October 9, 2024
The global containership orderbook has reached a record high, with 44% of the new vessels expected to replace ageing fleets, especially those 20 years or older. Maersk has been slower than its competitors in renewing its fleet but plans a renewal program for the next five years. This surge in orders, particularly in China, has also reduced available capacity for other ship types, such as tankers and bulk carriers. The global container fleet now exceeds 30 million TEU for the first time.
October 7, 2024
The International Longshoremen’s Association (ILA) has reinforced its opposition to port automation following a temporary resolution to recent strikes on the US East and Gulf coasts. While a tentative wage agreement has been reached, the union is pushing to ensure protections against the use of automated machinery in future negotiations. This anti-automation stance could hinder efforts to improve US port competitiveness, which lags behind global counterparts in efficiency rankings.
October 2, 2024
Hapag-Lloyd has contracted two Chinese shipyards to build container ships worth up to $5.25 billion. The deal includes large orders for LNG dual-fuel vessels, reinforcing Hapag-Lloyd’s position as one of the top five container lines globally.
This move is part of the company’s broader strategy to expand its fleet aggressively as it prepares to shift alliances and focus on future growth.
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September 16, 2024
The Russian oil price cap, introduced by the EU, G7, and Australia in 2022, is under scrutiny as oil prices, especially for Russian Urals, near the $60 per barrel cap.
If prices exceed this limit, Western shipowners may return to transporting Russian oil, which could benefit the mainstream tanker market and marginalize older, poorly maintained vessels in the “dark fleet.”
This shift is expected to reduce environmental risks from these less regulated ships.
September 16, 2024
MSC, the world’s largest container shipping company, is set to increase its share of slot-sharing agreements significantly in 2025.
Despite expanding its fleet and focusing on standalone services after ending its 2M partnership with Maersk, MSC has signed new agreements, including a three-year deal with Israeli carrier ZIM. By February 2025, MSC’s slot-sharing agreements will rise from 10% to 26%, while standalone services will increase to 61%.
This strategic shift highlights MSC’s continued collaboration on key trade lanes.
September 13, 2024
The Port of Long Beach reported record-breaking container volumes for August, handling 910,639 TEUs (twenty-foot equivalent units), marking the port’s busiest month ever.
This surge in activity reflects strong consumer demand and increased goods movement ahead of the peak holiday shipping season. The port credits improvements in cargo handling processes and collaboration with supply chain partners for its success.
These record volumes position the port to play a crucial role in meeting the growing logistical demands in the shipping industry.
September 6, 2024
Lidl’s Tailwind Shipping Lines has introduced a new rail service, the Panther Shuttle, connecting the Slovenian port of Koper to Austria’s Graz freight terminal.
This service offers five weekly connections, with plans to expand based on demand. Tailwind Intermodal will handle trucking logistics at the Graz terminal, facilitating container transport between the Mediterranean and Eastern Europe. This move enhances Lidl’s logistics capabilities, positioning them as an intermodal service provider.
September 6, 2024
China State Shipbuilding Corporation (CSSC) unveiled a groundbreaking design for a 27,500 TEU LNG dual-fuel containership at the SMM exhibition in Hamburg.
This design, larger by 3,000 TEU than the current biggest ships, marks a new milestone in container shipping. While the trend in recent orders focuses on more flexible, smaller ships, this new design targets the Asia-Europe routes, offering greater capacity. The SMM event, focusing on maritime energy transitions and digital transformation, attracted over 2,000 international exhibitors.
September 3, 2024
The global container shipping industry saw profits soar to over $10 billion in Q2 2024, driven by record shipping volumes and rising freight rates. Major carriers like Maersk and Cosco benefited from tight capacity caused by Red Sea disruptions. Container volumes hit an all-time high of 46.4 million units, surpassing the previous 2021 record.
U.S. demand remains strong as retailers stock up, anticipating potential tariffs and strikes. While profits have rebounded, they remain below pandemic-era peaks.
