Freight Shipping News

SHIPPING INDUSTRY NEWS - 14th Feb 2013

 

Shipping consultant Drewry says freight rates will remain volatile in 2013 as carriers act to control supply-demand imbalances and market fundamentals remain weak

Against this background, Drewry forecasts a modest increase of around 2% in average east-west freight rates this year, with variations between different routes. "Contract tenders currently being finalised also indicate this degree of rate change," reads its latest Logistics Executive Briefing.

"The container shipping market remains unstable and volatile, with the risk of more shocks. Will carriers go back to controlling capacity to protect their cash flows?" it asks. "This is what happened in 2010, when capacity was slashed, freight rates ratcheted up and agreed contracts were re-opened by carriers."


Maersk Line has ordered the largest ships in its fleet to stop using their stern thrusters until investigators discover what caused a flood that left the Emma Maersk 's engine room under 18 metres of water in an incident near the Suez Canal at the weekend

Divers have spotted where water gushed into the containership, leaving it adrift in the entrance to the canal, and have sealed off an area around one of the stern thrusters that appears to be the source of the leak.

Sealing the area will make it possible to pump out the engine room gradually to minimise further damage.
The 15,550teu ship was towed into Suez Canal Container Terminal on Saturday after it lost power. There were no injuries to crew or reports of pollution .


The government of Jamaica has unveiled ambitious plans for the Caribbean island to become a global logistics hub for the Americas and to position it as a regional trading rival to Singapore

High level discussions have already started with a number of overseas investors to develop vast areas of prime real estate to handle increased volumes of air and sea cargo.

The initiative, spearheaded by the Jamaica Ministry of Industry, Investment and Commerce, would transform Jamaica into a global supply and logistics hub to rank alongside Singapore, Dubai and Rotterdam


Cargo crime in the US last year saw an average of more than two truck or container thefts every day

The latest figures from Freightwatch International report an average of 78 cargo theft incidents a month in 2012 - a rate of almost 2.6 per day. Of these incidents, 760 (80.8%) were full-truckload or container thefts and 41 (4.3%) were less-than-truckload losses.

Deceptive (fictitious) pickups, on the rise since the start of FreightWatch data, peaked in 2012 at 61 incidents (6.5%), while there were 17 thefts from a facility, with only one including any human contact with the thieves .