad news for box shippers. Higher fuel spreads are good news for owners with scrubber-fitted fleets.

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13 January
Greg Miller

Inside California’s colossal container-ship traffic jam

There are more container ships stuck off California than at any time since 2004. What’s behind the pileup? When can it be cleared?

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11 January
Greg Miller

New world record set for shipping rates: $350,000 per day

An LNG ship is now earning more than any other vessel in history. Extreme weather in Asia has propelled LNG rates into the stratosphere.

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Greg Miller

Don’t expect rate relief from container-ship order spike

Even after a wave of just-ordered container ships is delivered by yards, cargo shippers are unlikely to see lower freight rates.

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07 January
Greg Miller

‘Blue wave’ stimulus could spur import surge on top of surge

A Biden administration teamed with a Democratic Congress should lead to even more stimulus, a recipe for even more container imports.

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06 January
Greg Miller

Tanker recovery still distant prospect after Saudi surprise

How surprise Saudi production cuts and escalating Mideast tensions could impact timing of crude-tanker rate recovery.

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05 January
Greg Miller

Liners highly unlikely to slash service for Chinese New Year

Like clockwork, liner operators sharply reduce their sailings each year during the Chinese New Year holiday. Not in 2021.

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03 January
Greg Miller

Container line ZIM goes to Wall Street: Will IPO stars align?

Successful IPO by ZIM would offer investors direct exposure to trans-Pacific freight-rate craziness, but not without risks from debt load.

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Dec - 2020 -
29 December
Greg Miller

Trans-Pacific shipping rates just popped to new all-time high

Asia-U.S. container rates had held firm at a record high since September. Now they’re on the move again — and headed even higher.

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Greg Miller

Top stories of 2020: Inside ocean shipping’s wild ride

A look back at 2020’s shipping roller coaster: how container sector emerged as ‘surprise rock star’ and tankers peaked early, then plunged.

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22 December
Greg Miller

Shipping IPO prospects slim as capital-market access plunges

Chances slim for 2021 shipping equity offerings, but a container-liner IPO prospect remains on the table.

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21 December
Greg Miller

Container shipping 2021: Hangover or party on?

Container imports far exceed sales, raising concerns that 2020’s transport binge could lead to a big headache in 2021.

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17 December
Greg Miller

Container ships suffer record delays as demand spikes

Will your cargo ship arrive on time? Globally, the chances are now 50-50. In the Asia-U.S. container trade, it’s less than one in three.

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16 December
Greg Miller

Container ports are booming — and not just on West Coast

Container flows into U.S. ports have grown faster over the past three months than they have at any other time in the past decade.

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15 December
Greg Miller

Liner capacity control and the future of container shipping

Ocean carriers toed the line on capacity control in 2020. What does this new normal mean to shippers, yards and leasing companies?

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11 December
Greg Miller

LPG shipping rates hit 5-year high, topping $100,000 a day

It’s not just container shipping that’s rolling in profits. LPG tanker rates are hitting new highs on Asian demand for U.S. propane.

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09 December
Greg Miller

Q&A: Flexport on 2021, container crunch and liner pricing coup

The trans-Pacific surge will persist through Q1 and January could see all-time-high container volumes, predicts Flexport’s Nerijus Poskus.

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08 December
Greg Miller

The mystery of the frozen trans-Pacific spot rates

Trans-Pacific spot index rates haven’t budged from the same peak band for the past 10 weeks. How is this possible in a competitive free market?

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06 December
Greg Miller

Q3 stock recap: Ocean shipping’s winners and losers

Container shipping stocks are back to pre-COVID levels whereas many tanker and bulker stocks are down by double-digits year-to-date.

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04 December
Greg Miller

Trans-Pacific boom likely to last until March or longer (with video)

There will be no letup in booming container imports in 2020. The only question now is how long it lasts into 2021.

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03 December
Greg Miller

Bulk booze by sea: Shipping wine in the time of COVID

The pandemic is driving people to drink more. Bulk ocean shipments of wine in flexitanks are up 30% this year.

