Plus, a Chicago-based freight broker boasts about making $215k in one day, Lineage Logistics hits it big with an $18 billion IPO, the latest on the Ocean's 11-style freight heist, and more.
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Heartland Express, Covenant Logistics, and Knight-Swift Q2 earnings show mixed results, debt reduction, and market stabilization signs.
Major shipping companies fuel an industry boom with record $90 billion vessel orders, but the overcapacity threat looms.
The world's major shipping companies, backed by their pandemic profits, are investing in new vessels at an unprecedented scale. The global order pipeline has reached an almost historic level of $90 billion. Companies such as MSC, Maersk, CMA CGM, and Hapag-Lloyd are contributing to an industry boom. However, the notoriously cyclical shipping sector is signaling a downturn. Freight rates are teetering near below-breakeven levels, while supply chains operate more efficiently, raising concerns about a looming overcapacity crisis.
Source: Bloomberg/Yahoo News
Andy Vermaut shares:Maersk Orders Six Container Ships That Can Run on Methanol: The Danish shipping giant said the ships will each have a capacity of 9,000 containers and will be able to operate on both fuel oil and methanol produced using… Thank you! https://t.co/QZSXNjD7e3 pic.twitter.com/HLHzjxAWEm
— Andy Vermaut (@AndyVermaut) June 27, 2023
Shipping groups urge governments to intervene as Houthi attacks claim more lives and send freight rates soaring. Second vessel sinks in Red Sea.
East Coast port strike looms while LA imports fall slightly. But bigger storm brewing as ocean freight rates could hit $20,000 per container.
Container rates hit new highs, causing shipper worry. With tender rejections in LA hitting 2-year highs, FreightWaves' Craig Fuller is "bullish" on 2H recovery.
Plus, the Port of Los Angeles posted its 11th straight month of year-over-year gains in exports, processing 770,337 total TEUs, up 12% from last year.
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