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☆ Maersk slumps 7% as the end of U.S. port strikes weighs on European shipping stocks
▼ + stars: | 2024-10-04 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +1 min

An aerial view of the Dundalk Marine Terminal October 03, 2024 in Baltimore, Maryland. Shares of Moller-Maersk slumped more than 8% on the Friday market open as European shipping companies fell on the conclusion of a U.S. port strike. A prolonged strike would have provided a boost for European shippers to take a larger share of global supply chain demands. Maersk shares pared losses slightly to trade down 7.05% by 9:05 a.m. London time. Thursday's deal ended a strike that had choked U.S. East Coast and Gulf Coast ports since the start of the week and threatened U.S. supply of fruits, pharmaceuticals and automobiles, among other goods.

Persons: Germany's Hapag Lloyd, Nagel Organizations: Dundalk Marine, Moller, Maersk, U.S, dockworkers, United States Maritime Alliance, International Longshoremen's Association Locations: Dundalk, Baltimore , Maryland, U.S, London, Swiss, East Coast, Gulf Coast

☆ Red Sea crisis: The shipping industry is sounding the alarm as another vessel sinks
▼ + stars: | 2024-06-20 | by ( Hanna Ziady | ) edition.cnn.com time to read: +4 min

London CNN —Leading shipping groups have urged governments “with influence” to put a stop to Houthi attacks on vessels in the Red Sea after a second freighter sank this week. The latest sinking is likely to have led to another death, according to a statement Wednesday from more than a dozen shipping associations, including the International Chamber of Shipping and the World Shipping Council. The longer diversion around the southern tip of Africa has sent shipping costs soaring and is causing congestion at ports in Asia and Europe, threatening to scramble global supply chains. We call for states with influence in the region to safeguard our innocent seafarers and for the swift de-escalation of the situation in the Red Sea,” they added. “Houthi attacks continue to make the Red Sea unsafe, and increases in charter activity and rates indicate carriers expect congestion to remain a factor for some time,” he added.

Persons: ”, “, Hapag Lloyd, Judah Levine Organizations: London CNN, International Chamber of Shipping, World Shipping Council, Maritime Trade, Royal Navy, Shipping, Maersk, Drewry, Carriers Locations: Red, Africa, Asia, Europe, ., Yemen, Gaza, Suez, London, Red Sea, Singapore, Malaysia, Shanghai, China, Barcelona, Spain

☆ CEO of Hapag-Lloyd, one of world's top ocean shippers, says the outlook has changed for global economy, trade demand
▼ + stars: | 2024-03-15 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +7 min

We saw them coming up a bit towards the end of the quarter, and then of course, the Red Sea crisis ... which again changed the market." Rolf Habben Jansen, CEO of Hapag-Lloyd, the world's fifth-largest ocean carrier, tells CNBC he has an improved view on trade for the rest of 2024. "It's a concerning situation and I think the [Red Sea] outlook is very difficult," Jansen said. In addition to the added costs, according to Sea-Intelligence, the Red Sea diversions could increase carbon dioxide emissions by 260%–354%. New ocean alliance with MaerskThe reduction in global freight and schedule reliability are headwinds ocean carriers have been facing for months.

Persons: Lloyd, Jansen, Rolf Habben Jansen, Hapag Lloyd, Hansen, it's, Lars Østergaard Nielsen, Nielsen, " Hansen Organizations: CNBC, Intelligence, EU, Trading, Maersk, Hapag, Gemini, Sea, MSC Locations: U.S, Asia, West Coast, East Coast, Gulf Coast, Red, Aden, Yemen, Africa, Europe, Suez, Panama, California

☆ Fatal Houthi rebel attack may be a ‘red line’ in Red Sea shipping crisis
▼ + stars: | 2024-03-07 | by ( Hanna Ziady | ) edition.cnn.com time to read: +6 min

The deadly strike marks a significant escalation of the Houthi attacks on ships in the Red Sea and and comes despite a US-led naval coalition to protect the crucial waterway. Fewer ships appear to be transiting through the Red Sea and adjoining Suez Canal after the latest attack, according to maritime risks analytics company Windward. According to Windward, the number of bulk carriers anchoring outside ports to the north and south of the Suez Canal surged 225% Wednesday compared with the previous day. Windward data shows that last month the number of bulk carriers in the Red Sea was already at its lowest level in two years. Just 30% of the usual shipping capacity — including container ships, bulk carriers, car carriers, and tankers carrying oil and liquefied natural gas — is still passing through the Red Sea and Suez Canal, according to Sand.

