The Baltic Exchange’s main sea freight index, tracking rates for ships carrying industrial commodities, slumped to an all-time low on Tuesday 1/5/16, as worries over demand from top importer China and huge oversupply of vessels battered sentiment.
The largest container ship ever to visit North America arrived at the port of Los Angeles on Dec. 26th 2015, marking the U.S. debut of a new breed of ‘mega ships’ that have until now only been seen in Asia and Europe.
The International Maritime Organization’s Maritime Safety Committee (MSC) has approved long-awaited changes to the Safety of Life at Sea (SOLAS) convention that will require container weight verification as a condition for loading packed export containers aboard ships.The approved changes will enter into force in July 2016.
Container freight rates from ports in Asia to Northern Europe have fallen approximately 50.4 percent to $275 per 20-foot container (TEU) in the week ended on Friday December 4th 2015.
Brazil’s Vale SA said on Friday that it plans to sell its 11 remaining 380 to 400,000 Ton Deadweight Valemax iron ore carriers for about $110 million each and lease them back in transactions that could raise $1.1 billion.