While the sea rates are high, the railway industry strives for growth in its full span.
A significant increase in freight rates facing the industry worldwide has brought crucial consequences for lower-value commodities such as furniture and large electrical and electronic appliances that are becoming priced out of the main intercontinental freight markets. The assembled furniture is the worst hit with the freight rate now accounts for up to 62% of the retail value of the goods. In case of appliances, the freight spot rate now accounts for up to 41% of the retail value for large appliances and up to 27% of the retail value for small ones. Logistics companies are dealing with the following dilemma: to pay spot prices of $12,000 to move a 40-foot box from Asia or to pay a rate that their products could not sustainably support to get the ordered goods to customers. The technical advances also do not come in handy when dealing with the crisis - Maersk Line has confirmed that a failure of its booking systems was not due to a cyber-attack, but rather the result of a technical failure. It is not the first time it collapses, so the company is determined to take a close examination of the cause of the problem. It is impossible to expect any sort of uncertainty to appear in sight, according to the recent surveys, there is little unanimity among air cargo shippers as to the outlook on rates. For example, on the Asia-Europe route, 46% of the sample anticipate that prices will be stable in August when compared to end-March levels – stability being defined as upward and downward movements not exceeding 10%. Many do not share the same opinion. As for transatlantic shippers, there are also dipping their toes in what their counterparts on the transpacific have been dealing with for some time since the increase in spot rates has not omitted this sector either. The ones for westbound containers last week were almost double those charged at the end of March. Meanwhile, container rates in Europe climbed 57% in the first four months of the year, largely helped by a 30% surge from March to April. Another stumbling rock impacting the situation is the Extinction Rebellion of the climate activists that have been protesting for days, blocking roads and the Köhlbrand Bridge, an important traffic artery in the Port of Hamburg. As a result, Maersk and MSC have decided to exclude Hamburg on the next four voyages and divert into Bremerhaven which is going to further disrupt already stretched supply chains and impact port congestion at the container hubs of North Europe. Maersk has also voiced its opinion on the initiative regarding future sustainable policies regarding a more harmonious legal approach - a global tax of at least $450 per tonne of fuel oil in the medium term at the current oil price.
Complexity is added by the new post-Brexit trade regulations. UK business is looking for workarounds to continue trading with the EU after Germany announced it would be ending VAT exemption for goods valued at less than €22. Such companies as DHL try to take pre-cautious decisions by informing customers of the pending change. In turn, FedEx Express, to simplify the arrangements, announced that it had reached an agreement with KPMG to offer a streamlined IOSS solution at a discounted fee, which it said would help e-commerce sellers outside the EU comply with the new rules.
A major shift is continuing in the rail freight sector. It started in 2020 with the Netherlands seeing a 6.2% drop in goods transported by rail. The transit from Belgium to Germany decreased by 20.6% in 2020 to 1.3 million tons compared to the previous year. Many countries in Europe have enabled access to rail at a reduced or even nullified rate to support railways during the pandemic. However, due to the administrative backlog, not everyone will be compensated. The notoriously famous Suez Canal blockage has forced more companies to Eurasian rail freight. Germany-based Fressnapf Group put its products on the aforementioned tracks for the first time and not only reduced the distance in half, but also dropped CO2 emissions by 75%. To expand transcontinental rail freight volumes Kazakhstan’s Eurotransit and Hungary’s East-West Intermodal Logistics Service (EWILS) have signed a strategic cooperation agreement. They are planning to build a new facility in line with EWILS’ East-West Gate (EWG). In the UK, GB Railfreight has set the objective to transform one of the largest potential development sites in the East Midlands into national distribution, logistics, and rail freight hub. DP World’s deep-water ports at Southampton and London Gateway have become the first two locations in the UK to handle Freightliner’s new 775m intermodal container trains.
The Polish LOTOS Kolej has entered the Lithuanian transport market. The Polish carrier signed a cooperation agreement with Lithuanian LTG Cargo enabling it to transport cargo through Lithuania to Poland and other neighboring countries. The Kolin terminal in the Czech Republic will be connected to the Halkali terminal in Istanbul thanks to the Turkish logistics company’s (Mars Logistics) new launch. Another company Turkish Pasifik Eurasia has partnered up with the Austrian Rail Cargo Group (RCG) on the New Silk Road, establishing the Turkish Köseköy terminal nearby Istanbul as a new hub. Haropa Port, the maritime complex comprising the ports of Le Havre, Rouen, and Paris, has launched the Seine Axis Major River and Sea Port, the fifth-biggest hub in Northern Europe.