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01 December
Greg Miller

How the Panama Canal traffic jam is affecting ocean shipping

Panama Canal congestion is not impeding transits of container ships but it is pumping up spot rates for LNG and LPG carriers.

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Greg Miller

Wall Street’s incredible shrinking shipping stocks

The total market capitalization of U.S.-listed ocean shipping stocks has plunged 34% in 2020, but there are reasons for hope in 2021.

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Nov - 2020 -
25 November
Greg Miller

Frontline’s disappearing dividend ‘speaks volumes’ on tanker fears

Worries mount for crude tankers: dividend cuts, the pandemic, a stubborn floating-storage hangover … and now newbuild chatter.

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24 November
Greg Miller

Ag export equation: Bulk surge, box squeeze, ‘reefer madness’

Bulk soybean and corn exports are way up, but containerized ag exports are waylaid by equipment shortfalls and Chinese inspections.

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23 November
Greg Miller

CMA CGM’s third-quarter profits jump 1,160%

Mirroring bullish comments by Maersk and Hapag-Lloyd, container line CMA CGM reports a strengthening market in the fourth quarter.

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19 November
Greg Miller

COVID lockdown sequel threatens shipping demand

As COVID hospitalizations surge and business restrictions mount, could U.S. importers be overshooting the mark?

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18 November
Greg Miller

Maersk Q3 profits surge — and Q4 looks even better

Maersk confirms that cargo demand looks strong through year-end, bucking the usual seasonal trend.

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16 November
Greg Miller

Tanker shipping at risk of rare winter hibernation

“Winter is Coming” is a warning in House Stark and usually a blessing for tankers. But there’s nothing usual about 2020.

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13 November
Greg Miller

Hapag-Lloyd: Box boom, capacity crunch may last into 2021

Hapag-Lloyd sees strength until “at least Chinese New Year” and a challenge to “get containers where they need to be.”

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11 November
Greg Miller

Containers are ‘the new gold’ amid ‘black swan’ box squeeze

There are not enough containers in China to handle all the U.S.-bound cargo — and box factories are now sold out into Q2.

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09 November
Greg Miller

How vaccine and Biden victory will impact shipping

The one-two punch of the Pfizer vaccine and Joe Biden’s victory will affect container and tanker shipping in multiple ways.

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06 November
Greg Miller

LA box signal spikes and charter rates go ‘through the roof’

The trans-Pacific capacity crunch continues. Container volume that’s either inbound to Los Angeles or stuck at anchorage is surging.

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05 November
Greg Miller

Crude vs. product tanker debate: Advantage product tankers?

Euronav exec curses crude-tanker market (literally). Scorpio exec pitches product-tanker promise and throws shade at crude side.

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04 November
Greg Miller

2016 vote sparked fireworks for shipping stocks. Repeat in 2020?

A look back at the days after the 2016 presidential election and the strange case of “The Donald Trump Shipping Stock Boom.”

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03 November
Greg Miller

Matson offers inside glimpse of trans-Pacific pandemonium

U.S.-listed carrier reveals the latest on trans-Pacific holiday rush, restocking, e-commerce spike and port congestion.

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02 November
Greg Miller

LNG shipping rates just hit $125,000 per day

Positive COVID recovery signal: LNG shipping is behaving normally again, with a typical seasonal spike.

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Oct - 2020 -
28 October
Greg Miller

Holiday ‘shipageddon’ update: Container sector scrambling

The trans-Pacific market is bursting at the seams as shippers rush in holiday cargoes.

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27 October
Greg Miller

Shipping climate clash: What it means to bottom lines

What happens next at the IMO will affect oceangoing ship capacity — and freight rates — for decades to come.

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25 October
Greg Miller

Mounting evidence that container spike could last into 2021

More recovery signals: container lease pricing up over 50% versus second quarter, new container prices up 40% year-to-date.

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21 October
Greg Miller

Why crude-tanker collapse could be long and painful

New Kpler data reveals slow pace of floating-storage unwind and steady fall in crude-tanker utilization.

