Port of Vancouver – Cargo diversity and strong Canadian economy drive record volumes at Port of Vancouver

Port of Vancouver – Cargo diversity and strong Canadian economy drive record volumes at Port of Vancouver

Overall cargo volume through the Port of Vancouver reached a record high of 142.1 million metric tonnes (MT) in 2017, up five per cent from 2016. Cargo diversity and strength of the Canadian economy provided a boost to annual volumes. Sectors experiencing strong growth included containers and bulk grain, both of which hit new records in 2017.

“The record year for cargo movement and healthy growth across the port reflects the strength of the Canadian economy in 2017, as well as the Port of Vancouver’s ability to accommodate the most diversified range of cargo of any port in North America,” said Robin Silvester, president and chief executive officer at the Vancouver Fraser Port Authority. (more…)

Port of Vancouver – Facilitating Canada’s trade: A collaborative approach to infrastructure funding

Port of Vancouver – Facilitating Canada’s trade: A collaborative approach to infrastructure funding

Mandated to facilitate Canada’s trade objectives, the Vancouver Fraser Port Authority is continuing to build on a successful legacy of collaborative infrastructure funding. With its long-term strategy in mind, the port authority works collaboratively with government and industry to fund and deliver trade-enabling infrastructure projects to position the Vancouver gateway for the future.

Between 2009 and 2025, more than $17 billion will be invested in transportation and terminal infrastructure in the Vancouver region, more than double that of the recent Panama Canal upgrades. Working closely with industry and government, approximately $7.5 billion has already been invested to-date in port infrastructure to support port activities, a strong signal indicating confidence in the continued growth in Canadian trade. (more…)

Port of Vancouver – Collaborative efforts contribute to leadership on sustainability

To realize its vision of becoming “the world’s most sustainable port,” the Vancouver Fraser Port Authority continues to collaborate with industry to maintain a healthy environment. The port authority has a number of programs and strategies in place, including those that encourage and incentivize vessel and terminal operators, as well as other port users, to reduce air and noise emissions and to conserve electricity. Consistent industry participation in these initiatives serves as an example of collaborative leadership contributing to a more sustainable port. (more…)

Big spike in containership lay-ups mid-peak season a worry for owners

By Mike Wackett

Alphaliner’s bellwether containership idle tonnage data has recorded a big spike in vessels being consigned to lay-up, shifting the supply-demand balance back in favour of the charterer. The consultant said the capacity of the idle tonnage fleet had risen to 341,000 TEUs by the end of July, representing 1.6 per cent of the total global cellular fleet.

This is a worrying increase for shipowners, not least because this has happened in the middle of the peak season. Indeed, with the slack season not normally expected until October, Alphaliner said the amount of unemployed tonnage could reach 750,000 TEUs, or more, by the end of the year. (more…)

Yang Ming opts for greener containerships as it renews its charter fleet

By Mike Wackett

Taiwanese ocean carrier Yang Ming has signed long-term charter agreements for five 11,000 TEU and five 12,000 TEU newbuild ships for delivery between 2020 and 2021.

The carrier said the new eco-friendly ships were part of its “ongoing fleet renewal programme”, replacing older vessels with higher fuel consumption. It currently operates a fleet of 103 containerships, with a capacity of 632,000 TEUs. It charters 63 vessels and is ranked seventh in the carrier league table. (more…)

Despite $73 million H1 loss, new owner Cosco tells OOCL staff their jobs are safe

By Mike Wackett

Orient Overseas International (OOIL) suffered a loss of $73 million in its OOCL container business in the first six months of the year, following a profit of $24.5 million in the same period of 2017. H1 revenues were $3.1 billion, versus $2.8 billion the year before, earned from liftings which had increased by 6 per cent to 3.3 million TEUs. But increased costs hit the bottom line.

OOCL was particularly aggressive on the transpacific and Asia-Europe tradelanes, recording growth of 11.3 per cent and 16.7 per cen respectively. However, average revenue per TEU was up just 3.5 per cent and OOIL admitted that increased costs for OOCL had “hurt profitability”. It said: “The higher price of oil has increased fuel costs and equipment reposition costs have been amplified by the increasing imbalance between the strong headhaul growth and stable to weakening backhaul growth.” (more…)