Newsletter – August 2, 2023

AIR FREIGHT UPDATES

Video: What events have had the largest impact on the industry in the last 40 years?

aircargonews.net
Air Cargo News is celebrating 40 years of breaking news and views.
As well as looking back through time ourselves at the biggest stories of the last 40 years, we decided to ask a selection of industry stakeholders what events have had the largest impact on the industry in the last 40 years. Read more here.

Transatlantic carriers must change course and rethink expansion plans

theloadstar.com
Transatlantic container rates from North Europe to the US east coast have fallen below pre-pandemic levels after ocean carriers pumped far too much capacity back into the tradelane.
And now, against a backdrop of poor voyage results, shipping lines are being obliged to revise their growth aspirations for the route. Read more here (login required).

OCEAN FREIGHT UPDATES

Freight rates rise on GRIs and Canadian strike

container-news.com
Transpacific rates rose to a nine-month high when the Shanghai Containerized Freight Index (SCFI) closed on 28 July, as general rate increases (GRIs) on 1 August were supported by high fleet utilisation and Canadian dockers’ industrial action.
Asia-US West Coast rates hit US$1,943/FEU, while those for Asia-US East Coast averaged US$2,853/FEU, a level not seen since October 2022. Read more here.

Fremantle Highway blaze finally extinguished, say authorities

theloadstar.com
After burning for almost a week, the fire on car-carrier Fremantle Highway has been extinguished, Dutch authorities said today.
Early reports suggested the vessel was carrying only 25 electric vehicles (EVs), but later reports revealed this was a drastic underestimate and there were a considerably higher number aboard, making up a higher proportion of EVs than on Felicity Ace, a vessel which sank last year after a similar catastrophic fire. Read more here (login required).

Hapag Lloyd increases rates from Asia to US East Coast

container-news.com
Hapag Lloyd has announced a new General Rate Increase (GRI) / General Rate Adjustment (GRA) from India, Sri Lanka, Pakistan and Bangladesh to the East Coast of the United States.
The German carrier will increase its rates by US$200 per box from 1 September for cargo transported in 20’ and 40’ dry, reefer and special containers, including high cube equipment. Read more here.

COSCO electric vessel capable of 1,000 km Yangze voyages launched

splash247.com
COSCO Shipping Development, the financing arm of Chinese state giant COSCO Shipping, has announced the launch of a 700 teu electric container ship which will serve a regular 1,000-km route up and down the Yangtze River.
The 10,000 dwt vessel will be powered by 36 portable container-sized batteries and have two 900 kW main propulsion engines. Read more here.