The biggest and most powerful LNG-fueled engine ever built has been approved for use on board the first vessel in a series nine 23,000 TEU containerships owned by French shipping giant CMA CGM. The X92DF engine, developed by WinGD, is the most powerful two-stroke dual fuel engine ever built, delivering a whopping 63,840 kW of power. The engine is fitted on board CMA CGM’s … [Read more...]
Electronic Bills of Lading Could Save Shipping Billions Per Year
By Gavin van Marle (The Loadstar) - The container shipping industry could save itself up to $4bn a year if half of all bills of lading (B/Ls) were dealt with digitally, according to the Digital Container Shipping Association (DCSA). The DCSA is using the coronavirus pandemic to accelerate its mission to introduce electronic B/Ls to the shipping industry. CEO Thomas Bagge … [Read more...]
Hapag-Lloyd Keeps 2020 Guidance But Warns of Second Half ‘Uncertainties’
FRANKFURT, May 15 (Reuters) - German container liner Hapag-Lloyd on Friday stuck with its full-year earnings guidance but warned that supply disruptions and weaker demand due to the coronavirus crisis may lead to a revision of its forecast in the second half of 2020. The number five in worldwide container shipping, Hapag-Lloyd reported lower core profits in the first quarter … [Read more...]
Maersk Sees Sharp Drop in Global Container Shipping Demand This Year
By Jacob Gronholt-Pedersen and Nikolaj Skydsgaard COPENHAGEN, May 13 (Reuters) - Shipping group A.P. Moller-Maersk warned of a sharp drop in global container volumes due to the coronavirus pandemic, with weaker retail sales and depressed car production dampening demand. The crisis has thrown the container shipping trade off balance as supply chains have been upended and … [Read more...]
Container Charter Market Goes ‘Boom to Bust’ in Just Four Months
By Mike Wackett (The Loadstar) - Ocean carriers are scrambling to cut costs as the demand for liner services continues to plummet, and the off-hiring of chartered tonnage is top of their agenda. Hapag-Lloyd chief executive Rolf Habben Jansen said yesterday that the carrier would return a further “small double-digit number” of ships from the 129 it has on time … [Read more...]