SCFI Europe rebounded by 14% week-over-week after the market closed last Friday (October 25). This increase may have been anticipated by EC traders, as EC2412 was only up by 1.9% during intermission this morning. Average utilization continued to improve. Since the last Daily CoFIF on October 25, two more ships have departed: OCEAN's NEU6's EVER ALOT left Singapore with 98% utilization, while 2M AE7's MAERSK HORSBURGH departed Tanjung Pelepas with 91% utilization. Average freight rates quoted o
Messina Line has launched a new Tunisia Line container service connecting Genoa, Tunis (Rades), Genoa with the newly chartered 700 teu EMILIA from 28 October 2024. The service will turn in 7 days and will complement Messina's existing roro services between Italy and Tunisia.
PIL has introduced a China Calcutta Service (CCS) connecting Xiamen, Shekou, Singapore, Kolkata, Singapore, Xiamen from 2 July 2024. The service turns in 3 weeks and deploys 3 geared ships of the KOTA R class - the 777 teu KOTA RATA and KOTA RUKUN, together with the 851 teu KOTA RAKYAT. The service currently provides the only direct connection between China and Kolkata.
ONE and Yang Ming will introduce a new Aegean Express/North Europe-Aegean Express (AEX/NEA) service calling at London Gateway, Antwerp, Rotterdam, Piraeus, Istanbul, Gebze, Gemlik, Aliaga, Piraeus, London Gateway to provide enhanced connections between North Europe and the Med. The service will be officially launched on 4 January 2025, but ONE will begin to offer the service from 10 November 2024 with the 1,084 teu SVENDBORG at Antwerp. The service will turn in 4 weeks and will deploy 4 ships o
CMA CGM has continued to send its Asia-Med ships on the Red Sea/Suez route for its services calling at Lebanon. The 16,022 teu CMA CGM JULES VERNE passed the Bab al-Mandab Strait on a northbound transit on 23 October 2024 without incident. The ship will make a stop at Jeddah and Beirut before resuming its regular Mediterranean Club Express (MEX) stops at Malta, Valencia, Barcelona and Fos before returning to Beirut for a second off-schedule call on 20 November. The ship is scheduled to make anot
COSCO has launched a new Oman-UAE X-Press (OUX) service connecting Abu Dhabi, Sohar, Ajman, Abu Dhabi from 18 October 2024. The weekly service turns in 7 days and deploys the 1,049 teu OKEE AURELIA.
Reel Shipping has transferred all of its Russia related shipping business to their former Chinese agent, Vuxx Shipping from August 2024. Reel started to provide services to and from Russia in 2022 in partnership with its Russian agent Hub Shipping. The new Vuxx Shipping services will cover the following routes from August 2024:- * China/South Korea-Vladivostok service * Damietta/Casablanca-St Petersburg service * Damietta/Casablanca-Kaliningrad service * Damietta/Istanbul-Novorossiysk ser
EC2412 is up 3.5% at intermission in the morning session, reaching 3262 and edging closer to yesterday's high of 3320, which also marks the peak of the recent rebound since mid-September. TS Lines, primarily involved in intra-Asia trade, is set to be listed on the Hong Kong Stock Exchange on November 1. Three additional ships departed between October 24 and 23, maintaining utilization above the trend line. Though, jury is out on whether the pick up in utilization is due to the shippers advancin
TS Lines will raise between $113m to $145m from its initial public offering (IPO) in Hong Kong, with trading of its shares to start on 1 November 2024. The company will offer 250.94m shares or 15.2% of its total shares to be priced at between HK$3.50 to HK$4.50 per share. Following the IPO, the company's founder Chen Teh Sheng (TS Chen) will retain 37.49% of the company's shares along with a further 37.49% owned by General Sharafuddin Alsayed Mohd Yousif Sharaf who has been a controlling shareho
Charter rates have picked up in the past week with the smaller sizes also enjoying a revival as larger ships are mostly all sold out. Availability of the larger sizes above 3,000 teu are scarce, with open candidates snapped up quickly and periods extended to 2-3 years, while charterers seeking shorter periods will need to pay higher premiums. Forward fixtures have extended beyond the first half of 2025, with several charters done for 2nd half 2025 positions. The strong gains have extended to t