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Difficult year for container shipping industry

     Hanjin container ship

In over 60 years, the container shipping sector has never had a more tumultuous year than 2016.

There were five major mergers and one bankruptcy (Hanjin Shipping) that left over 100 ships stranded in ports around the world.  It is estimated that the industry lost $5 – $10 billion and even the market leader, Maersk Line, lost money in 2016, after posting a $1.3 billion profit in 2015.

The market situation for ocean carriers will still be very challenging for 2017, as rates are on an upward trend and demand remains low.     

For more information, contact Chris Barnard, Vice President – Projects & Market Development.

Quick Tip #57
When Incoterms are incomplete

The shipping term FOB (Free on Board) is incomplete when the port of shipment and country are omitted. Moreover, you could end up paying extra if an incorrect assumption (guess) is made about your port of shipment (many countries have multiple ports of shipment).

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