Tag: shipping market

CMA CGM, a container transportation and shipping company based in France, has released its 2022 financial results, in which it evaluates last year's shipping economy, forecasting this year's course. 

Korea Development Bank (KDB) has officially kicked off procedures to sell the management right of HMM, a global shipping and logistics company. As KDB Chairman Kang Seog-hoon pledged to expedite the sale of the shipping firm, HMM's privatization process is expected to be carried out in a speedy manner.

BIMCO has released the Shipping Overview & Outlook for the first quarter of 2023 (Q1) including key highlights of container, tanker and bulk markets.

North P&I Club announced its intention to apply a 10% General Increase in 2023/24 premium rates amid swirling economic uncertainty and mounting inflationary pressures. The current benign marine insurance conditions within P&I should not deflect the sector from seizing an opportunity to prepare for turbulent times ahead, according to North.

MSC Mediterranean Shipping Company SA has agreed to acquire 100% of the share capital of Rimorchiatori Mediterranei S.p.A., an international leading towage operator active in Italy, Malta, Singapore, Malaysia, Norway, Greece and Colombia.

The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, rose for a second straight session on Monday on higher capesize rates, while other vessel segments stayed flat.

BIMCO's Chief Shipping Analyst, Niels Rasmussen, gives his insight into the market in September 2022, highlighting that the container market remains very strong despite small setbacks to rates, prices, and volumes. However, headwinds in the global economy, with very high inflation, increasing interest rates, and lower growth can still be felt.

The Baltic Exchange’s main sea freight index firmed on Wednesday as a jump in rates for the panamax segment offset declines in larger capesizes. The overall index, which factors in rates for capesize, panamax, and supramax shipping vessels, was up 19 points, or about 1.7%, at 1,133 points. The capesize index fell by 72 points, or about 10%, to 656 points.

With inflation continuing and the Federal Reserve hoping to cool demand through higher interest rates, imports at the nation’s major container ports are expected to fall below last year’s levels for the remainder of 2022, according to the monthly Global Port Tracker report released by the National Retail Federation and Hackett Associates.

The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, extended gains for a third straight session on Monday on higher rates for capesize and panamax vessel segments.