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Nothing can stop falling trans-Pacific container rates: Analyst
Ocean container spot rates on the benchmark Far East-U.S. route have experienced a moderation in their steep declines. Since June, these rates have seen an average 53% drop, impacting destinations on the East and West coasts. The latest update from shipping consultant Xeneta reveals that the market average spot rates from the Far East to…
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CMA CGM revenue, earnings decline on China tariff fight
CMA CGM, the world’s third-largest container carrier, reported that its maritime business reached a total of $8.2 billion in the second quarter of 2024. However, this figure represents a slight decrease of 1.5% compared to the same period in 2023. The company’s earnings before interest, taxes, depreciation, and amortization (EBITDA) also experienced a decline, falling…
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CMA CGM container vessel becomes largest under U.S. flag
The U.S. Department of Transportation’s Maritime Administration (MARAD) recently celebrated a significant milestone in strengthening America’s maritime capabilities by reflagging the CMA CGM Phoenix. During a ceremony at the Port of Charleston, the 9,300-TEU neo-panamax container ship became the largest-ever U.S.-flagged vessel of its kind. Acting Administrator of MARAD, Sang Yi, emphasized the importance of…
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China could block sale of port terminals: Report
Hong Kong’s CK Hutchison is considering selling its global port facilities to U.S.-based investor BlackRock and Mediterranean Shipping Company. However, China may block this sale unless shipping company Cosco is also included, according to a Wall Street Journal report citing anonymous sources. In March, Hutchison announced its intention to sell its 80% stake in port…
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Tariff pauses ‘unlikely’ to halt tumbling trans-Pacific rates
Global shipping continues to experience significant fluctuations, primarily due to the U.S. tariff strategy involving numerous trading partners, with China remaining a major focal point. Recent developments in U.S. tariff policies have drawn considerable attention to ocean freight rates, marking a significant shift in shipping dynamics, as noted by analyst and SONAR data contributor Freightos…
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DHL appoints new chiefs for Americas divisions
German parcel and logistics giant DHL has revamped its leadership team in the Americas region, overseeing the Global Forwarding, Supply Chain, and eCommerce divisions. On Wednesday, DHL Global Forwarding informed customers that Michael Young will assume the role of CEO for the United States, effective August 1. This change comes as Robert Reiter prepares to…
EZ Freight Inc.
