Ocean freight rate benchmarking platform Xeneta said transpacific rates have been gradually rising since April, stripping out the short-term impact of Hanjin Shipping’s insolvency in late August.
The French shipping company, which acquired Neptune Orient Lines and its APL subsidiary earlier this year, is seeking a buyer for the APL container terminals.
The Atlanta, Ga.-based shipping and logistics provider reported year-over-year increases in net income and revenues for the third quarter of 2016 despite pressure from changes in fuel surcharges and currency exchange rates.
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Peak season capacity took a major hit in third quarter 2016 as carriers scrambled to replace services interrupted by Hanjin Shipping’s Aug. 31 bankruptcy announcement.
Patrik Berglund, chief executive officer of Oslo-based ocean freight rate intelligence platform Xeneta, said Hanjin Shipping’s insolvency has “turned the market on its head,” but the real question is “how long will this last?”
The Federal Maritime Commission said Friday it concluded its review of the proposed OCEAN Alliance, allowing the new ocean carrier alliance to take effect Monday, although it is not expected to commence operations until around April 2017.