Explosion Disrupts Ningbo-Zhoushan Port, Hazardous Materials Possibly Involved
Last Friday, an explosion occurred at Ningbo-Zhoushan Port in eastern China, causing disruptions at one of the world’s busiest shipping hubs. The port’s Ningbo Beilun’s Phase 3 Terminal has since reopened (as of midnight August 12th), a variety of reports say, after being closed from dealing with the aftermath of the explosion.
The incident occurred on the YM Mobility; a container ship operated by Yang Ming. The blast originated from a container near the bow of the vessel. Yang Ming has stressed that the exact reason for the explosion remains to be clarified, but some reports say hazardous goods were involved.
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Transatlantic Outlook: Are Things Heating Up?
There has been some reports detailing ocean carriers intent to announce peak season surcharges (PSSs) in the beginning of September.
However, we like to view this as a ‘watch’ rather than a ‘warning’. We have not heard a lot of traction regarding this, but we have noticed some rates to begin to heat up in both directions on the Atlantic.
Throughout the year, capacity on the trans-Atlantic route has exceeded demand. To capitalize on higher rates, some of the larger vessels have been reassigned to Transpacific and Asia-Europe routes. Despite the overcapacity, Transatlantic carriers have minimized blank sailings. Forwarders doubt that any upcoming rate increases will be sustained unless there is a notable rise in blank sailings, a boost in demand, or disruptions at the ports.