Ports of Stockholm hosted Sweden’s first container barge shuttle service on inland waterways between Stockholm Norvik Port and the Port of Vasteras. Services will be operated by the German company Reederie Deymann, which introduced the EU-class inland waterway container barge into Lake Malaren to operate services linking the two ports.
With the suffering supplier performance and instability of the freight sector, American logistics companies are doing whatever it takes to keep running and search for alternative channels to deliver their goods to consumers.
The beginning of Joe Biden’s presidency has started with a drastic change in policies and primary objectives from those set by his predecessor, Donald Trump. Several executive orders that were announced just hours after Biden’s inauguration have highlighted the new direction. There are several regulatory reviews affecting freight markets that need closer examination. The 5.9GHz safety band by Federal Communications Commission has been confirmed, enhancing vehicle-to-vehicle communications safety for more consumer-based Wi-Fi services. Companies like Volvo Trucks North America had noted that dedicated bandwidth within the 5.9 GHz spectrum was critical for deploying vehicle-to-vehicle applications such as truck platooning. Biden has also signed an executive order, “Protecting Public Health and the Environment and Restoring Science to Tackle the Climate Crisis,” that included reviewing the Trump administration’s regulation allowing bulk shipments of liquefied natural gas by rail. Additionally, the National Industrial Transportation League is calling on Congress to modify the Shipping Act of 1984 in a way that would expand FMC’s authority to act on anti-competitive complaints against carriers and expand the FMC’s oversight of commercial contracts between the carrier and their customers.
As for the manufacturing activity, according to the data, there is a significant increase in one of the key metrics – PMI (at 61.2 (a reading of 50 or higher growth), plus a 0.5% increase from April to May that marks its 12 consecutive months of growth. Supplier performance overall is suffering; the lead time of raw materials is extremely low, so the current environment highlights just how much companies’ internal operations and inventory planning rely on a smoothly run freight environment. The freight sector has been unstable, and, as the result, more retailers are starting to build extra days into their shipping schedules to improve their inventory planning. They also have to keep in mind the rising logistics cost that follows the rise of the B2B sector. The challenge regards the search for alternative channels to deliver their goods to consumers is not an easy one. Truckload rates are also up drastically. The indicators of the logistics spend set a record in April – its fourth record in five months – and spot prices are reportedly on track to rise 70%, year on year, in the second quarter. With the continued relentless rise of container freight spot rates (they are set over $10,000 per FEU for both northern Europe and the Mediterranean, and the 4.2% and 5.2% increases, respectively, which will put yet more pressure on shippers. The Shanghai Containerized Freight Index rose another 1.8% last week as a decline in transpacific rates to the US West Coast mitigated rises elsewhere. The data on the Asia-North America direction reports high demand and short capacity, with no slowdown in sight, pointing that the situation will be escalating even if the blank sailings remove capacity across all TPEB (Transpacific Eastbound) lanes. South America’s destination will also experience certain changes: COSCO Shipping Lines is planning an implementation of a new General Rate Restoration for all shipments from the Far East to Latin America & Africa ports with the new charges taking effect in June, according to the company's announcement.
Although it has started to seem like the COVID-19 pandemic has eased its grasp, the latest outbreak hit Yantian and as a consequence, all the ships that are scheduled to call there in the coming 14 days are forced to come up with alternative plans. It may have a devastating effect since Yantian handles nearly 90% of Shenzhen’s U.S. and Europe’s exports, with approximately 100 routes impacted. It will also delay European exports to North America.
An alliance of the ports of Long Beach, Los Angeles, Oakland, and another 34 organizations, has sent a request to the state of California seeking a state investment of US$2.25 billion on emissions-free freight hauling. Supply chain and environmental groups sent their request to Sacramento this month, seeking surplus state revenue to finance zero-emission trucks and cargo handling equipment and infrastructure such as electric charging stations, and training to operate and maintain the equipment. State support of the ports has recently become one of the most important issues in general. The deepening and widening of Norfolk Harbor at the Port of Virginia were for the first time included in a federal budget with $83.7 million that will help ensure that the project remains on course for completion in 2024. The Port of Seattle has approved a long-term ground lease for a portion of Terminal 106 to Trammell Crow. The new facility will be able to support e-commerce, manufacturers, and logistics providers that support maritime industries. On a positive note, the Port of New York and New Jersey, and New Jersey’s seaport cargo volumes demonstrated an increase for the ninth month in a row to reach 18% above pre-COVID-19 pandemic levels in April 2021.
