Gary G Burrows
Ocean freight shipping rates are expected to increase further in February amid the ongoing Red Sea crisis, according to data from Xeneta, the ocean freight rate benchmarking platform.However, there are signs that rates could begin to fall again following the Lunar New Year peak, the Oslo, Norway-based company said.Xeneta’s projections are based on rates already received from customers for the first week in February. The company notes that, while the ...
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Singapore-based shipping line Ocean Network Express, or ONE, reported a sharp downturn in revenue, earnings and profit for the most recent quarter.The shipping line saw a third-quarter loss of US$83 million, a significant decrease from the year-earlier quarter’s profit of US$2.79 billion. Revenue fell 46 percent to US$3.36 billion, halving ...
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Liner carrier Hapag-Lloyd, which recently announced the Gemini Cooperative with A.P. Moller - Maersk, reported a significant decrease in earnings in its 2023 financial year.Group EBITDA was US$4.8 billion, compared with US$19.4 billion for fiscal 2022, which the company attributed to lower freight rates due to the normalization of global ...
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Global freight forwarder DSV reported changes to its executive board and group executive committee, as part of its long-term succession planning.Jens H. Lund, current group COO and vice CEO of DSV A/S, has assumed the role of group CEO, while Jens Bjørn Andersen steps down after more than 15 years ...
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The U.S. Department of Transportation said it will distribute more than US$728 million for 37 projects that aim to bolster the nation’s freight infrastructure.The funds are available under the Bipartisan Infrastructure Law’s Mega Program and the Infrastructure for Rebuilding America Grant Program.The Mega Program, known as the National Infrastructure Project ...
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Cargotec’s Board of Directors have approved a demerger plan, announced in April 2023, for all assets, debts and liabilities related to the Kalmar business.Cargotec’s board said separating the entities “could unlock shareholder value by allowing both businesses to pursue sustainable profitable growth opportunities independently.”Kalmar is a provider of container handling ...
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The Port of New Orleans Board of Commissioners voted Jan. 18 to expedite the St. Bernard Transportation Corridor, a roadway for St. Bernard Parish that will connect the new US$1.8 billion Louisiana International Terminal (LIT) to the interstate system.The board authorized Port NOLA President and CEO Brandy Christian to enter ...
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The Port of New Orleans said it has been awarded a federal grant for an additional US$226.2 million towards the building of the Louisiana International Terminal, or LIT.The U.S. Department of Transportation awarded the funding through the competitive grant program for Infrastructure for Rebuilding America (NFRA) discretionary grant program, part ...
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Despite a strong December, container volumes handled at Port Houston in 2023 fell 4 percent to 3.8 million TEUs, short of the port’s record-setting year in 2022.The decrease was attributed to a large drop in empty repositioning volumes, the port said, while its strong exports “insulated” it from further decreases.Executive ...
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A.P. Moller Maersk held a naming ceremony for the Ane Maersk, the world’s first large methanol-enabled container vessel, at the HD Hyundai Heavy Industries shipyard in Ulsan, South Korea.The Ane Maersk is the first of 18 large-methanol-enabled Maersk vessels to be delivered through 2025. It is the second methanol-enabled vessel. ...
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