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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Federal Maritime Commission Chairman Mario Cordero says he is willing to discuss the agency's concerns with Port Authority of New York/New Jersey and OCEMA member carriers, leaving the door open for future approval of a revised agreement.
Federal Maritime Commissioner William P. Doyle said SM Line plans on launching a transpacific service and eight intra-Asia services.
The U.S. maritime regulator granted the five-member ocean carrier alliance approval to take effect Dec. 19.