Notably, the largest ports in the United States, Los Angeles and Long Beach, set new records for cargo volume in October 2023. This surge in business comes at a challenging time for the global shipping industry, not least the current Red Sea shipping crisis. The combination of these factors has led to a surprisingly strong earnings forecast for 2024 as companies adapt to changing trade dynamics.

Thanks to an estimated $50 million investment from the U.S. Maritime Authority (MARAD), the Port of Oakland is undergoing a major upgrade. The funding aims to modernise the outer port terminal and improve the overall terminal infrastructure to ensure the port remains competitive and efficient in handling maritime traffic.

Last week, Canada's labor minister successfully ended a major labor dispute that shut down the country's main container port. This settlement is critical because the labor dispute has affected operations on both the East and West coasts, causing supply chain delays and disruptions. The government's swift action is aimed at restoring normal operations at the port, which is vital to Canadian trade and commerce.

Evergreen shipping co has ordered 60,500 new containers with a total value of $186.8 million, a significant move that demonstrates its commitment to growth and efficiency. This significant investment reflects the company's strategic approach to enhance its operational capabilities and meet the growing demands of global trade. As cargo shipping continues to grow, Evergreen has decided to expand its container fleet to prepare for future opportunities.

The end of the year is traditionally considered the peak season for ocean freight fees. As foreign trade companies increase their shipments, ocean freight fees usually rise significantly. This experience of seasonal peaks based on previous years is a predictable pattern.

In an unexpected move, cargo shipping companies across the United States collectively decided to raise prices, a move that sent shockwaves through the logistics and trading community. That could come in anticipation of a tax increase, which could prompt businesses to speed up the transportation process. As businesses prepare for the possible financial impact, more and more people are conducting cargo shipping through the U.S. international shipping co, resulting in increased demand for shipping services.

In response to the growing demand for shipping services, CMA CGM has announced a peak season surcharge on cargoes from Central America and the Caribbean to destinations in Europe and the Mediterranean. The decision, which will come into effect on December 7, 2024, marks a major shakeup in the shipping landscape, especially for companies that rely on these routes.

In a major development in the maritime logistics space, ONE has announced the launch of a new weekly service, Gulf Express Pakistan (PGX). The service aims to enhance connectivity between major ports in Pakistan and the Gulf region and meet the growing demand for efficient cargo shipping solutions in these markets.

Hyundai Merchant Marine (HMM) showed strong financial strength by Posting a 17-fold increase in net profit in the third quarter of this year. This significant growth can be attributed to enhanced strategic operations and favorable market conditions, particularly in the container shipping ships segment.

Maersk has officially announced the price increase, which will take effect in December, in a major move that will affect the global shipping industry. This decision is part of the company's ongoing strategy to adapt to volatile market conditions and rising operating costs. The exact details of the price increase have not been fully disclosed, but stakeholders are preparing for adjustments that could affect freight rates on various routes.