Ocean Freight

Quarterly revenue–at $18 billion-was up 3.4% annually, with net income-at $1.685 billion-up 12%, and earnings per share $1.94 topping the $1.71 recorded last year and topping Wall Street estimates of $1.93 per share.

Following a three-month stretch of gains from March through April, United States-bound waterborne shipments fell in June, according to data recently issued by global trade intelligence firm Panjiva. The gains from March through April followed a decline in February, which was the first one in 24 months.

June shipments, at 1.181, decreased 5.3% annually, marking the seventh consecutive month of shipments declines.

As he has done in past years at this time, Dan Smith, Principal, The Tioga Group, shares his views on the current ocean cargo arena.

Carrier alliances and slow steaming bear scrutiny

Total POLA volume––at 764,777 TEU (Twenty-Foot Equivalent Units)––headed up 5.76% compared to June 2018, marking the highest-volume June in the 112 years of POLA operations. For fiscal year 2018-2019, total POLA volume rose 5.65% to 9,688,252 TEU.

High levels of imports are expected to remain intact at United States-based retail container ports, albeit at a lower level than a year ago at this time, as retail shippers rushed to bring goods into the U.S., in advance of scheduled tariff increases, according to the most recent edition of the Port Tracker report published today by the National Retail Federation (NRF) and Hackett Associates.

Brendan McCahill, senior vice president of trade data content at Descartes Datamyne, shares his views on the current ocean cargo arena.

The Jones Act is not only a vital anchor for economic strength and job creation in California but also a pillar of the nation’s security and military capability.

The CMA CGM Group, a leader in ocean cargo shipping and logistics, has announced that it will pay a special maritime tribute to America in honor of its U.S. shippers and logistics on July 3rd.

Most U.S. shippers have reviewed their contract bunker formulae to take into account the switch to the new IMO 2020-compliant fuel before signing their new May 2019-April 2020 transpacific contracts.

As he has done in past years at this time, Philip Damas, head of Drewry’s Supply Chain Advisors, shares his views on the current ocean cargo arena.

When the 31st Annual Meeting of the Agriculture Ocean Transportation Coalition convened in Tacoma, WA this month, it featured the always popular Ocean Carrier Performance Survey

May shipments, at 1,078,514, rose 0.8% annually. On a year-to-date basis, shipments through May, at 4,974,896, are up 2.5% compared to the same period a year ago. The firm added that containerized freight was up 3% in May.

Rail carloads, at 246,758, fell 9.1% compared to the same week a year ago, and intermodal units, at 266,341, slipped 8%.