Cargo volume at the Port of Long Beach continued to rise in November, setting the stage for a second consecutive calendar year record. The Port handled 621,835 twenty-foot equivalent units (TEUs) of container cargo during the month, a 1.5 percent increase compared to November 2017. Last month’s performance pushed 2018’s total TEU count to 7,349,377, making it virtually … [Read more...]
Moody’s Cuts Maersk’s Credit Rating Amid Fears for Box Shipping Sector
By Mike Wackett (The Loadstar) - Maersk has had its credit rating cut by ratings agency Moody’s to one grade above junk, with the agency concerned about a “significant downside” for the container industry. Moody’s said on Friday it was downgrading Maersk from Baa2 to Baa3, which is at the bottom of its investment grade bond ratings, and just one notch above grades … [Read more...]
China’s COSCO Shipping Considers London Listing – Sources
By Jonathan Saul LONDON, Dec 7 (Reuters) - China's largest shipping group, COSCO Shipping, is considering raising capital for the first time on the London Stock Exchange through a new initiative with Shanghai's bourse, two finance sources familiar with the matter said. The Shanghai-London Stock Connect will enable Chinese companies to raise fresh money on the LSE … [Read more...]
Containership Scrapping Gathers Pace Ahead of IMO 2020
By Mike Wackett (The Loadstar) - In the last 30 days, 23 container vessels have been sold for scrap – nearly half the number sent to breakers’ yards in the past year. According to data supplied by shipbroker Braemar ACM, so far this year 52 containerships, equating to 94,000 teu, have been sold for demolition, compared with 141, for 398,500 teu, in the same period last … [Read more...]
Blessing in Disguise? IMO 2020 Could Help Container Shipping Achieve Elusive Supply and Demand Balance
By Sam Whelan, Asia correspondent (The Loadstar) - The IMO’s 0.5% sulphur cap, to be imposed in January 2020, could be a “blessing in disguise” for shipping lines, should the regulatory fallout finally end the industry’s elusive search for supply and demand balance. However, any benefits will not materialise without short-term pain, according to analysts speaking today at … [Read more...]