Persons: Ami Daniel, ”, Peter Sand, “, Hapag Lloyd —, Christine Lagarde, CMA CGM, Stephen Cotton, Cotton, David Ashmore, Reed Smith, John Stawpert, ” Maisie Linford Organizations: London CNN, Liberian, ” Windward, CNN, Maersk, MSC, European Central Bank, Drewry, CMA, International Transport Workers ’ Federation, International Chamber of Shipping Locations: Red Sea, Iran, Suez, Africa, Windward, Red, Norway, Sand, “, London, Good, Gulf, Aden and Red, Aden

☆ White House, Capitol Hill divide on use of military in Red Sea is getting dangerous for the economy
▼ + stars: | 2024-02-04 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +5 min

U.S. import and export data shows that the majority of the country's trade is on foreign-flagged vessels. The Congressional calls to consider prioritizing U.S.-flagged vessels come at a time when the Iranian-backed Houthis continue to attack shipping in the Red Sea. Other nations, including U.S. ally France, have already declared their priority is to escort French-linked vessels after facing nationalistic pressure. "It could also be argued that directing military action to defend U.S. commercial shipping is within this power. However, most vessels transiting through the Red Sea are not U.S. ships, which raises questions about the extent to which these authorities can be exercised," they wrote.

Persons: Gerald R, Dwight D, Eisenhower, Mohammed Al, —, Biden's, Charles, Bud, Darr, Salud Carbajal, Hapag Lloyd, Carbajal's, Tim Kaine, Todd Young, Chris Murphy, Mike Lee Organizations: United States, Ford, Anadolu, Getty, Capitol, U.S, MDS Transmodal, Congressional, Gaza, Senate Foreign Relations, White House, Representatives, MSC, U.S . Navy, Maersk, White, Senate Armed Services, Foreign Relations, Senate, Relations, Counterterrorism Locations: Red, U.S, Iranian, Iran, France, Marshall, United States, East, South Asia, Central Asia

☆ Demand for shipments from China via rail through Russia has 'skyrocketed' since the Red Sea attacks
▼ + stars: | 2024-02-01 | by ( Lucy Handley | ) www.cnbc.com time to read: +6 min

And — while it only represents a very small proportion of containers moved between the Far East and Europe — rail routes via Russia have seen an uptick in interest too. Rail through RussiaFirms have raised concerns about sending goods via rail through Russia, Sciglaite said. A train engine pulls carriages that started their journey in Yiwu, China into Barking rail freight terminal on January 18, 2017 in the U.K. Igor Tambaca, managing director of Rail Bridge Cargo, a Dutch logistics company, said China-Europe rail route bookings were up 37% over the past four weeks. Tambaca said the cost of sending one forty-foot container (FEU) from China to Europe via rail is currently around $7,900.

Persons: Liu Wenhua, Julija, RailGate, Hapag Lloyd, Sciglaite, Dan Kitwood, Igor Tambaca, Tambaca, Maria Magdalena Pavitsich, Pavitsich, Vladimir Putin, Davies Turner Organizations: China News Service, Getty, Air, CNBC, Rail, Cargo, OBB Rail Cargo Group, FEU, Initiative, British Locations: China, Europe, Russia, Manzhouli, Vietnam, Xeneta, East, European, Rotterdam, South Africa's, Ukraine, Yiwu, Barking, Kazakhstan, Belarus, Poland, Germany, Belgium, France, Red, Dutch, Turkey, Austrian, Asia, Xian, Chengdu, Suez, Africa, Moscow, Central Siberia, Beijing, Wuhan, Duisburg

☆ 'The shooting has to stop': World's biggest shipping company pleads with Congress to help end Houthi Red Sea chaos
▼ + stars: | 2024-01-30 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +6 min

Ralby stressed the crisis in the Red Sea is not just a U.S. problem, but recent attacks by the U.S. military have led to greater targeting of its vessels. After those attacks, Maersk announced it would no longer be transiting the Red Sea. MSC announced on December 17 that it would divert its services that would typically transit the Red Sea and the Suez Canal around the Cape of Good Hope. Sailing around the Cape of Good Hope to avoid the Red Sea adds one to two weeks to a one-way shipping journey relative to the Red Sea and Suez Canal. Rising freight costs were a big component of inflation during Covid and the Red Sea crisis has renewed fears that another bout of supply chain-triggered inflation could occur.