A further investigation on the issue of the X-Press Pearl burning off the coast of Colombo, Sri Lanka has been carried out. The captain has been detained in the country along with the chief engineer and deputy chief engineer by order of Colombo Magistrates Court.
Regarding the Asian direction, Taiwanese container line Wan Hai has placed an order at South Korea’s Samsung Heavy Industries for four containerships worth between $474m and $500m. The four 13,100 TEU ships are scheduled to start delivering from the second quarter of 2023. The deal includes potential equipment upgrades on the vessels. Bangladesh’s spike in mango exports caused a splurge in air cargo shipments.
The growing demand for sustainable services encourages logistics companies to expand their green initiatives that can provide significant competitive advantage in the future.
The new week starts with an announcement of the new rates from the Mediterranean and North Europe directions to several destinations worldwide that will come in force starting from 1 July. Living up to the expectations of the experts, the figures have demonstrated a significant increase in prices. To illustrate: the rates from Mediterranean base ports to US East Cost have gone up from $3,550 for 20’ to $4,050 and a similar situation occurred with 40’ – the price increased by $2,400 from $4,050 to $6,450. North Europe followed suit with the prices ranging from $3,125 for 20’ to $8,350 for 20’RF and from $5,500 to $15, 700 for 40’RH containers depending on the destination point.
The “green initiative” to reduce CO2 emissions keeps unfolding in Europe and these days, finds its continuation in the question of whether there is should be one predominant technology or it is the variety that will be a key to success. It seems like the answer is the latter. Although there is a clear consensus that electrification will become the dominant technology for light-duty vehicles, and that strong policy measures are required to encourage their uptake, it is admitted that electrified vehicles are not the only way to meet sustainable transportation goals. It is not evident why electrified vehicles should have a technology monopoly. A new European policy framework is aimed at creating a fair completion between technologies. In this case, the primary step for the EU Commission's common view of 2030 sustainable targets should be the review of the nature of the current vehicle CO2 methodology concerning the net-zero 2050 objectives. In the light of the aforementioned objective, the logistics companies are also advocating for additional measures, bringing up the necessity of a carbon tax. During the World Economic Forum, it was revealed that the world’s largest liner has now contracted a yard to build a ship running on green fuel. Since it is becoming possible to impose regulations that will create a global level sustainable field, a carbon tax is starting to make sense. The “green” development is also backed by the customers. To address the future energy demands of stakeholders the Port of London Authority (PLA) will conduct a study on the Themes River to estimate which technology will be better to implement - Liquefied Natural Gas (LNG), hydrogen, biofuels, or electricity-powered operations. French company Nestle is bringing more trains to the rails for the transport of reusable water bottles to and from the production site as a part of its “Glass Train” project. The objective is to reach carbon neutrality and reduce its transport emissions by 13% by 2022 in alignment with the EU sustainable targets. The initiative is getting two more destinations: Arles in Southern France and Merrey in the country’s East.
There is a growing demand for container services that have been launched recently between Dublin and Amsterdam facing North European shipping companies. In response to it, Samskip has introduced a larger, faster ship with the capacity of the 750TEU and added a call at Port of Waterford. The service is expected to become a game-changer.
Austrian company Rail Cargo Group teams up with Pasifik Eurasia in the joint efforts to start a new collaboration focused on rail transport along the New Silk Road. There is already a developed network connecting the Halkali terminal in Istanbul with Budapest and Köseköy. From now on, with Pasifik Eurasia’s help, all trains will reach the Asian side of Turkey, where the Köseköy terminal is positioned. The priority of both companies is to optimize their supply chains and explore new opportunities by connecting their networks in Europe and Asia.
Another expansion concerns the new railway line of the East-West Gate in Hungary. It connects the intermodal terminal on the border of Hungary and Ukraine with the standard gauge network of Europe. The site is planned to become the largest in Europe (1 mil TEUs capacity), operate with 5G, and be empowered by green technology.
