Shipping Search - Archive

Company aims to save a staggering $130m over three years

USA - UPS, the world’s largest shipping carrier, is looking to save $40 million this year in cost savings from pilots who are looking for alternatives to furloughs. The company's pilots union is considering leaves of absence for pilots, early retirements, reduced-pay-guarantee routes, and job-sharing.

New rates for Asia-Europe routes starting beginning June

ASIA / EUROPE - The world's seventh largest shipping company, Neptune Orient Lines (NEPS.SI) has confirmed that its container arm will raise freight rates on its Asia-Europe routes starting beginning June.

Air cargo tumbled 21.7% in April, but are we at the end of the decline?

WORLDWIDE - Air cargo tumbled 21.7% in April, the fifth straight month where the drop has exceeded over 20%, but according to the Air Transport Association (IATA), there are signs that a recovery may be looming closer.

130 kilometre 'no-go zone'

North Korea has imposed a daytime ban of all shipping activity within a 130 kilmetre 'no-go zone' off it's north-eastern coastal waters. Analysts belive the measure to be in connection with a missile test taking place later in May.

Somali pirates still operating in the Gulf of Aden

SOMALIA - Yesterday it was reported that Somali pirates operating in the Gulf of Aden attempted to approach US vessel Maersk Virginia.

One of China's top shippers of dry bulk fleet hit an eight-month high on 20th May

Worldwide shipping has been hit hard by the global economic recession, but could Asian shipping stocks be experiencing a rebound? The Baltic Exchange's main sea freight index, BADI, which tracks rates to ship resources and includes the shipment of grain, coal, iron ore, cement, and fertiliser, rose 14 straight days to 2,665 points on Thursday to a new year high.

Demand Outstripped by Cargo Fleets.

WORLDWIDE - Cuts made to the international air cargo fleet in recent months are not sufficient, according to heads of the industry. Major operators such as Cargolux, Cathay Pacific, Lufthansa and Delta have already cut services significantly in response to the global downturn. However, further reductions will be required to further hedge against unnecessary losses.

Campaign group Freight on Rail argues against introduction of 'mega trucks' to UK roads.

EUROPE - Campaign group Freight on Rail claims to have uncovered "fundamental mathematical errors in the European Commission-sponsored mega trucks research". Freight on Rail, along with other rail freight lobby groups, argue that the introduction of mega trucks (trucks that are 25.5m long and 60 tonnes in weight) should be opposed.

Freight rates are back on the up.

UK - The Baltic Dry Index, the benchmark for freight costs for dry bulk commodities like iron ore, has reached a new high in 2009 rising to just over 2,700, a massive 250% rise this year.

German foreign ministry spokeswomen confirms the safe release of crew.

SOMALIA - Germany's Foreign Ministry confirmed Tuesday that the captured German vessel MV Patriot had been released. Pirates captured the Maltese-flagged MV Patriot on 25th April in the Gulf of Aden about 150 nautical miles southeast of the Al-Mukalla.

Greek shipping company add another $1.05 after surging 21% this week.

GREECE - Paragon Shipping shares have shot higher for a second day following improved earnings. The company's shares tacked on another $1.05, up 20%, last Tuesday. The Greek company attributed its improved performance in Q1 to a "balanced chartering strategy," in includes renting out its fleet boats over quiet perods.

Captain who spared his crew accepts MMA Award

USA - The captain of the U.S. cargo ship Maersk Alabama, who surrendered himself to Somali pirates to spare his crew, has been recognized as the 2009 Mariner of the Year by his alma mater. Capt. Richard Phillips of Underhill, received the MMA award on Wednesday 20th May, at the Massachusetts Maritime Academy where he graduated from in 1979.