As we come up to Q3, the shipping sector is as busy as ever and facing extra turmoil from COVID-19.
With congestion at Chinese ports worsening as a result of COVID spread, the shipping world is struggling to deal with the disruption to global supply chains.
Stay up-to-date with all the relevant news in shipping with our June update below.
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Top ten shipping companies make up 70% of global TEU capacity
Around 80 percent of goods globally are carried by sea, amounting to a throughput of around 775 million TEUs (twenty-foot equivalent units, roughly the size of a 20 ft long shipping container) each year. However, ten shipping companies make up over 70% of the global TEU share.
See the top 10 shipping companies around the world below as of June 2021 below. You can keep up-to-date yourself here.
- Maersk (4.1 M TEU)
- MSC (4.0 M TEU)
- CMA CGM (3.0 M TEU)
- COSCO (1.7 M TEU)
- Hapag-Lloyd (1.7 M TEU)
- ONE (Ocean Network Express) (1.5 M TEU)
- Evergreen Line (1.3 M TEU)
- HMM Co Ltd (0.8 M TEU)
- Yang Ming Marine Transport Corp (0.6 M TEU)
- Wan Hai Lines (0.4 M TEU)
What’s happening in shipping right now
Here are the top news items in shipping right now:
- COVID-19 shortages are creating a surge in costs for businesses trying to source materials, in sectors from building to cars and electronics, making economic recovery more difficult Australia-wide. Find out more here.
- A recent COVID-19 outbreak has hit China ports hard. Yantian and Shekou port operations are currently suspended and there is a five day vessel turnaround due to the subsequent lockdown.
- Ocean freight prices increased in June and space is limited, which will likely result in a record high in ocean freight rates in July.
- As a result of a surge in demand related to COVID-19, the prices of sea freight have skyrocketed across the world. Soon, consumers will be facing the effects of these price increases. Read more here.
- DP World, Hutchinson, Patrick Terminal and Australian Amalgamated Terminals will see a Vehicle Booking Service (VBS) fee increase.
- From July 12, containers that are packed in khapra beetle risk countries that will be unpacked in a rural grain growing area will require offshore treatment to protect Australia from the risk of the khapra beetle entering.
- In Q3, effective as of 1st July until 30th September 2021, there will be a ONE Bunker Surcharge (OBS).
- ANL Container Line has also advised that, as of July 1st 2021, ANL BAF will be increasing.
- If you have any questions or feedback, please don’t hesitate to get in touch with your MYC liaison or call us on +61 8 9253 0121.