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OOCL reports revenue, volume growth for Q3

OOCL reports revenue, volume growth for Q3

Oct. 24 | Overall volume rose 9.5% and revenue jumped 16.3%, boosted largely by a strong east-west trade All four key trade lanes registered higher liftings and earnings Orient Overseas Container Line (OOCL) registered a strong third quarter as volume rose...

Box shipping forecast raised as industry resilience shines

Box shipping forecast raised as industry resilience shines

Oct. 24 | 2020 container shipping market outlook  upgraded to -3.3%, up from -7.3% after smaller-than-expected decrease in  Q2 port throughput Container trade resilience during pandemic rested on surprisingly high consumer confidence on the back of government...

PPA seeks up to P250M fund to aid domestic shipping lines

PPA seeks up to P250M fund to aid domestic shipping lines

Oct. 23 | Domestic shipping lines won’t have to pay dockage and layup fees, if fund is approved Fund will be taken from Department of Transportation P9.5-billion standby allocation The Philippine Ports Authority (PPA) is asking for a P230 million to 250-million...

Cebu Port activated as fourth crew change hub

Cebu Port activated as fourth crew change hub

Oct. 19 | Disembarking seafarers at the Port of Cebu observe health and safety protocols such as disinfection and wearing of full personal protective equipment. | Photo from Cebu Port Authority The Port of Cebu was activated on October 16 as the Philippines’...

LNG container ship carries record 20,723 full containers

LNG container ship carries record 20,723 full containers

Oct. 19 | CMA CGM Jacques Saade carries a record number of containers on leaving Singapore. The CMA CGM Jacques Saade, the first liquefied natural gas (LNG)-powered container ship with a capacity of 23,000 containers, has set a world record for the number of full...

Asia-US freight rates jump as volumes rebound

Asia-US freight rates jump as volumes rebound

Oct. 18 | Long-term Far East-US container freight rates are now experiencing a boost, in line with the current strength seen in the short-term market, according to the Baltic and International Maritime Council (BIMCO). Long-term rates from Asia to the US West Coast...

Hapag-Lloyd earnings forecast upgraded on strong Q3 demand

Hapag-Lloyd earnings forecast upgraded on strong Q3 demand

Oct. 16 | German container carrier Hapag-Lloyd raised its earnings forecast after a better-than-expected third-quarter performance. Hapag-Lloyd said earnings before interest and taxes (EBIT) for the third quarter 2020 significantly increased to around EUR350 million...

ICTSI steps up investment in Ecuador port

ICTSI steps up investment in Ecuador port

Oct. 15 | Port of Guayaquil | Photo from ICTSI Contecon Guayaquil S.A. (CGSA), a subsidiary of port operator International Container Terminal Services, Inc. (ICTSI), is investing US$18 million to further strengthen and develop the Port of Guayaquil in Ecuador. With...

10 Chinese ports reactivate foreign crew change operations

10 Chinese ports reactivate foreign crew change operations

Oct. 14 | Port of Shenzhen, China China has eased crew change restrictions by allowing 10 ports to resume foreign crew change operations, while also introducing a “circuit-breaker mechanism” in case some of a ship’s crew test positive for the coronavirus,...

Maersk upgrades outlook amid demand recovery

Maersk upgrades outlook amid demand recovery

Oct. 14 | A.P. Moller-Maersk upgraded its earnings guidance for 2020 based on a strong performance in the third quarter and massive efforts to reduce costs. The Danish shipping giant in a statement said that given third-quarter results and “the current earnings...