By Mike Wackett (TheLoadstar) A leading shipping analyst has drastically cut its 2018 ocean carrier profitability forecast from $5bn to “breakeven at best”. In a new research note published this morning, Drewry claims “carriers’ lack of control has come back to bite them this year”. A surge in oil prices destroyed their profitability in the first quarter, which … [Read more...]
About The Loadstar
Felixstowe’s New IT System Is Blamed For Significant Delays
by Alexander Whiteman (TheLoadstar) The UK’s major container gateway of Felixstowe is expected to continue experiencing severe congestion after the troubled implementation of a new IT system. An advisory issued by MSC said all carriers calling at the port were still experiencing “significant delays”. “MSC expects these delays to continue, which will affect vessel arrival … [Read more...]
Investors Nervous as Doubts Raised Over COSCO Takeover of OOCL
By Mike Wackett (The Loadstar) - COSCO’s $6.3bn takeover of Orient Overseas International (OOIL), parent of container line OOCL, is now in doubt, according to Alphaliner. The consultant said “doubts remain” whether the acquisition could be completed by the 30 June completion deadline. The deal, announced in July last year, would see COSCO acquire 90.1% of OOIL shares and … [Read more...]
MOL Boss on 2020 Sulphur Cap: ‘We’re All Going Bust’
By Mike Wackett (The Loadstar) - Less than 18 months before the IMO’s 0.5% sulphur cap regulations come into force for merchant shipping, container lines are worried that the estimated $50bn extra cost of the greener fuel could tip them into bankruptcy. “We’re all going to go bust,” MOL’s president and chief executive Junichiro Ikeda told the Financial Times. He expressed … [Read more...]
China’s Waste Ban Hits Asian Ports
By Sam Whelan, Asia correspondent (The Loadstar) - Port operations in South-east Asia have come under increasing pressure from a build-up in scrap cargo, following China’s crackdown on imported waste. In Vietnam, a dramatic increase in scrap-laden containers forced Ho Chi Minh City’s overloaded Cat Lai port to temporarily stop receiving plastic and paper waste on 1 … [Read more...]