Advisories

Rising volumes and larger ships are overwhelming container hubs in the West Mediterranean. Maersk estimates that the Asia-North Europe and Mediterranean trade will lose 15-20% of its capacity during Q2 ‘24 as carriers add more ships to maintain their weekly sailing schedules. 

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The U.S. Government announced a range of new tariffs on Chinese imports. U.S. Trade Representative Katherine Tai released a statement that proposes the following Section 301 tariff modifications in strategic sectors: 

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Thousands of Canadian National Railway (CN) and Canadian Pacific Kansas City (CPKC) railway workers—part of the Teamsters Canada Rail Conference (TCRC) union—recently voted to strike as early as Wednesday, 22 May 2024. A legal work stoppage could occur if the parties do not reach new collective agreements during the mediation period.

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South Korea’s government will provide $4B in financing to help double the country’s container shipping fleet to 2M TEUs by 2030. This follows HMM’s 2022 announcement when the carrier pledged to invest $11.4B over five years for new vessels, terminals, and logistic facilities. HMM will expand its container ship fleet from 84 ships to 130 by 2030 while also increasing its lifting capacity from 920,000 TEUs to 1.5M. 

• Busan recently launched a 7th container terminal, further extending its capacity. The new facility is the first fully automated terminal in the country featuring remotely controlled ship-to-shore (STS) cranes built in Korea. The automated transfer of cargo from ships is expected to raise the port’s productivity by up to 20% while also significantly lowering the risk of safety-related incidents. 

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Almost 60% of new vessels delivered before 2030 are designed to run on alternative fuels. Still, market fragmentation is slowing the production and uptake of renewable fuels in the maritime sector. 

Orderbook composition:  

• LNG: 33.3% 
• Methanol vessels: 21.1% 
• Traditional bunker fuels: 45.6% 

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The Port of Portland will cease operations on 1 October 2024 amidst growing financial losses. After negotiations with a potential third party collapsed, the local port authority was faced with no port operator, a lack of financial support from the state, and mounting financial losses that could no longer be offset.  

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Uruguay reopened its Central Railway, an upgraded 273km north-south line from Paso de Los Toros to the Port of Montevideo.  

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A container ship collided with Baltimore’s Francis Scott Key Bridge, causing it to collapse during the early morning of Tuesday, March 26th. The Singapore-flagged cargo ship named Dali had been traveling at about 8 knots (9 miles per hour). Before the collision, the ship’s crew notified authorities that the vessel had lost power, with the “mayday” signal allowing Maryland Transportation Authority Police on the highway above to prevent many cars from driving onto the bridge just before the catastrophe.

Image: Mandel Ngan, AFP via Getty Images 

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Cosco Shipping, CMA CGM, Evergreen Marine, and Orient Overseas Container Line, agreed to continue sharing ship capacity through 2032 under the OCEAN Alliance pact. Launched in 2017, OCEAN Alliance is the world’s largest operational shipping network and the backbone of many trade routes in international commerce. The agreement was originally set to expire in 2027.  

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