The Shanghai Shipping Exchange’s Shanghai Containerized Freight Index surged 36.7 percent since last week’s reading to a reading of 752.65, with rates on the Shanghai to Northwest Europe trade jumping 77.4 percent to $1,206 per TEU.
The shipper advocacy group said some carriers and other service providers to the shipping industry appear to be exploiting the new new verified gross mass rule by imposing exorbitant and unjustified charges for ‘administration fees’ and other ‘services.’
The container terminal operator reached an agreement with joint venture partner Aarhus Service Holding for the purchase of the remaining 40 percent of the existing APM Terminals-Aarhus terminal.
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Due to the deterioration of container freight rates and the subsequent drop in carrier financial results, analysts with Drewry Maritime Equity Research foresee a possible combination of Korean and Japanese carriers.
The Suez Canal Authority has begun granting a 65 percent discount on tolls for all containerships sailing from East Coast North America ports south of Norfolk to Asian ports and 45 percent reduction from Port of Norfolk and north.
Rampant overcapacity and the resulting price war between carriers in the container shipping market has caused substantial further reductions in contract rates for exporters and importers buying under contract.