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Hundreds of port workers at Li Ka- shing’s Hong Kong terminals surrounded his Cheung Kong Center headquarters in the city’s business district after rejecting a pay raise aimed at ending a three-week strike.
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Japanese shipping lines, buffeted by a decline in freight rates, are set to get a more than $500 million boost to their earnings from a weaker yen.
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Neptune Orient Lines Ltd., Asia’s No. 3 container line, posted a third straight quarterly loss because of falling freight rates and higher fuel costs.
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Shipowners are scrapping capesize vessels at a record pace after rates plunged about 50 percent in a year. It’s still not enough to end losses.
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China Ocean Shipping (Group) Co., the nation’s biggest operator of dry-bulk ships, said Vale SA was refusing to use its vessels to protest a Chinese ban on the Brazilian miner’s mega-ships.
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Mediterranean Shipping Co., the world’s second-biggest container line, has deployed the largest vessel on a U.S. route in response to swelling demand for goods from Asia.
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The price of iron ore delivered to China, the largest importer, gained 3.9 percent, the most since October, amid speculation the country’s steel mills are re- stocking after stockpiles of the alloy fell to a three-year low.
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Container lines may have learnt their lesson after losing at least $6 billion last year in price wars.
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Plunging rates for chartering container vessels that carry sneakers, furniture and flat-screen TVs may signal a U.S. consumer slowdown and losses for shipping lines in what is traditionally their busiest time of the year.
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China Cosco Holdings Co., the state- controlled sea-cargo group that had ships seized in payment disputes, said it reached agreements with shipowners covering 18 vessels.
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