Sinking Shipping Industry Eyeing Mergers to Stay Afloat
The global shipping industry is in the midst of a huge downturn, with weak demand engulfing it for the past few years. Experts acknowledge that the sector’s biggest hurdle is overcapacity, but the wave...
View ArticleShipping Industry Calls for Exemption from Carbon Market Reform
The global shipping industry has urged the European Union to drop the sector's inclusion in proposals adopted Feb. 15 to reform the bloc's carbon market, saying it risks distorting trade and...
View ArticleShipping Stocks That Soared After the Election Have Now Tanked
Shortly after Donald Trump was elected president Nov. 8, the stock prices of a slew of shipping companies soared by more than 1000% on hopes that commodity prices would rise and U.S. manufacturing...
View ArticleGlobal Shipping Fleet Braces for Chaos of $60 Billion Fuel Shock
Little more than 2½ years from now, the global fleet of merchant ships will have to reduce drastically how much sulfur their engines belch into the atmosphere.Rogan Ward/Reuters
View ArticlePhilly Shipyard to Build Cargo Ships for New Shipping Line Serving Hawaii,...
Philly Shipyard announced June 8 that it will build up to four new containerships and is in “advanced discussions” to create a new cargo shipping line to provide transpacific service between the West...
View ArticleUPS Inc. to Add Holiday-Shipping Surcharge in November, December to Handle...
UPS Inc. will institute a holiday-shipping surcharge for residential delivery in much of November and December this year to help deal with the torrent of e-commerce shipping at that time of year.The...
View ArticleAmazon to Become Major Produce Shipper With Purchase of Whole Foods
With its pending purchase of the Whole Foods grocery chain, Amazon.com Inc. will become a major shipper of fresh produce, a transport market that has always been difficult and is now getting even more...
View ArticleMatson’s Earnings Increase by 33% as Hawaii Cargo Shipments Decline
Matson Inc. sailed over a shallow trough of lower Hawaii cargo shipments to produce a 33% profit gain in the second quarter largely driven by enhanced business in China and Alaska.The Honolulu-based...
View ArticleFrom Worst to Best: A Shipbuilder's Fortunes Turn Around
Yangzijiang Shipbuilding Holdings Ltd., which specializes in dry-bulk carriers, has rallied 83% in 2017 to lead the benchmark Straits Times Index. The Chinese shipbuilding firm has made a comeback...
View ArticleMaersk Says June Cyberattack Will Cost It Up to $300 Million
A.P. Moller-Maersk A/S said a cyberattack that hit the owner of the world’s biggest container shipping company at the end of June will wipe as much as $300 million off profits in the third quarter.The...
View ArticleE-Commerce Drives Global Package Shipping Volume to Rise 48% in Two Years
Global package shipping volume increased by 48% during the past two years, powered by growth in e-commerce, according to a report released last week by technology company Pitney Bowes.Package or parcel...
View ArticleAutonomous Ships Are Setting Sail in Boston
Frank Marino sat in a repurposed U.S. Coast Guard boat bobbing in Boston Harbor one morning late last month. He pointed the boat straight at a buoy several hundred yards away, while his colleague...
View ArticleShipping Companies’ Expansion in Hawaii Could Go Bust for Some
When an established maritime company announced tentative plans last month to start a new domestic shipping line in 2020 to serve Hawaii, it said such service would provide “market stability.” But...
View ArticleTrump Waives Jones Act to Speed Up Aid Shipments to Puerto Rico
President Donald Trump ordered the Jones Act to be waived for shipments to hurricane-ravaged Puerto Rico immediately at the request of Governor Ricardo Rossello, White House press secretary Sarah...
View ArticleOpinion: The 2017 Capacity Crisis: Past Lessons, Current Advice
Trucks are harder to find and more expensive than ever.In late September, FTR and Truckstop.com reported load availability was up 110% over 2016. By mid-October, DAT reported the van load-to-truck...
View ArticleShipping Billionaires are in a High Seas ‘Arms Race’
A shopping spree by two billionaires is shaking up a shipping industry still recovering from years of falling rates and overcapacity.Jacques Saade’s CMA CGM SA, the world’s third-largest container...
View ArticleSoaring Global Freight Costs Expected to Squeeze Traders, Boost Food Prices
It’s getting more expensive to transport commodities around the world, threatening to squeeze profits for global traders and raise food prices.The Baltic Dry Index, a benchmark of shipping rates,...
View ArticleShipping Costs are Surging Globally
The cost of moving pretty much every dry-bulk commodity — from fertilizer to salt to rocks — has surged since July, lifting the London-based Baltic Exchange’s main freight gauge to its highest in...
View ArticleUPS Says Deliveries Are Back to Normal After Shopping Surge
United Parcel Service Inc. says it’s gotten deliveries under control after a surge of online shopping caused some delays following Thanksgiving.Transit times are back to normal, the world’s largest...
View ArticleGreek Shipper Bets $1 Billion on Fuel Rule Upending World Trade
A Greek shipowner is predicting new rules for marine fuel will put thousands of the world’s merchant vessels out of business in the next two years, roiling global trade. In fact, he’s wagering $1.1...
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