COSCO may make a bid of more than $4 billion for Hong Kong-based Orient Overseas Container Line, according to various media reports.
The deployment of ultra-large containerships has not only increased average vessel size on key east west trades, but has accelerated the consolidation of carriers into vessel sharing agreements and alliances.
The container freight market is strengthening as carriers begin some 2017 negotiations, and Drewry said some shippers could see contract rates rise 20-40 percent in worst case scenarios.
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Approximately 250 pilots working for ABX Air went on strike Tuesday morning, refusing to fly scheduled routes, including those for the airline’s major customers, DHL and Amazon.
Harold J. Daggett, president of the International Longshoremen’s Association, said the union will oppose fully-automated container terminals in upcoming contract talks with the United States Maritime Alliance.
The contract freight rate benchmarking company warned, however, that stability will be hard to come by, and if just one or two carriers begin to drop rates and chase market share again, prices will likely fall across the board.