Newsletter – August 3, 2018

OCEAN FREIGHT UPDATES

OOCL to Operate Solo Under COSCO

source: porttechnology.org

Orient Overseas Container Line (OOCL) will continue to operate independently, despite being taken over by Chinese state-owned container line COSCO.

COSCO’s purchase of OOIL, which has helped make it the third biggest container line in the world, was given final approval by US Homeland Security in July, 2018. Read more here.

Tighter capacity supports big rises in east-west ocean freight prices

source: lloydsloadinglist.com

Ocean freight spot prices have shot up in the last week on key East-West container trades, as momentum builds into the summer peak season and capacity discipline by container lines has allowed them to implement meaningful general rate increases (GRIs). Read more here.

Scrapping may make a comeback as smaller containerships lose their appeal

source: theloadstar.co.uk

Non-operating owners of ageing gas-guzzling small containerships are likely to renew their interest in scrapping as the charter market makes an unexpected U-turn.

The latest idle tonnage report by Alphaliner records 131 ships of 500-5,100 teu in hot or cold lay-up seeking employment, compared with just 56 in February. Read more here.

INTERNATIONAL BUSINESS – GOVERNMENT UPDATES

New China Customs Declaration Required as of Aug. 1

source: strtrade.com

Beginning Aug. 1 companies importing into China must file a new, single customs declaration that combines the requirements of the General Administration of Customs and China Inspection and Quarantine. However, there are already reports that confusion about the new declaration has resulted in shipment problems. Read more here.