A million TEU of container line capacity may lay idle in 2023 as demand and freight rates fall and economic confidence worsens.
Freight intelligence platform Xeneta said in its 2023 outlook that ocean cargo volumes could fall by up to 2.5% in 2023. Spot market
rates have already fall and could hit pre-pandemic levels on some lanes in 2023, said Xeneta, and long-term rates will fall sharply as
contracts fixed at the height of the market expire and their replacements reflect the new market reality. (Source: Seatrade Maritime News)

Spanish port Valencia will get a fourth container terminal with Terminal Investment Limited, a subsidiary of Mediterranean Shipping Co,
spending more than $1.05bn to build the 5m TEU facility to the north of the existing box infrastructure. This project will have a surface area
of some 137 ha and 1,970 m of berthing line and is promoted as a green site, with all electricity coming from renewable sources and cold
ironing on offer. Last year the port handled 5.6m TEU, overtaking Piraeus to become the busiest box port in the Mediterranean.(Source: Splash247)

Shippers in America are rushing to post complaints against carriers at a rate of over 30 cases a month. This action follows the enactment of
the Ocean Shipping Reform Act 2022 (OSRA22) on 16 June. Figures released by the US Federal Maritime Commission (FMC) revealed that
175 cases were filed with the regulator in the past five months. The FMC said yesterday: “US shippers have responded positively to the new
opportunity to challenge carrier charges by filing charge complaints. The process being shared clarifies the interim steps the commission will
take under this new authority.” (Source: Theloadstar)