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19 October
Greg Miller

Container slots sell out, risking holiday ‘shipageddon’

On a collision course: holiday timing, surging consumer demand, thin inventories, and capacity constraints for container liners and ports.

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16 October
Greg Miller

‘Exit Strategy’: Clock is ticking for swashbuckling shipowners

Sequel to “The Shipping Man” asks whether ESG will kill the old-school style of traditional shipowners.

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15 October
Greg Miller

How Panama Canal navigated COVID, drought and trade war

Cargo mix and larger locks kept Panama Canal volumes rising despite headwinds.

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14 October
Greg Miller

Trump vs. Biden: How the winner could affect ocean shipping

A “blue sweep” win for Democrats could be good for container ships, bad for tankers.

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09 October
Greg Miller

Get ready for blowout Q3 results in container shipping

Listed carriers are poised to post stellar third-quarter numbers on higher rates and volumes.

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08 October
Greg Miller

Can green shipping scheme lick ‘herding cats’ dilemma?

Banks, charterers, shipowners and governments want to clean up ocean transport. Not necessarily in the same way.

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06 October
Greg Miller

New ship orders sink as fear of future economic crisis grows

Shipping CEOs see an increasing risk of a global economic crisis in the decade ahead.

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05 October
Greg Miller

Dry bulk shipping rates have just hit a new 2020 high

Another key bellwether — the cost of dry bulk freight — is pointing to an economic recovery.

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01 October
Greg Miller

NYSHEX, carriers push for more binding ocean shipping contracts

As NYSHEX expands and Maersk Spot nears U.S. approval, ocean transport contracts could become more binding.

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Sep - 2020 -
25 September
Greg Miller

How IMO 2020 turned into the Y2K of ocean shipping

Marine fuel prices are down 30% year-on-year despite the IMO 2020 regulation.

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23 September
Greg Miller

Container rates are on fire. How can you invest in that?

Analysts point to upside prospects for container-ship stocks as charter rates rebound.

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21 September
Greg Miller

COVID fears pummel already battered shipping stocks

Ocean shipping stocks remain mired in a sea of red. A bad year is getting worse.

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17 September
Greg Miller

Red-hot ocean rates could spark government intervention

China could decide enough is enough if trans-Pacific rates rise too high.

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14 September
Greg Miller

Tanker market is awash (again) in floating storage chatter

Amid talk of more floating storage, Kpler data reveals most of round-one storage volume is still on the water.

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11 September
Greg Miller

Legal vise tightens on MSC container-ship cocaine gang

As prosecutors rack up guilty pleas in 2019 case, more coke crosses via ship from South America to Europe in 2020.

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09 September
Greg Miller

Container rate records are shattered as US imports surge

U.S. importers now paying three times more per mile than Europeans for transport of Chinese goods.

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08 September
Greg Miller

Shipping suffers wave of spills, fires, collisions and lives lost

After decades of safety improvements, a deadly stretch of casualties for ocean shipping.

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04 September
Greg Miller

CMA CGM posts strong Q2 profits, predicts even stronger Q3

CMA CGM bonds that traded at 55 cents on the dollar in March are now trading near par.

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03 September
Greg Miller

Supertanker spot rates are crashing down to ‘opex’ levels

Crude-tanker rates on the benchmark Middle East-Asia run are now deep in the red.

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Greg Miller

Disaster fallout: How global shocks are reshaping trade

McKinsey warns that global shocks will become more frequent and shippers must improve the resiliency of their supply chains.

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01 September
Greg Miller

Why Maersk axed Safmarine and Damco — and what’s next

Layoffs loom. Maersk maintains changes are not about cutting costs amid COVID, but about improving service.

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Aug - 2020 -
25 August
19 August
Greg Miller

World’s largest container line triples profits despite COVID

New normal for container shipping: active capacity management and digital spot bookings.

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17 August
Greg Miller

Q&A: COVID, the rise of China, and the future of ocean shipping

COVID-19 could ignite geopolitical clashes and cause “meltdown” in U.S. consumer demand.

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