ITF newsletter on the economic crisis |  |
- Company shorts - 08 Mar. 12
- Container rates pick up pace
- Megaships to arrive at the US west coast
- Green logistics hub planned at Liverpool
- CMA CGM posts 2011 losses
| Posted: Ferry operator DFDS Seaways, which provides passenger and freight services in the Channel, Baltic Sea and the North Sea, has announced an operating profit of £174 million for 2011, following a jump of 18 per cent in turnover to £1.35 billion. Switzerland-headquartered commodities giant Glencore posted a 28 per cent surge in revenues to US$186 billion and a seven per cent increase to $4 billion profit for 2011. At the end of last year, Glencore had a $2.2 billion charter book. Australia's mining company Rio Tinto has announced a US$2 billion investment in the iron ore mining project located in the state of Orissa, India. Plans include rail links and port infrastructure developments in order to increase Orissa production of iron ore to 15 million tonnes per annum. Italian shipbuilder Fincantieri is to renovate the Carnival Destiny cruiseship. The US$155 million investment will see the 100,000 gt converted into Carnival Sunshine by 2013. UK-based group Clarksons saw its 2011 core profits slightly declining to £32.2 million after a four per cent decrease in annual revenues to £202.6 million. The world's largest shipbroker has predicted a challenging year for the tanker industry. Daewoo Shipbuilding and Marine Engineering has sealed a US$2 billion order to build a floating production storage and offloading vessel for Japan's company Inpex, with delivery scheduled for 2016. Source: International Freighting Weekly, Lloyd's List; 7-8 March 2012 |
| Posted: Spot rates on Asia to Europe and the Middle East trades have jumped by almost 75 per cent over the last week, pushing the Shanghai Containerised Freight Index up 19.1 per cent to 1163.96. The World Container Index, a joint venture between Drewry and Cleartrade Exchange, indicated a surge of 114 per cent for westbound freight rates from Asia. This is a consequence of a general lift in rates announced by many carriers, and some of them are considering further hikes to be implemented in April. However, a deployment of larger tonnage could increase the pressure on cargo rates in the near future. Source: Lloyd's List; 7 March 2012 |
| Megaships to arrive at the US west coast Posted: The US ports of Long Beach and Los Angeles are ready to handle large containerships with capacity of over 10,000 teu. MSC Fabiola is the first 12,500 teu boxship operating in the Pacific trade to arrive at Long Beach, followed by two 11,000 teu vessels deployed by Mediterranean Shipping Co in an upgraded service in cooperation with CMA CGM. MSC Fabiola is expected to berth at Hanjin Shipping's Total Terminals International on Terminal Island. The port of Long Beach, whose throughput was affected last year by the move of Hyundai Merchant Marine's California United Terminals to Pier 400 in Los Angeles, is planning to invest US$1.2 billion in a development aimed at doubling its capacity to 3.2 million teu. Source: Lloyd's List; 7 March 2012 |
| Green logistics hub planned at Liverpool Posted: British group Peel Ports has called for bids to build a new deepwater container terminal at the Port of Liverpool. The £300 million project, part of the Mersey Ports Master Plan for the port of Liverpool and Manchester Ship Canal, is designed to be the UK's first green logistics hub. The new box terminal Liverpool 2 will be able to handle 13,500 teu megaships. Its initial capacity in 2015, when is expected to open for business, will be 500,000 teu. As volumes are forecast to increase by 70 per cent over the next 20 years, Liverpool throughput could reach an annual handling capacity of 2.4 million teu. Source: International Freighting Weekly; Lloyd's List; 7 March 2012 |
| Posted: French shipping line CMA CGM has reported losses of US$30 million for 2011, but is confident it will return to profit later this year. The company's volumes hit 10 million teu, up 11 per cent compared to 2010. Revenues for 2011 increased by four per cent to $14.9 billion for the year, but earnings before interest, tax, depreciation and amortisation dropped to $711 million from $2.5 billion in 2010. In an effort to seek protection against volatility, CMA CGM has recently signed a new type of contract by linking freight rates to a non-shipping index. Source: Lloyd's List; 8 March 2012 |
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