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As the name suggests, a vessel structured specifically to hold huge quantities of cargo compacted in different types of containers is referred to as a container vessel (ship). The process of sending cargo in containers is known as containerization.
May saw the highest ever monthly increase in long-term contracted ocean freight rates, as the cost of locking in container shipments soared by 30.1%.
April has delivered a shock to the system for long-term ocean freight rates from the US to the Far East, with significant falls on both East Coast and West Coast routes.
As of January 7th, data from the Ports of Los Angeles and Long Beach showed that 103 vessels expected to deliver approx. 147,000 TEUs at these two ports were either waiting in the 40 nautical mile zone or loitering/drifting/slow steaming heading to the ports.
Drewry Maritime Financial Research (DMFR), the investment research arm of global shipping consultancy Drewry, remains bullish about continued high stock prices and rising profitability in the booming container carrier sector.
Long-term contracted ocean freight rates rocketed by a further 16.3% over the course of November, consolidating recent gains to leave container shipping costs up 121.2% year-on-year.
Ocean carriers remain in pole position in negotiations for long-term freight contracts, with high demand, port congestion, and supply chain disruption driving further rates increases.
Xeneta’s Long-Term XSI® Public Indices revealed yet another monthly hike in long-term ocean freight rates, with global container prices climbing by 3.2%.
China International Marine Containers Ltd., a global leader in logistics and energy equipment, will acquire the A.P. Moller – Maersk owned Maersk Container Industry, a leading manufacturer of refrigerated containers.