The Slovenian government will invest €4.4 million (US$5.4 million) to construct a new gate for trucks at the port of Koper, which will be the third entrance to it. The initiative is partly funded by the EU project called Napa4Core and is accompanied by another investment in the major Slovenian port – a new garage and a petrol station. However, not all Balkan countries are doing successfully in terms of the development of their infrastructure. Montenegro’s first motorway should have been completed in 2020 but corruption allegations, construction delays, and environmental tragedies have slowed the process down. Chinese financial participation is also contributing to instability: since Montenegro chose Chinese loan for construction, Chinese managers have been accused of ignoring basic EU standards of environmental protection, rule of law, and transparency.
A tragic event occurred at Port of Castellon in Spain on Friday, May 28. The 1986-built 1,600 dwt general cargo ship Nazmiye Ana owned by Turkey’s Sinop Shipping capsized during cargo loading operations. Local media is reporting that one of the ship’s crew has been found dead and another two injuries that were sustained in the incident, with one of the injured in a serious condition and currently in ICU.
Green New World: EU logistics on the way to sustainability
Big bets and high risk double down the rate ahead of the game change
As port congestion in the ports worsens throughout China, last Friday, Yantian International Container Terminal (YICT) extended its export suspension until Monday, May 31, 2021, reducing container gate-in times from four to three days of a vessel’s ETA. Norman Global Logistics said on Friday there were 27 vessels waiting for a berth at Yantian. According to UK-based Metro Shipping data, transit times to the UK from Yantai and Shanghai jumped from 26 and 31 days respectively in 2018, to 36 and 42 days this year. Disruption in the terminal’s operations forced ocean carriers divert their routes to adjacent ports. Thus, last week, German operator Hapag-Lloyd decided to temporarily change a few sailings for the Far East Loop 2/3/4 from calling Yantian to Nansha Container Terminal.
While transpacific and transatlantic container rates remained relatively stable last week, European shippers and forwarders experienced more rate hikes on ex-Asia trades, with the FBX spot rate for Asia-North Europe climbing 9.1% to reach $9,871 per 40ft, while Asia-Mediterranean climbed 6.1%, to $10,214 per 40ft. Meanwhile, WCI reading of the Shanghai-Rotterdam leg stood at $10,174 per 40ft, - a 3% gain on last week.
An 11- day fire aboard the Singapore-flagged 2,700-teu feeder ship X-Press Pearl that caused some of its worst-ever marine pollution, was finally reported to have been “contained considerably” last Friday. Today Sri Lanka’s Marine Environment Protection Authority (MEPA) announced that they are planning to take legal action against the owners of the vessel, its crew, and insurers.
On Saturday a court hearing on the damages to be compensated by Ever Given20,388- teu vessel under arrest in Egypt was adjourned until June 20.
Trade war under the Trump administration pushed American companies to consider diversifying more production away from China. Tariff wars between the U.S. and China have caused driver shortages to increase the logjams, as well as have impacted supply chain disruptions during and after the pandemic. Meanwhile China’s focus on technologies of the future such as value-added manufacturing, robotics, and artificial intelligence is making a significant breakthrough. Thus, last Friday, shares of JD Logistics, the logistics arm of Chinese e-commerce giant JD.com, surged more than 18%, as the company debuted on the Hong Kong Stock Exchange, raising $3.2 billion in its initial public offering. The company plans to use the funds raised to invest in its logistics network and infrastructure.
With import shipping to North America indicating an all-time high, the ratio of loaded imports to exports at North America’s leading seaport, the Port of Los Angeles has reached 4:1 — the highest levels ever recorded. North America’s leading seaport, the Port of Los Angeles has seen a record breaking 47% increase in number of processed container units from February 2020 to February 2021, amounting to 799,315 twenty-foot equivalent units (TEUs).
On May 28, the Port of Savannah, Georgia served the largest vessel to ever call the US East Coast , - the 16,000TEU container ship CMA CGM Marco Polo is deployed on the AWE3/Columbus service connecting the US East Coast and Asia via the Suez Canal, with cross-Pacific links to the US West Coast. Georgia Port Authorities also have started construction to expand the port’s capacity to allow it simultaneously serve four 16,000TEU vessels, as well as three additional ships.
Carriers are determined to take advantage of the increased consumer demand with new strategic moves. In the wake of increased cargo volumes and FedEx is going to implement another set surcharges in June.
Chinese boxship operators brace up to make their fleets meet the increased demand for boxship services. Thus, striving to expand its self-owned fleet of container vessels, Chinese operator has placed an order at South Korean yard Dae Sun Shipbuilding for eight new 1,023 teu container vessels.
