The global shipping industry is constantly evolving, and the COVID-19 pandemic began a marked shift in how container shipping operates. Disruption caused by the pandemic has forced the industry to expand its capacity and reduce costs to remain profitable.
At the peak of the pandemic, containers essentially stopped moving. As manufacturers went into lockdown and closed factories, many of the containers used to ship those manufactured goods were left stranded at ports or storage depots, where they weren’t needed. Simultaneously, freight shippers were reducing the number of vessels in use due to the manufacturing slowdown. This limited global shipping capacity and disrupted the worldwide flow of containers and goods. As a result, some regions were left with an excess of stored containers, while other places were left with no containers at all.
As the pandemic slowed and the global economy began to rebound, labor shortages and congestion at ports have left many of these stored containers stuck where they aren’t needed. Now, instead of a shortage of shipping containers, the industry is dealing with too many. Many container storage depots are turning away new clients due to lack of space, and some shippers are even giving containers away to make room. Blank and cancelled sailings are increasing as well, as shippers decide to skip a port or cancel a trip altogether in order to manage changes in demand and capacity.
Check back here for the latest news and insights on the state of the container shipping industry. You can also visit our maritime news archive to learn more about cargo shipping, or our American Shipper archive for air cargo shipping industry news.
Companies are increasingly being asked to pay for damages to equipment, even when they are not at fault, according to a national survey conducted by TCompanies.
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New group floats alternative blockchain solution for container trade.
Intermodal services firm to boost presence in consumer goods sector with acquisition of LTL consolidator and brokerage.
SONAR’s OTVI.LAX is clearly indicating that the strength in the inbound loaded container flow out of the Long Beach/LA port is continuing and gathering momentum.
Canada’s largest railroad boosts intermodal and refrigerated service offering with acquisition of major trucking company.
Surge in low-sulfur fuel use by ships could usher in two to three year period of uncertainty in refining industry.
Assets to be acquired are still unclear, but deal could expand Ceva’s North American and Asian presence.
Crude-by-rail is big growth driver for quarter as rail remains key outlet for Canadian crude.
Extra gate capacity aims to reduce turn times for drivers.
SONAR’s Headhaul Index map and the HAUL.JOT Index are both showing that the return to growth in inbound loaded container flow first seen in the Long Beach/LA port is continuing and gathering momentum.
Will the combination of oil prices, refinery cracks and scrubber economics result in easing of fears of tight supplies? Two reports chime in.
Deal for Australian freight forwarder and customs broker to increase exposure to growing regional economy.
It started with an open nomination period, and after culling through hundreds of submissions, the FreightWaves Research Institute has announced the inaugural Freight.Tech 100 companies.
The city hopes to use its role as a landlord to help move truck traffic on to barges and to trains.
Volumes still strong in run-up to tariffs, as retailers ramp up imports.
Major drayage operator at U.S. busiest port complex looks to all-electric truck to hit emissions reduction goal.
Latest round of fuel surcharges aimed at guiding expectations on IMO 2020 costs.
UNCTAD expects volumes across all maritime segments to grow in 2018. However, it warns that trade wars can disrupt the global trading system and there is a need to assess the implications of vertical integration within the industry, addressing any potential negative effects.
Logistics company argues that it has improved conditions at warehouse one year after its purchase.
Union representing 14,500 employees says new deal aims to bring stability and peace to US docks.
Peak shipping season is just starting and experts see no let up in freight demand.
A staid and technology-averse industry is in the process of changing thanks to new entrants.
US Southeast ports to be served by bigger, more modern chassis pool.
World’s largest shipping company says over-capacity and fuel costs, not trade war, are the main issues.
Fifth largest containership company says trade anxieties could still weigh on results.
Hub Group’s earnings per share at $0.66 beat Wall Street’s consensus estimate of $0.50, but executives said that the third and fourth quarters will be even stronger, and margins will grow even against tough comps.
According to CB Insights, “the maritime shipping industry accounts for 90% of global trade and is only now beginning to leverage technology. This shift could have far-reaching impact on retailers, consumer goods companies, manufacturers, and more.” With this important industry in mind, CB Insights hosted a July 24 webinar to “explore how shipping companies and global ports are utilizing automation and blockchain technology to revolutionize the shipping industry,” taking a look at various aspects of the supply chain along the way.
