|This week’s articles:
17th –Marine Day (Japan)
|COSCO to Buy OOCL
Last week, COSCO Shipping Holdings offered to buy Orient Overseas Container Line (OOCL) for $6.3 billion, marking a new chapter in the industry’s ongoing carrier consolidation. Pending regulatory approval, the entity would have more than 400 vessels with capacity exceeding 2.9 million TEUs (Twenty-Foot Equivalent Units). Click here to read more.
Record Summer Projected for Imports
According to the latest Global Port Tracker report, container imports at major U.S. retail gateways are expected to reach record highs this summer. Import volumes at ports measured by the Global Port Tracker are expected to expand 5.1 percent in July and 2.2 percent in August. Click here to read more.
Shipment Delays Due to Fires in British Columbia
The Canadian province of British Columbia is currently under a state of emergency due to wildfires. Please note that shipments transiting western Canada could be delayed because of the fires. Click here to read more
Idle Vessel Fleet Shrinks
According to Drewry Shipping Consultants, the idle containership fleet has decreased from 1.7 TEUs (Twenty-Foot Equivalent Units) in November of 2016 to 474,000 TEUs in June of 2017. Drewry attributed the Hanjin Shipping fallout as a key reason for the decline. Many units that were idled in the aftermath of the Hanjin bankruptcy have since been scrapped or picked up by new owners and operators.
Long Beach Records Second-Best June
During the month of June, the Port of Long Beach handled 658,727 TEUs (Twenty-Foot Equivalent Units), making it the port’s second-best June in history. For the quarter, the port stated that total cargo throughput increased more than eight percent.
Air Freight Surges at London Heathrow
Air cargo traffic at London Heathrow soared 13.4 percent year-over-year during the month of June. As Europe’s fourth-largest air cargo hub, it handled 142,349 tons. North America remained as Heathrow’s top market with volumes up 15.8 percent compared to 2016. Click here to read more.