Containership Deal Brings Seaspan’s Fleet Close to One Million TEU

Hong Kong-based Seaspan has announced plans to purchase a fleet of six containerships that will bring its fleet close to one million TEU. The six ships will be purchased on long-term charter for a total purchase price of approximately $380 million. The addition of the ships will bring Seaspan’s total pro forma global fleet to 119 vessels and approximately 975,000 TEU, … [Read more...]

Trade War Rocks Transpacific Trade

By Gavin van Marle (The Loadstar) - The lack of developments on negotiations between China and the US on tariffs is expected to contribute to the first full-year decline in volumes on the headhaul eastbound transpacific trade since the global financial crisis. The last time the trade saw volumes decline was in 2009, in the wake of the collapse of Lehman Brothers and when … [Read more...]

Hapag-Lloyd Sees Better Freight Rates, Higher Volumes in 2019

FRANKFURT, Nov 14 (Reuters) - German container shipping line Hapag-Lloyd on Thursday reported it more than doubled earnings before interest and taxes (EBIT) to 643 million euros ($708.59 million) in the first nine months of 2019, citing better performance in volumes and freight revenues. "Despite geopolitical tensions and trade restrictions, we benefited from higher … [Read more...]

NTSB Faults U.S. Coast Guard’s Failure to Implement Prior Safety Recommendations in Fatal Duck Boat Sinking

The National Transportation Safety Board is faulting the U.S. Coast Guard for failing to implement previous-issued safety recommendations related to the operation of so-called "duck boats" as a contributing factor in the high death toll of last year's fatal duck boat sinking on Table Rock Lake, Missouri in which seventeen people were killed.  As part of its ongoing … [Read more...]

Viking Sky Near Grounding the Result of Low Lubricating Oil

The Accident Investigation Board of Norway has published an interim report on its investigation into the Viking Sky’s loss power and near-grounding in heavy weather off the coast of Norway last March. The Viking Ocean Cruises cruise ship had 915 passengers and 458 crew on board when it experienced a blackout and loss of propulsion in forecasted gale to storm force conditions … [Read more...]