We are active in International Logistic, Transportation and Shipping Services.
Active in Asia, Iran Neighboring Countries, CIS countries, Russia, Middle East, Africa, Europe, South USA Countries
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Great, where to see your freight rates here?
After recording gains across the board last week, the container spot market indices are back to flashing red for the main east-west tradelanes.
It is confirmation that ocean carrier 1 November FAK (freight all kinds) GRIs (general rate increases), from Asia to Europe in particular, have run out of steam and only achieved a small percentage of the ask.
And this also explains why carriers have been obliged to make a final re-set attempt to push up spot rates on the route before the year closes by rolling out fresh, but identical, GRIs for 1 December.
Drewry’s WCI Asia-North Europe component slipped 4% this week, for an average of $1,227 per 40ft, and is 43% lower than the same week of last year.
Earlier in the week, the Ningbo Containerized Freight Index (NCFI) commentary flagged up the declining trend, reporting prices to North Europe and the Mediterranean had “fallen sharply after being briefly pushed up”.
Moreover, The Loadstar’s regular shipper contacts reported that Asia-North Europe carriers were back to discounting directly, after a period when pricing had been largely driven by NVOCC co-loaders.
One UK-based shipper told The Loadstar a top-three carrier had extended his heavily discounted rates from Dalian to Felixstowe through to a latest departure date of 4 January, with no December GRI.
And Singapore-based AGX told that getting the 1 December GRIs to stick was, in its opinion, “doubtful”.
News that Flexport has done a deal with Canada’s WestJet Cargo to fill its leased aircraft out of the US to Asia, has again put the spotlight on the close relationships between carriers and forwarders that exclude others.
One North American source noted that the deal, which sees Canadian cargo brought into the US by WestJet and then flown to Asia by Flexport, had “alienated most large forwarders”.
But perhaps of more concern for other forwarders – and shipping lines – is the relationship between CMA CGM and its subsidiary Ceva, according to a source within CMA CGM Group.
“Other forwarders should definitely be wary, their concerns are completely justified,” warned the source.
“Ceva is told to tell other shipping lines there is an internal policy of giving no more than 20% of volume to CMA on any particular trade. This is false,” claimed the source.
“Overall, CMA group has more than 50% of the Ceva volume, and on some trades it’s much higher. In the current market conditions, when carriers are needing volume, CMA demands Ceva support it above other carriers. We believe there are internal emails sent to ensure volumes are diverted to CMA from other carriers.”
The Dutch Ministry of Infrastructure has decided to reconstruct the Sluis II multimodal complex near Tilburg, Southern Netherlands, and allow larger ships to pass through it. Sluis II is located on the Wilhelmina Canal and is critical for multimodal connectivity in the broader Benelux area. The latest development is also particularly good news for Barge Terminal Tilburg (BTT) engaging in inland waterways-rail transport.
“You have everything in Tilburg to get freight traffic from the road to inland waterways,” said the outgoing Dutch minister of infrastructure and water management, Mark Harbers, to Dutch media. “There are rail connections, there are pipelines. Then, it is important that we can also start using this, not only for Tilburg but for the whole region. We want to submit the project plan this year and then start the tender. I think it’s realistic that we can start working with a contractor in 2025.”
Harbers’ words will be music to the ears of BTT director Wil Versteijnen. BTT is a family business in sustainable container logistics, with its own barge and rail terminals in Tilburg, Eindhoven and Bergen op Zoom. Goods come to Tilburg from all over the world, and from there, they are transported further by water or rail.
The company has one rail and two inland shipping terminals in the vicinity of Tilburg, southern Netherlands. The company operates 14 ships and two locomotives of its own. Versteijnen compared his company’s business to a kitchen while speaking to Dutch media. “The ports are the cooks; we supply and serve. Without us, the kitchen gets stuck. Rotterdam has signed an environmental covenant stating that by 2030, no less than 65 per cent of containers must enter the country by rail or barge, no longer by truck. That’s only about 40 per cent now.”
