The Danish conglomorote, Maersk, which operates mainly in the transportation and energy sectors, announced in their latest outlook report that it is expecting to experience losses again this year in its transportation subsidiary.

Despite successful implementation of GRI’s (General Rate Increases) earlier this year, Michael Pram Rasmussen, chairman of A-P Moller Maersk, said that a “negative result” for its container line division would be a result of “excess capacity”. Maersk also expects that “Global demand for seaborne containers is expected to increase by 4-6% in 2012, lower on the Asia–Europe trades but supported…

A Chinese cargo ship was hi-jacked by Somali pirates in the sea of Oman last Friday morning. Nine Somali pirates, armed with guns and axes, boarded the vessel amidst a hail of gunfire, commandeered the ship and forced the captain to head towards Somali waters.

When contacted by Chinas ambassador to Tehran the Iranian navy was dispatched and pursued the Nanjin Ocean Shipping cargo ship. The Chinese crew shut down the engines and many jumped overboard as the Iranian navy opened fire on the Somalian pirates. The pirates, stranded at sea, and under intense fire, duly surrendered.

All 28 Chinese crew members were rescued and brought safely ashore.

Hapag Lloyd has announced rate increases on several lanes from its East Asia hubs, which will take effect from April 2012.

From April 15^th rates on the East Asia to the Red Sea trade lane will increase by $400 per TEU (twenty foot equivalent unit) and a further $300 per TEU on May 1^st.

Other increase from East Asia are as follows; to the east coast of South America($500 per TEU), New Zealand ($300 per TEU), India($400 per TEU), Australia($300 per TEU), Central America($50 per TEU), and Caribbean/Panama($560 per TEU). The majority of these increases will take effect on April 15^th…

On the 22^nd March, Maersk Line announced a temporary cessation of bookings on the North Europe to Asia trade lane. This dramatic development was put down to a large number of vessel cancellations, which followed the Chinese New year and caused a huge backlog in Northern Europe.

In order to “prevent further escalation of the backlog” Maersk decided to implement a complete booking stop. Europe’s current economic difficulties have resulted in less demand for goods from Asia, consequently eastbound return sailings from Europe. However Asian demand for European goods remains buoyant and strong. Hence, a backlog has occurred. Maersk…