Yang Ming Marine Transport Corp. is set to enhance its competitiveness with on Far East - South America routes with significant fleet upgrades. Thus, the company has received of another new 11,000TEU container vessel, as part of an order of 14 same-size newbuildings.
In anticipation of enhanced competition operators of two container terminals in Busan New Port have secured volumes from the container shipping alliances for handling 6.4 million teu for at least next five years.
Despite the soaring rates, European logistics companies are on the rails of expending their capacities. From Ireland to Norway, the new facilities aim for growth acceleration
For a brief moment, it might have seemed that the situation regarding the container freight rates had started to improve since some routes began to see pricing tail off, however, the numbers continued at elevated levels this week with no signs of decrease. According to data provided by FBX, the spot rate for Asia-North Europe climbed 9.1%, to reach $9,871 per 40ft, while another indicator, Drewry World’s Container Index (WCI) showcasing the Shanghai-Rotterdam leg stood at $10,174 per 40ft, a 3% gain on last week. Numerous shippers started to cancel their orders because the freight rates cancel out their margin; it equally affects the ones seeking long-term contacts. The forecast about the coming weeks is also worrying: transatlantic shippers are preparing a new set of GRIs and/or peak season surcharges, ranging from $500-$2,500 per TEU. The WCI has also shown that the composite index of eight major routes worldwide went up by 2% 6,257 from a week earlier. This is a historical record: the numbers are 12 times higher than the amount of TEU ordered in the first five months of 2020 and more than 60% higher than the last record that occurred in 2005.
While the shippers are unable to adjust to all the uncertainties shuttering the market, the industry is experiencing a soaring splurge in volumes (they are currently 300% above what they already were) combined with an alarming shortage of drivers. It is time to operate at a higher speed and make the supply chains more agile. Many haulage operators see the government as the main driver of change and demand practical actions; otherwise, the situation will escalate to a threatening state. Logistics UK has backed this request and, in addition, strongly criticized the government’s New Plan for Immigration, closed on the 6 May 2021, which would introduce changes to the penalties imposed on logistics businesses and their drivers regarding vehicle security and migrant incursions. People-smuggling gangs are indeed a big problem in the UK, however, the business group states that the new measures may critically affect the haulers and drivers who may become the unwitting victims. In the framework of spikes in demand and the growth rates, it is not strategically wise to deprive the vehicle operators of any defense and put them at risk. Not only the British government is advised to reconsider its agenda, but also this week the BVRLA has addressed the launch of the CAZ (clear air zone) in Birmingham planned on June 1. With the expected rates (daily £50 charge to enter the zone, £8/day for non-compliant cars), the BVRLA suggests that around 60% of the 200,000 vehicles that enter the city center each day could be affected.
In times of instability, any glimpse of a positive prognosis becomes particularly crucial. The Port of Hamburg Marketing has predicted that container traffic volumes will stabilize in 2021 and that it expects the hub to handle 8.7 million TEU. China, the port’s biggest commercial partner (16% increase in trade) is the biggest contributor to this improvement. Besides, Mercer Holz is planning to increase its efficiency regarding the transportation of wood. Thanks to the new wagons by TRANSWAGGON, the company wants to acquire a more homogenous fleet without changing rail cars for each different shipment. British DP World Southampton follows suit by receiving the new generation of environmentally friendly HMM ships. They will be deployed on the Asia and North Europe trade lane.
If for some countries Brexit has become a stumbling rock in attempts to overcome the crisis, Ireland seems to be extracting the benefits. A good example is the upgrade of the Amsterdam-Dublin container service by Samskip. The company started moving cargo with a larger, faster ship, which now also calls at Port of Waterford, a hub in the making for UK-Europe trade.
Norwegian terminal Narvik is also planning an expansion of its capacity. The new 30 million euros project is aimed to increase the current number of TEUs (30 000/year) that the terminal is handling to 100,000 TEUs per year. The construction is expected to start this coming fall and conclude by 2023. As for the Port of Oslo, it will receive three electric stacker cranes on 29 May 2021 as part of the plans to improve the sight’s performance.
Some experts believe that success will be determined by the three-dimensional approach that includes hinterland connectivity, investments in intermodal, and the development of the rail sector. The Spanish government is investing €6 billion to connect hinterland facilities with the major urban ports through rail networks in the future. The Mosnov Multimodal Transport Terminal will connect the Moravian-Silesian region in the Czech Republic, as well as neighboring regions in Poland and Slovakia. Mediterranean Shipping Company (MSC) UK has renewed its partnership, which began in 2002, with GB Railfreight (GBRf) with a new five-year deal, so despite the challenging reality, the European companies are focused on strengthening the connections with each other.