Operations at Australia’s largest ports are slowly resuming
Just post your freight rates on maxmodal to share them worldwide with your clients and partners
Fearing threats to their job security from a potential sale of HMM, carrier employees demonstrated outside the Korea Development Bank building in Seoul today.
The liner’s main shareholders, KDB and Korea Ocean Business Corp, representing the state’s interest, plan to sell a majority stake in HMM, as they feel it is time it was released from government support.
Forty unionised shore-based and seafaring staff denounced attempts by KDB and KOBC to sell HMM to what they deem “mid-sized concerns” a day after due diligence into HMM’s three suitors, Harim Group (working with JKL Partners), LX International and Dongwon Group, was completed.
Jeon Jung-geun, head of HMM’s seafarers’ union, said: “With the acquisition candidates’ questionable ability to raise equity capital, the question is whether the sale will really help national development. There are serious concerns.
“If the bidder focuses only on recovering capital returns, it may lead to poor management that misappropriates HMM’s reserves, so the hasty sale must be stopped immediately. We need an owner that can nurture HMM to prevent the [domestic] shipping industry from being ruined.”
The state took control of HMM after swapping debt for equity in 2016.
KDB and KOBC expect to name a preferred bidder this month and conclude the sale by year-end. They plan to sell a 40.65% stake, which could increase to 57.87%, if KRW1trn ($742m) of bonds are converted to stocks. The sale price is estimated between KRW5 trillion ($3.5bn) and KRW10 trillion ($7.4bn).
Lee Ki-ho, head of HMM’s office finance workers union, said: “The shipping industry has a great impact on the nation. We need to form a consensus so that a hasty sale will not bring shame.”
Reportedly, HMM’s staff have been spooked by Maersk Line’s 10,000 headcount loss as huge Covid-fuelled profits evaporate.
All three of HMM’s suitors have equities that are below the shipping company, resulting in them having to sell assets to raise funds. This has given rise to talk of a “winner’s curse”, as speculation mounts that any new owner will struggle to take HMM forward.
Interesting
The Executive and Supervisory boards of HHLA Hamburg have greenlit MSC’s offer to buy 49,9 per cent of the company’s stakes. Negotiations, including the two parties and the City of Hamburg, deemed the offering adequate. The HHLA boards now recommend that the company’s shareholders accept the offer, which, according to official and binding agreements, will not disrupt HHLA’s business model and will secure several aspects of the business concerning investments, subsidiaries and employees.
The Executive and Supervisory boards of HLA Hamburg were obliged by the German Securities Acquisition and Takeover Act (WpÜG) to “examine the offer carefully, impartially and in the best interests of all the company’s stakeholders” and subsequently proceed to a joined ‘Reasoned Statement’ explaining why the takeover should take place or not.
The offer’s assessment was mainly based on the financial aspect of the transaction, which the HHLA Hamburg boards considered financially adequate and competitive. Specifically, HHLA explained that they are content with MSC’s offer to pay 16,75 euros per Class A share. However, what could be even more critical in accepting this offer is the Business Combination Agreement (BCA) signed by HHLA, MSC and the City of Hamburg, which safeguards HHLA’s future business in different ways.
The Business Combination Agreement
Just days after the announcement of MSC’s intention to acquire 49,9 per cent of HHLA’s shares, protests broke out in Hamburg, with labour unions claiming that the port of Hamburg is not for sale and should remain in public hands. The regime in which the port of Hamburg is subjected, considering that it is a public entity, makes share acquisition a more complex process, igniting fears over operational and business changes that could harm both the city of Hamburg and the port employees.
In this regard, the BCA agreement reached by the three parties involved in the acquisition process could provide some security and assurance for the following steps. First and foremost, one of the BCA’s commitments concerns the HHLA’s workforce. According to the company, the employees should not be alerted of possible redundancies since the BCA excludes reducing personnel due to operational reasons for at least five years. However, it is not binding that this commitment will continue to be applied after this timeframe passes.