Persons: Ralby, Ian Ralby, Darr, Charles, Bud, Salud Carbajal, Biden, Hapag Lloyd, Bab, Good Hope, Jon Gold, Phillips, Ralph Lauren, Levi Strauss, Gold Organizations: U.S, Mediterranean Shipping Company, U.S . Navy, Coast Guard, Maritime Transportation, MSC, Senate Foreign Relations Committee, Maersk, Maersk Detroit, Maersk Chesapeake, Navy, Intelligence, Suzuki, Volvo, Michelin, Ikea, National Retail Federation, Bank of America, Van Heusen Corporation, Birkenstock, Capri Holdings, Nike, Corp Locations: Suez, Ismailia, Egypt, Yemen, U.S, Iran, Gulf, Aden, Maersk, Good, Europe's, Asia, Europe, Vietnam

☆ Global shipping recession could end as freight rates soar on Red Sea troubles
▼ + stars: | 2024-01-16 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +3 min

Stringer | Bloomberg | Getty ImagesVessels transiting the Red Sea have faced attacks over the past several weeks from Yemen-based Houthis, prompting shipping companies to change routes, leading to a spike in freight rates. Alan Baer CEO of OL USAVessel-Operating Common Carriers (VOCC) are ocean carriers that own and operate vessels responsible for managing cargo and transporting them. Luis Boza/ | Nurphoto | Getty ImagesWhile the recent spikes in freight rates might not help shippers relive their glory days following the pandemic, they would substantially boost profitability. Brashier noted that both contracted rates for ocean carriers and spot market rates may rise further. Overall, container freight will still [find it] difficult to manage oversupply issue.

Persons: Stringer, Houthi, Alan Baer, Baer, Luis Boza, Nico Luman, Jefferies, Brashier, Daejin Lee Organizations: Bloomberg, Getty, Houthi, U.S, U.S . Central Command, USA, CNBC, Evergreen, Shipping, Logistics, Head, Research, Fertistream Locations: Suez, Egypt, Yemen, South Africa, Gibraltar, Maersk, Lisbon, Portugal, Asia

☆ Germany's Kuehne examines offer for Signa's Hamburg skyscraper, Handelsblatt reports
▼ + stars: | 2023-11-26 | by ( ) www.reuters.com time to read: +1 min

View of the construction site of the Elbtower building, owned by Rene Benko’s Signa and a Commerzbank subsidiary, in Hamburg Germany, November 2, 2023. REUTERS/Fabian Bimmer/File Photo Acquire Licensing RightsFRANKFURT, Nov 26 (Reuters) - German logistics entrepreneur Klaus-Michael Kuehne is examining a takeover of Signa Group's abandoned Elbtower high-rise project in his hometown of Hamburg, Handelsblatt reported. Discussions on the takeover by Kuehne are quite advanced, but no decision has been made, German newspaper Handelsblatt reported, citing a source. Signa, owner of New York's Chrysler Building and Britain's Selfridges store, and spokespeople for Kuehne and the city of Hamburg did not respond to requests for comment on Sunday. This led to the insolvency of its subsidiary Signa Real Estate Management Germany on Friday, Spiegel magazine reported.

Persons: Rene Benko’s Signa, Fabian Bimmer, Klaus, Michael Kuehne, Group's, Handelsblatt, Signa, Kuehne und Nagel, Hapag Lloyd, René Benko, Emma, Victoria Farr, Alexander Smith Organizations: REUTERS, Rights, Kuehne, Lufthansa, Chrysler, Real Estate Management, Spiegel, Thomson Locations: Hamburg Germany, Hamburg, Austrian, Real Estate Management Germany, Signa, Germany

☆ Hapag Lloyd expects three tough years for shipping industry -Welt am Sonntag
▼ + stars: | 2023-10-13 | by ( ) www.reuters.com time to read: 1 min

BERLIN, Oct 14 (Reuters) - The head of German shipping firm Hapag Lloyd (HLAG.DE), Rolf Habben Jansen, expects the next three years to be difficult because demand for shipping services is growing more slowly than available shipping capacity, he told the Welt am Sonntag newspaper. Freight rates had fallen by around 60% year-on-year, he added. "Container shipping has always been a cyclical business," he told the newspaper. "I don't think it will be as bad as in 2008 and 2009, though." Reporting by Thomas Escritt; Editing by Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.

Persons: Hapag Lloyd, Rolf Habben Jansen, Thomas Escritt, Kirsten Donovan Organizations: Welt, Sonntag, Container, Thomson

☆ Israel's Ports Feel Strain as Shipping Traffic Slows After Attacks
▼ + stars: | 2023-10-10 | by ( Oct. | At P.M. | ) www.usnews.com time to read: +4 min

Israel's southern coastal city of Ashkelon, which has a small port well in range of Hamas rockets, is not allowing ships to enter, shipping sources said. While the main Israeli ports of Ashdod further up the coast and Haifa in the north, remain open, shipping and maritime security companies are reviewing their operations for Israel, industry sources said. "Israeli ports are deemed to be at heightened risk," said Noah Trowbridge, with British maritime risk advisory and security company Dryad Global. "Since Gaza has a coastline, direct threats to shipping inside Israeli waters cannot be ruled out," BRS said. This compared with a premium of 0.0125% earlier this year, insurance sources said.

