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Port congestion builds in VA after weather closures
Roughly a dozen vessels are anchored outside the Port of Virginia due to snowstorms that shut the port down twice in late January. However, port officials believe the backlog will be thinned within a few weeks. Lastly, two Friday’s ago, there were 11 vessels anchored outside the port, a decrease from 14 earlier in the week.
HMM rides rate hike wave to record 2021 result
HMM turned declining volume into a record annual profit for 2021. Soaring rate levels more than doubled revenue and generated a net profit 42 times that achieved the previous year.
Revenue increased 215% year over year to $11.53 billion. Additionally, EBIT rose 7.5x to $6.16 billion and net profit increased from $103 million in 2020 to $4.45 billion for 2021.
SM Line dropped by 2M in trans-Pac slot-swap agreement
The 2M Alliance of Mediterranean Shipping Co. (MSC) and Maersk will end its space-sharing agreements with SM Line and Zim Integrated Shipping Services on the North Asia-Pacific Northwest route.
MSC said the 2M’s slot-swapping agreement with SM Line will end effective May 8th. Lastly, the decision to terminate the 2M’s arrangement with Zim will take effect in April.
Global supply chain probe launched by ‘five eyes’ nations
An international group of competition authorities making use of global intelligence networks has formed a working group to investigate and potentially prosecute suspected anti-competitive behavior and collusion within global supply chains.
The competition authorities of the United States, United Kingdom, Canada, Australia, and New Zealand will cast a wide net across the world’s severely disrupted supply chains in search of breaches of the law.
THE Alliance to split Asia-Europe-USWC service
THE Alliance plans to break one of its weekly container vessel services into two separate services. Additionally, it will increase the size of ships on certain routes this year. Hapag-Lloyd said that its FP2 service that calls Southeast Asia, Europe, and the U.S. West Coast will be broken into two new services this spring. Thus, the new services will call Europe and the U.S. separately.
About O’Neill Logistics
O’Neill Logistics is a leading 3PL with operations in Rancho Cucamonga, CA; Savannah, GA; and Newark/Monroe, NJ. We service many verticals including Garments, Fashion Accessories, Footwear, Furniture, Home Goods, & Electronics. Additionally, we offer omni-channel distribution and all value-added services. Lastly, we focus on retail “drop shipment” fulfillment and item-level fulfillment services with same-day service offerings.
O’Neill Logistics has over 2 million square feet of state-of-the-art facilities. Additionally, we offer dray services to support the warehouses and provide distribution to retailers and wholesalers. Lastly, we aim to simplify your supply chain by delivering exceptional service and optimizing your operational performance.