Shipping companies have placed significant orders for containers in recent months as Red Sea attacks effectively soak up box capacity.

Spot container freight rates jumped another 15 – 16% over the last week as shippers continue to react to disruption caused to shipping by attacks in the Red Sea.

Cosco Shipping has announced the acquisition of Italian logistics supply chain company Trasgo via Coscos Srl, the joint venture between Cosco Shipping Europe and Fratelli Cosulich.

Brazil’s APM Terminals Suape has completed the purchase of approximately 500,000 sq metre for the development of a fully electric terminal.

The US and UK have launched strikes against Houthi targets in Yemen to disrupt and degrade the capabilities of rebels to attack shipping in the Red Sea and protect global trade.

The UK Maritime Trade Operations (UKMTO), which advises vessel operators on incidents involving shipping, has reported that up to five armed masked men boarded a tanker in the Gulf of Oman in the early hours of this morning.

Breakbulk operator Intermarine is expanding its fleet with the long-term charter of four vessels.

Chinese electric car maker BYD’s first car carrier BYD Explorer 1 has launched into operation exporting vehicles to Europe.

Volumes in every major shipping sector took a hit in 2023, according to the Port of Antwerp-Bruges results, as war hit supply chains in both Ukraine and latterly the Middle East, sending inflation spiralling in the US and Europe and deflating demand.