Maersk results signal a liner recovery as the tide turns for carriers

By Mike Wackett

The interim results from Maersk Line are a bellwether, indicating a welcome recovery for container lines, but challenging times for shippers.Maersk Line’s average freight rate for the 5.4 million TEUs carried on its vessels in the second quarter of the year was up 22 per cent on the same period of 2016, but for east-west trades, there was a spike of 36 per cent.

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Elbe solutions now urgent as the cost mounts for Port of Hamburg

By Alexander Whiteman

The port of Hamburg may have prevented further declines in the first half of 2017, but the delays surrounding the expansion of the Elbe Fairway continue to cost the German gateway. Container volumes for the period were flat on last year’s at 4.45 million TEUs, and while some saw this as a welcome respite after two years of decline, the port continued to lose ground.

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When the huge ‘goodie-bags’ arrive, will the party be over for ocean carriers?

By Mike Wackett

At least two Asia and Europe loops will need to be closed in the fourth quarter of the year, or sailings blanked, to avoid the prospect of excess capacity throwing supply and demand out of kilter. According to new SeaIntel analysis, a capacity increase of 11.5 per cent by the three east-west alliances between H2 2017 and H2018 will result in a weekly excess of some 28,300 slots between October and December this year – a change in fundamentals that will spark fears of a new rate war. Individually, the 2M will increase its deployed capacity on the route by 3.2 per cent and THE Alliance by 11.9 per cent, but the Ocean Alliance could see a massive hike of 24.6 per cent.

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Cruise industry of crucial importance to Halifax

As owner of Ambassatours Gray Line, Murphy’s Restaurant, Harbour Hopper and other charter vessels, Dennis Campbell knows the significance of the cruise industry to businesses in the port, the city and the province. For the past 30 years Campbell has watched the port’s cruise business grow “from something that was a second thought in the city” economically “to something today that is without a doubt a major economic generator.”

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Temperature-controlled cargo of key importance to Port of Halifax

Looking out at a modern containerized cargo terminal, an image that jumps out immediately is the wide range of colours. The boxes come in a wide range of colours – bright red, navy blue, several shades of orange – but it’s the white boxes that signify a very specific type of cargo and that is high-value products and goods that need to be held at a certain temperature.

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After years of hard work and firm convictions, Turbo Expert Québec is on solid footings

By Mark Cardwell

Diesel mechanic Yves Grondin says most of his friends, family members and work colleagues thought he was crazy in 1996 when he quit his well-paying job as a fuel injection and turbocharger expert with the now- defunct diesel Division of United Auto Parts in his hometown of Quebec City, to invest everything he had to start up a small business devoted exclusively to the sale, maintenance and repair of turbochargers.

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Project Resolve resolving a Canadian naval capability gap

K. Joseph Spears

Canada’s Navy was founded in 1910 and has a long and illustrious history through two world wars, the Cold War and into the 21st century, a century which has seen a war on terrorism and piracy. In a complex threat environment, navies have become increasingly important and relevant globally. Over time, Canada’s Royal Canadian Navy (RCN) pioneered a variety of naval capabilities including the use of large helicopters from small warships, in support of antisubmarine warfare. Canada’s RCN is an integral part of NATO and works closely with allied partners around the world in support of counterterrorism and force projection maintaining the security of global maritime shipping, which is the foundation of international commerce.

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Spectre of overcapacity returns to haunt liner shipping as newbuilds queue up

By Mike Wackett

The spectre of overcapacity is clouding recent analyst optimism that ocean carriers could be heading for a period of sustained profitability. During the first six months of this year, 26 newbuild ships of 14,000 TEU-plus have been delivered – many of which will have been deployed between Asia and Europe, and according to Alphaliner, at least one new ultra-large vessel a week is set be delivered before the market slips into the traditional slack season in October.

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Revenue soars for Japanese lines in Q1 as they eye new alliance

By Mike Wackett

Ahead of their integration into the Ocean Network Express (ONE), the container liner businesses of Japan’s NYK, MOL and K Line all produced improved results in the three months to 30 June – their financial first quarter. NYK, the biggest of the trio, and with a 38 per cent stake in the ONE alliance, saw its liner trade revenue leap 21.3 per cent on the same period of 2016 to ¥171.5 billion ($1.54 billion) resulting in a 14.5 per cent swing back into the black of ¥5.7 billion ($5.1 million).

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Hanjin creditors can expect to get back less than two cents in the dollar

By Mike Wackett

Thousands of creditors of bankrupt ocean carrier Hanjin Shipping can expect to get back less than two cents in the dollar, after it was revealed that claims approved so far total some KRW12tr ($10.5 billion). The mind-boggling extent of the South Korean carrier’s indebtedness was revealed in a declaration and status report filed with the U.S. Bankruptcy Court District of New Jersey on August 4. The statement also said that the amount recovered from the debtor’s estate had, as at the end of July, reached just KRW250bn ($220 million). There are many more claims filed by creditors that have been denied, but these decisions are likely to be challenged in Korean courts.

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