Ocean freight spot rates drop to new yearly lows

The China Containerised Freight Index (CCFI) and Shanghai Containerised Freight Index (SCFI) both fell to new yearly lows last week, with transpacific freight rates under the most pressure.

And after hitting 12-month lows last week, transpacific freight rates could plunge further in 2018, according to Alphaliner. Spot rates from China to the US West Coast dropped to just $1,078 per feu, compared to a peak of $2,211 per feu in January, while rates to the US East Coast plummeted to $1,804 per feu, down a peak of $3,647 per feu in January.

EU clears Cosco takeover of OOCL

The European Commission has approved Cosco Shipping Holdings’ $6.3 billion bid to Orient Overseas (International) Limited, the parent company of Hong Kong-based container line OOCL, concluding the transaction would not give rise to competition concerns.

Ocean freight rates remain subdued

Attempts by container lines to push through significant ocean freight spot rate increases this

month appear to have had a minimal effect, with rates remaining broadly flat, week on week, on the main east-west trades and well below the levels in the same period last year.

Maersk Line closes acquisition of Hamburg Süd

Maersk Line has completed its acquisition of Hamburg Süd after final regulatory approval was granted this week, almost exactly a year after the proposed deal was announced. On 1 December 2016, Maersk Line announced its intention to acquire Hamburg Süd. The acquisition triggered a regulatory approval process in 23 jurisdictions, which was successfully concluded on Tuesday 28 November with the approval of the acquisition by the Korea Fair Trade Commission

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