AD Ports Group (ADP) announced on 1 July 2022 that it has reached an agreement to acquire a 70% equity stake in International Associated Cargo Carrier (IACC) for $140m. IACC owns Transmar, a regional container shipping company that operates a container service between Adabiya and Jeddah on its core route with operations across the Middle East, Red Sea, Arabian Gulf and Eastern Coast of Africa. In 2021, Transmar handled 109,000 teu. It owns the 2008 built 2,127 teu TRANSMAR LEGACY that was acqui
Maersk is launching a new weekly shuttle service connecting Port Said East and Northern Italian port, Vado Ligure using 2 ships of 2,902 teu starting with the MAERSK PALERMO at Port Said East on 8 July and followed by the MAERSK PENANG at Port Said East on Sep 8. The service turns in 14 days and will act as a feeder service to relay cargo from Asia via transshipment at Port Said. Maersk's new feeder service to Northern Italy
Inteco Lines has launched its first services connecting China to Vostochny using the 489 teu SHUN YUE 19 to Qingdao and the 264 teu SHUN YUE 13 and SHUN YUE 18 to Ningbo.
Modul, a transport and freight forwarding company based in St Petersburg, Russia has launched its first shipping service connecting St Petersburg with Nhava Sheva using a chartered general cargo ship of 1,158 teu (ATLANTIC RUNNER II) that departed from the Petrolesport Terminal in St Petersburg on 17 June 2022. Modul said that it carried 1,094 teu of Russian exports that included pulp and paper, chemicals, fertilizers, construction materials and spare parts. The geared 1,158 teu ATLANTIC RUNNER
Zim/Gold Star Line will launch a new China Haiphong Express (CHX) service connecting Shanghai, Ningbo, Haiphong, Xiamen, Shanghai using 2 ships of 1,000 teu on a 14 day rotation. The CHX will start from 7 July 2022 with the 966 teu CONTSHIP PEP, followed a week later by the 1,049 teu ASIATIC PRIDE.
Swire Shipping has completed the acquisition of US-based Westwood Shipping Lines on 29 June 2022 after securing regulatory approvals and other closing conditions. The deal agreement was first announced on 28 April 2022 for Swire's affiliate SSPL US Inc to acquire Westwood from from J-WeSco, a subsidiary of The Sumitomo Warehouse Co. for $100m plus an additional payment of up to $45m subject to the finalisation of Westwood's financial results for fiscal year 2022. Swire will also acquire 4 mult
Charter rates are still holding up well due to the lack of open tonnage driven in no small part by MSC’s raid on the resale market.
US port congestion is rising again with worsening delays at US East Coast ports. The vessel queues at East Coast ports has grown to over 630,000 teu.
Global port volumes remain robust in May despite early signs that volume growth has started to slow as rising inventory levels in the US and Europe and slowing consumer spending has resulted in a reduction in new orders from Asia.
MSC is pulling further ahead from Maersk. CMA CGM and Evergreen also gaining market share.