RCL and GSL have added a new service connecting Ho Chi Minh City, Port Klang, Jakarta, Port Klang, Ho Chi Minh City in a butterfly pattern that turns in 14 days. The service started from Port Klang on 27 June 2022 with the 1,288 teu YANTRA BHUM operated by RCL followed a week later by the 1,134 teu ASIATIC KING operated by GSL. The service is branded as the RCL Vietnam-Indonesia Express (RVI) by RCL and Vietnam Malaysia Service (VMS) by GSL. The new service replaces the RCL Ho Chi Minh Sing
The China Containerized Freight Index (CCFI) (source: SSE) came out just now fell below its level a year ago, registering the first YoY drop since week 50 2019. This weekly published counter tracks both spot and contracted freight rates of outbound shipments from China. The recent peak of CCFI was 3,588 recorded on 11 Feb 2022. At 2,993, CCFI has fallen 17% from its peak. Container freight rates are one of the most trend sensitive price indices in all markets. Being trend sensitive means that
Maldives Sate Shipping (MSS) has delayed the launch of its planned Singapore-Port Klang-Male service. The service was originally scheduled to start in July 2022. MSS has instead added a third Colombo-Male service, with the newly acquired 665 teu mpp vessel MSS GRAPHENE joining the trade on 7 July 2022. Maldives State Shipping was established in March 2020 by the State Trading Organization (STO) a Maldivian state owned trading company to operate a shipping service connect Male in the Maldives w
SeaLead will deploy the 2,497 teu CERUS on a new seasonal loader service connecting Sydney, Melbourne, Brisbane, Nhava Sheva, Mundra, Karachi in September 2022. This ad hoc service will provide the only direct connection currently between South Asia and Australia. CERUS is currently positioning from Misurata to Singapore before it is sent to Australia. The ship had been disabled since 2 July 2022 after fire broke out in one of the holds en route to Misurata. The ship was brough to Brindisi fo
Safeen Feeders have teamed up with CMA CGM to launch the Singapore Chennai Colombo (SCC) service starting from 5 September 2022 from Singapore. Safeen will introduce the 2,034 teu SAFEEN PIONEER on this service, joining CMA CGM's 1,732 teu SONGA TIGER. For Safeen, the SCC will be its first service operated outside of its home p0rt of Khalifa in Abu Dhabi. Safeen Feeders was launched in June 2020 by Abu Dhabi Ports to boost feeder connectivity between Khalifa and the Arabian Gulf/Indian Subcont
Carrier53, a new carrier established in 2022 in Hamburg, Germany by container leasing company Lotus Containers in partnership with German shipowner Schulte & Bruns has launched a new dedicated service in August 2022 to provide transportation services between China and the US West Coast for 53 feet US domestic containers. The service was launched with an initial fleet of 6 cargo ships that can carry between 241 and 309 units of 53-feet containers. 2 of the ships were recently acquired by Schulte
ZIM reported before market open today. The results probably came out worse than capital market's expectation. This report on its own is fantastic but the sequential drop in earnings is more than expected and worse among its container liner peers. The sharper than expected drop (22% QoQ) in earnings is driven mainly by the sequential drop in the revenue yield. ZIM's revenue yield, i.e. revenue generated per slot during a quarter. At $6,993/teu slot, ZIM's 2Q revenue yield is still the highest r
Charter rates have continued to ease on the back of lower transaction volumes, with current activity mainly focused on smaller vessel sizes on shorter periods. Rates will continue to weaken in the coming weeks with the summer peak season turning out to be much weaker than expected. The soft charter market has not dampened demand for second hand purchases, with resale volumes remaining high. Wan Hai has confirmed the purchase of 4 newbuildings of 2,800 teu that are under construction at CSBC Ka
The 2 largest ports in the world registered very strong volumes in July, with Shanghai recovering strongly from its recent lockdown woes to reach 4.30m teu which was just shy of the record high of 4.35m in January. Singapore posted a new record high of 3.29m teu, beating its previous high of 3.27 in March 2021.
US ports continued to face a heavy container imbalance in the first half of this year, with laden inbound container volumes outstripping laden outbound volumes by 2.7 times. Aggregated data from the 10 largest ports in North America showed that inbound volumes grew by 5.1% in the first 6 months of the year compared to the same period last year while outbound volumes dropped by -9.4%. Empty container handling volumes increased by 13.3% to reach a record high of 8.8m teu in the ports surveyed du