Newsletter – May 1, 2019

AIR FREIGHT UPDATES

Air freight set for further falls

lloydsloadinglist.com
Air freight is facing several more months of declining global demand, with various trade indicators pointing towards falling volumes from key markets until at least this summer, although the long-term prospects remain very positive, key industry specialists told last week’s Air Cargo News conference in London. Read more here. 

New packaging for lithium-ion batteries means safer transport – but not by air, yet

theloadstar.com
The automotive industry will be able to transport lithium-ion batteries in a safer and more sustainable way following the launch of new re-usable packaging. Read more here. 

OCEAN FREIGHT UPDATES

ONE has yet to thrash out overseas terminals transfer

splash247.com
The protracted merger to create a Japanese container shipping giant is not over. Ocean Network Express (ONE), the merged box shipping vehicle created 13 months ago by Mitsui OSK Lines (MOL), Nippon Yusen Kaisha (NYK) and Kawasaki Kisen Kaisha (K Line), has yet to resolve its terminal holdings issues. While the three Japanese shipping lines intend to keep their domestic terminals to themselves, the plan had been to transfer all overseas terminals to ONE by the end of its first financial year, which closed a month ago. Read more here. 

Shippers condemn carriers’ approach to IMO 2020

lloydsloadinglist.com
The Emergency Bunker Surcharges introduced by container lines last year are casting a long shadow on negotiations between shippers and carriers on how to pay the higher cost of low sulphur fuels ahead of the IMO 2020 regulations which enter into force next year. Read more here.

Time to scrap older containerships to help rebalance supply and demand

theoadstar.com
Drewry has urged containership owners planning to scrap older vessels this year to “get a move on”.
The number of vessels scrapped last year fell to an eight-year low, adding to the overcapacity issues blighting the liner industry and the maritime consultant said: “It would certainly help the supply-demand balance if more at the top end of the age range were to be demolished.” Read more here. 

NYK replaces chairman after reporting loss of US$400m in 2018 FY

seanews.com
JAPAN’s NYK Line has reported a loss of JPY44.5 billion (US$400 million) for the financial year ended March 31, in wake of its disposal of its container shipping line to establish ONE line. The company responded to the heavy loss by replacing the chairman, president and representative directors immediately. Read more here. 

OOCL acquisition boosts COSCO

americanshipper.com
COSCO Shipping Holdings reported an increase in first-quarter revenue and profit, reflecting its acquisition last year of a majority stake in Orient Overseas (International) Ltd., the parent company of Orient Overseas Container Line, last July. Read more here.