Posted on April 1, 2024
Global shipping news

Weekly Shipping & Logistics News Wrap, Week 14 

Top Highlights 

  • Baltimore port shutdown after deadly bridge strike
  • East coast gateways ready for Baltimore cargo overflow 
  • Blue Yonder to buy One Network for boosting AI capabilities 
  • Shipping giants post $1.44B combined loss in Q4 2023 
  • Maersk moves 3% containers on green fuel in 2023 

Let’s look at the above shipping and logistics headlines in more detail:  

Disruptions Hit Port of Baltimore After Tragic Bridge Collapse 

In a devastating incident, the Maersk-chartered container ship Dali struck the Francis Scott Key Bridge in Baltimore, causing a section of the bridge to collapse and resulting in six fatalities. The Port of Baltimore suspended most vessel traffic until further notice. Major container lines like CMA CGM, Hapag-Lloyd, Maersk, and MSC have declared force majeure, rerouting vessels to alternate ports like New York, Newark, and Norfolk. With an estimated $8 billion worth of trade potentially affected, the impact on the shipping and logistics industry could be significant. 

East Coast Ports Prepared for Baltimore Cargo Rerouting 

As the Port of Baltimore remains closed, alternative gateways on the East Coast are readying themselves to handle diverted cargo. The ports of New York/New Jersey and Virginia have assured they have ample capacity and specialized equipment to accommodate the anticipated surge, particularly for roll-on/roll-off cargo like automobiles. Both ports are coordinating with stakeholders and ocean carriers to facilitate smooth operations during this disruption. 

Key Market Indicators Week 14 2024

Blue Yonder to Acquire One Network for $839 Million 

In a major move, supply chain solutions provider Blue Yonder has announced plans to acquire One Network Enterprises for approximately $839 million. The deal, expected to close in Q2 or Q3 of this year, will integrate One Network’s AI platforms for end-to-end supply chain visibility, planning, order fulfillment, and resource management into Blue Yonder’s offerings. The acquisition aims to create a comprehensive suite for the “supply chain of the future.” 

Container Lines Report $1.44 Billion Combined EBIT Loss in Q4 2023 

According to data analysis firm Sea-Intelligence, major container shipping lines collectively recorded a combined EBIT (operating profit) loss of $1.44 billion in the fourth quarter of 2023. This marked the highest combined EBIT loss since 2012, with Maersk, Hapag-Lloyd, ONE, Yang Ming, ZIM, and Wan Hai all reporting losses. The unprecedented losses highlight the challenges faced by the industry after the pandemic-driven boom. 

Maersk Transports 3% of Containers Using Green Fuels in 2023 

In its efforts towards becoming a climate-neutral company by 2024, Maersk transported 3% of its global ocean transport volume (660,000 standard containers) using green fuels in 2023. This move resulted in saving over 683,000 tonnes of greenhouse gas emissions. Maersk defines green fuels as those with low to very low emissions compared to fossil fuels, verified by the International Sustainability and Carbon Certification (ISCC). 

House of Shipping Insight 

While tragic events like the Baltimore bridge collapse disrupt operations, the industry’s resilience is evident in the swift response from alternative ports. The acquisition of One Network by Blue Yonder underscores the increasing importance of technology and data-driven solutions in optimizing supply chains.  

The substantial losses reported by container lines in Q4 2023 serve as a reminder of the cyclical nature of the industry and the need for adaptability. Maersk’s commitment to green fuels demonstrates the industry’s efforts towards sustainability, albeit with a long road ahead for widespread adoption.  

Weekly Shipping & Logistics News Wrap, Week 14 

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