The Evergreen deal has not been resolved yet. Egypt has added its say, stating that the sheep moved indeed too fast and the size of the vessel contributed to the accident. The SCA has said that Shoei Kisen is willing to pay $150m in compensation.
Momentum for Growth: What Are the Stakes?
Осуществляем контейнерные перевозки любого тоннажа и размера по маршруту Беларусь - СНГ и обратно
Как называется компания?
US consumers make China great again
Driven by an upsurge in the US E-commerce consumer demand, container volumes from Asia to the US have set a new monthly record and marked the 10th consecutive month of year-over-year growth. According to data from an expert research company Descartes Datamyne, in April alone, imported container volumes into the US skyrocketed by over 30% year-on-year, amounting to a total of 1.57m teu shipped last month. The largest share of exports for 987,834TEU has come from China, which manifested a 46.5% jump compared to April 2020. Slow turnaround of ocean carriers due to port delays caused by congestion has resulted in disruption of shipping schedules in a major gateway in South China - Yantian International Container Terminal (YICT), prompting the port to stop accepting laden export containers earlier this week. According to China ports’ statistics, container volume at eight major Chinese ports indicated 15.8% annual increase in early May.
Amidst spiraling demand surge all major trade, corridors have seen container rates growth, marking 33.5% year-on-year increase, and 9% surge in prices just over the month of May. According to experts, much of this spectacular growth occurred across the first five months of the year with Far East export and European imports leading the way, – both indicating over 50% rise. Box freight rates from Shanghai to Rotterdam have crossed the $10,000 per feu mark for the first time in history, designating 485% jump from a year ago. This week, Swiss-based MSC said it would apply a temporary limitation on reefer container bookings from Europe to Asia because of significant shortage of reefer containers on the Europe-Asia trades.
In an attempt to improve its environmental footprint, LA based port of Long Beach has announced generous financial incentives as part of the Green Ship Incentive Program. The incentives range from US$600 to US$9,000 that can be awarded in credits to sea vessels meeting IMO's Tier III emission standard. Additionally, the port of Long Beach set aside $329.1 million budget in an ongoing capital improvement program to modernize terminals, rail, bridges, waterways, roads and other infrastructure to support the ongoing growth of operations and improve cargo flow, reliability and efficiency.
Yesterday, after a week’s long of pertinacious and concerted efforts by Sri Lankan Navy and Indian coastguards to put out the ravaging blaze aboard Singapore-bound 2,700 teu X-Press Pearl, carrying among other cargo 25 tons of nitric acid, 278 tons of bunker oil and 50 tons of marine gas, some hope has emerged as the smoke from the ship started turning from pitch black to white. Shri Lankan authorities warned that the vessel could sink later today, and alerted population of a possible risk of acid rain falling across the island.
4,900 teu Japanese carrier NYK Delphinus has declared general average this week after the vessel experienced fire in the engine prior to arriving in Oakland two weeks ago. Freight insurance and risk management specialists have alerted shippers and ocean carriers to exercise more vigilance in view of increased cargo crime risks associated with the current supply chain disruptions.
Striving to meet a rapidly growing consumer demand across Asian continent, a new weekly service has been added by Maersk this week to connect the DP World-operated International Container Transshipment Terminal (ICTT) at the Port of Cochin India to ports in the Far East .The service will allow customers to reach global markets directly without transshipping at the Port of Colombo, Sri Lanka, cutting transit time by as much as 10 days. On the other note, Danish-based container has temporarily ceased acceptance of new bookings to Mexico and some destinations in the Caribbean Sea due to the recent disruptions in North Europe and US ports.
South Korean feeder operators and its Thai and Singaporean allies will start new, second direct link services connecting southern China with Thailand, complementing its existing service that covers South China, Thailand and Northern Vietnam. Each carrier will contribute one 1,800TEU ship. Multiple South Korean feeder operators have seen their profits surge from %100-300% over the last year thanks to the intra-Asian trade rates boom and reduced oil prices.
OSCO Shipping Ports Chancay Peru has signed a $600 million contract with Chinese construction company CHEC SAC-CCCC4TH to build a new multipurpose terminal that would be intended to process approximately 1.5 million TEU a year, and receive vessels of 18,000 TEU directly from Asia.
