NYSE-listed Israeli carrier ZIM Integrated Shipping Services Ltd reported a 50 percent increase in net profit at $1.34 billion for the second quarter of 2022 compared to $888 million in Q22021.

Revenues for the second quarter increased 44 percent to $3.43 billion, volume dropped 7 percent to 856,000 TEUs and average freight rate increased 54 percent to $3,596/TEU, according to an official statement.

Originally published at https://www.logupdateafrica.com on August 17, 2022.

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Reefer container freight rates across global trades rose over 50 percent to 2Q22, matching gains in dry cargo pricing and are estimated to increase further in 3Q22, outpacing dry box rates.

“Some stabilisation is already underway on some reefer trades and this is expected to be followed by modest declines through 2023 as cargo owners push back on unsustainable freight rate increases,” according to Drewry’s recently published Reefer Shipping Annual Review and Forecast 2022/23.

Drewry’s Global Reefer Container Freight Rate Index, a weighted average of rates across the top 15 reefer intensive trade routes, increased over 50 percent YoY in 2Q22 and the 3Q22 reading is expected to climb further, though the pace of growth will slow (see chart).

Originally published at https://www.logupdateafrica.com on August 17, 2022.

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The Joint Coordination Centre (JCC) has authorised a total of 36 movements of vessels (21 outbound and 15 inbound) during August 1–15 through the maritime humanitarian corridor in the Black Sea to facilitate the safe exports of grain, foodstuffs and fertiliser, including ammonia, from Ukrainian ports, according to the latest update from the International Maritime Organization (IMO).

The Joint Coordination Centre (JCC) was inaugurated in Istanbul on July 27 following the Black Sea Grain Initiative launched by the Russian Federation, Türkiye, Ukraine and the United Nations.

Originally published at https://www.logupdateafrica.com on August 16, 2022.

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The proposed strike at the port of Felixstowe could result in over $800 million in trade being disrupted according to the ALPS Marine analysis by Russell Group, a data and analytics company.

“Clothing ($82.8 million) and electronic components ($32.3 million) will be the commodities that would be impacted by the strike,” says the analysis based on previous trade flows at Felixstowe in the period.

Over 1,900 members of the Unite Union will strike at the port between Sunday August 21 until Monday August 29 in a dispute about a pay increase.

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AD Ports Group reported a 35 percent increase in revenue at AED 1.2 billion ($335 million) driven by the maritime and economic cities & free zones (EC&FZ) clusters.

“The ports cluster Q22022 revenue performance was hampered by an unfavourable base effect from the one-off sand supply contract that ran from March until October 2021. However, on a like-for-like basis, the ports cluster revenue grew by 20 percent YoY in Q22022,” says a release announcing the results.

Originally published at https://www.logupdateafrica.com on August 13, 2022.

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Israeli carrier ZIM Integrated Shipping Services has invested $5.5 million in the Series A financing round of Hoopo Systems, a provider of tracking solutions for unpowered assets, along with existing and new investors.

“Hoopo is a leading provider of asset and fleet visibility solutions, working on transforming unpowered assets into connected fleets, thereby helping businesses to easily track and manage their operations, inventory, and equipment more efficiently by providing real-time data and analytics,” according to a statement issued by ZIM.

Originally published at https://www.logupdateafrica.com on August 12, 2022.

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The year-on-year change of container handling for the major North America West Coast ports (Los Angeles/Long Beach, Oakland, Prince Rupert, Vancouver, and Seattle/Tacoma) has been negative in four out of the first six months of 2022 while there was a 4 percent increase in June 2022.

“On an annualised basis, however, the growth rate has largely been under 6 percent since the second half of 2021 although there was a sharp increase to 14.2% in March 2022,” says the latest update from Sea-Intelligence. “In the last few months, however, the annualised growth rate has slightly level-shifted upwards slightly to 4–8 percent although the overall trend in 2022Q2 has been downwards.”

Originally published at https://www.logupdateafrica.com on August 10, 2022.

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Logistics Update Africa

Logistics Update Africa

Logistics Update Africa (LUA) is a bi monthly trade magazine that brings the most credible news, views and stories of and from Africa.