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Ocean shipping

Northstar Midstream expanding into LNG bunkering

NorthStar Midstream, a company that is 50% owner of the JAX LNG terminal in Jacksonville, FL, is expanding into the marine bunkering business, targeting operators of cruise and cargo ships that are planning to use natural gas as bunker fuel. Northstar, which is owned by investors in funds managed by Oaktree Capital Management LP, has …

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CMA CGM will not ship via Arctic waters as part of green pledge

CMA CGM said its container ships will not traverse Arctic waters as part of a pledge to protect the region’s environment. The promise from the fourth-largest boxship company in the world comes as the region undergoes major climatic change, resulting in thinner ice and making for easier sea navigation.  The world’s superpowers are eyeing the …

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Shipping magnate goes ‘all in’ with IMO 2020 wager

When John Fredriksen — the world’s most famous living shipping magnate — makes a big move, a common response is to ask: What does he know that we don’t? Fredriksen just made a big move, actually, two related ones. What they amount to is a very large bet that the IMO 2020 rule, which will …

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Port Report: DP World’s profit up, as new logistics bets pay off

DP World (Nasdaq Dubai: DPW ), the fourth-largest marine terminal operator globally, reported strong increases in revenue and earnings, thanks largely to its maritime and logistics businesses. But container volumes remain down as global trade slows. The Dubai-based company reported revenue of $3.46 billion for the first half of 2019, up 32% from the year-earlier …

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New York Terminal Conference raising rates

The five marine terminals that are members of the New York Terminal Conference — Red Hook Container Terminal, GCT Bayonne, GCT New York, Port Newark Container Terminal and APM Terminals — have published on their websites a revised conference schedule that will go into effect Oct. 1.  The new schedule sets forth updated rates and …

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Qube earns US$1.15 billion in revenues… but foresees subdued markets next year

Integrated bulk, rail, trucking, box, warehousing and ports operator, Qube (ASX: QUB ), has announced weighty full year earnings of A$1.73 billion (US$1.5 billion), a rise of 4.7 percent on the previous year. Sydney, Australia-based Qube, also delivered solid growth in underlying net profit after tax of 15. 4 percent to A$123.2 million. Australia’s financial …

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Port Report: U.S. retail inventories high as container rates retreat

North America’s biggest shippers issued mostly upbeat forecasts for consumer spending for the back half of 2019. But the outlook is providing little boost to spot rates for container shipping as U.S. inventories stay high and the front-loading of Chinese imports appears to have played itself out early in the third quarter. As FreightWaves Chief …

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Port of Long Beach will study automation’s impact on city

The Long Beach City Council has directed the city’s harbor department to conduct a study on the economic impact of port automation on the city. The council voted 8-0 to order the study at its Aug. 20 meeting. It’s the latest in a series of studies and legislation proposals having to do with automation in …

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Ocean Rate Report: Supertankers jump, boxes rates tumble

Ocean freight rates are showing mixed signals. On one hand, spot rates for supertankers carrying crude oil are on a tear, a positive indicator. On the other, despite predictions to the contrary, rates along the all-important trans-Pacific container route between Asia and the U.S. continue to slide at a time when they should be going …

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Port Report: West Coast imports get July boost, but 2019 trends lower

July was a busy month for containerized goods movements in the trans-Pacific market as U.S. West Coast ports reported the highest number of inbound boxes for 2019. But overall imports are trending below last year’s levels, which has forced ocean carriers to lower capacity in one of the busiest shipping lanes. The four largest container …

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