Persons: Jonathan Saul, Ari Rabinovitch JERUSALEM, Noah Trowbridge, Hapag Lloyd, Shipbroker BRS, BRS, Moller Maersk, Eli Glickman, INTERTANKO, ” INTERTANKO, Ari Rabinovitch, Sharon Singleton Organizations: Hamas, Dryad, Reuters, Ships, Zim, Ministry of Defense, Facebook Locations: Gaza, Ashkelon, Ashdod, Haifa, Israel, London, East Gulf, Gulf of Oman

The "slow and go" pace of the International Longshore and Warehouse Union workforce at West Coast ports has slowed ground port productivity to a crawl. "Our data shows that vessels will continue arriving at West Coast ports in the coming days with significant amounts of cargo to unload," said Kyle Henderson, CEO of Vizion. Truck and container backupsThe average truck turns to go in and out of the West Coast ports are up. West Coast ports, which had lost significant volume to East Coast ports over the past year due to volatility in the labor contract talks, had in recent months begun to gain back volume. Recent Panama Canal low water levels limited cargo throughput, and soon after that, large parts of U.S. West Coast ports stopped handling inbound and outbound container trade.

Persons: Kyle Henderson, lashers, Xeneta, Peter Sand, Hapag Lloyd, Paul Brashier, Jerome Powell, Jonathan Ostry Organizations: Fenix Marine Services, Warehouse, Port, CNBC, Vizion, Logistics, Pacific Maritime Association, Long, PMA, Marine Services, East Coasts, Fenix Marine, U.S ., East Coast Ports, CMA, ITS Logistics, Los Angeles, Federal, Georgetown Locations: West Coast, Port of Oakland, Port of Los Angeles, Long Beach , California, Oakland, Los Angeles, Long, Port of Long, Long Beach, Seattle, Tacoma, West, U.S, East, Coast, East Coast, Panama, U.S . West Coast, Gulf, Asia, South America, Los, Houston, Savannah

☆ Shipping containers ablaze at Turkey's Iskenderun Port, operations halted
▼ + stars: | 2023-02-07 | by ( Antony Paone | ) www.reuters.com time to read: +3 min

ISKENDERUN, Turkey, Feb 7 (Reuters) - Hundreds of shipping containers were ablaze at Turkey's Iskenderun Port on Tuesday, shutting down operations and forcing freight liners to divert vessels to other ports. Leading global container shipping group AP Moller Maersk said there had been significant damage to logistics and transport infrastructure around the earthquake epicentre, including at the Port of Iskenderun. We are currently planning to divert containers to nearby hubs within operational feasibility or hold at transhipment ports - including Port of Mersin (in Turkey) and Port Said (in Egypt)," it said. [1/3] Smoke rises from burning containers at the port in the earthquake-stricken town of Iskenderun, Turkey, February 7, 2023. German container shipping line Hapag Lloyd said it was taking shipments from Mersin given the closure of Iskenderun.

☆ 'Party is over': Hapag Lloyd CEO says freight rates to keep declining
▼ + stars: | 2023-02-01 | by ( ) www.reuters.com time to read: +2 min

HAMBURG, Feb 1 (Reuters) - Container freight rates will keep declining in the current realignment of shipping demand and supply, said the chief executive of Germany's liner Hapag Lloyd (HLAG.DE), the world's number five by transport capacity. "Now we have to fight for every box again to get our ships full," he said. However, he expects freight rates will not fall below costs, which were being kept high by expensive charter rates, high fuel costs and the need to adjust fleets to running on low carbon fuel. Ship docking and scrapping was increasing this year after a period when ship owners kept old vessels running to meet high demand, he said. At the same time, Hapag Lloyd expects to receive a series of new ships it ordered in recent years, including some giant 23,600 twenty foot equivalent unit (TEU) vessels.

☆ Tensions rise in West Coast port labor battles, with unions and management trading accusations
▼ + stars: | 2022-09-28 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +6 min

Tensions are rising in West Coast port labor battles as unions and port management trade accusations about worker productivity and the awarding of job assignments. Jerome Roberts, GVP of marketing at supply chain consulting company Blume Global, told CNBC the one shift protest had no lasting productivity impact. Logistics companies fear the latest round of accusations will only increase tensions for a supply chain and national port infrastructure already dealing with multiple labor concerns. Project44, which also collects and analyzes port productivity for the CNBC Supply Chain Heat Map, has tracked some recent issues at Seattle operations. Container dwell times at the Port of Oakland have been improving over the month of September, according to Josh Brazil, vice president of supply chain insights at Project44.

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