Charter rates are weakening as tonnage availability is starting to pick up. In the Bangkok-max sector, the number of vessels available spot (less than 14 days) are at the highest levels in over a year, with rates falling in tandem. SFL was forced to accept a reduced rate of $23,000/day for the 1,740 teu GREEN ACE on a short fixture to Aladin Express after Allseas defaulted on its charter commitment on the ship at short notice. The ship was originally to join Allseas on its Asia-Europe service a
Rates to the USWC have slipped further with the SCFI assessment at $3,484/feu while the CCFI assessment has dropped to 2,195 points. Carriers are continuing to offer lower rates for September bookings with rates of below $3,000/feu already on offer. Rates to the USEC are also coming under pressure, with the SCFI assessment dropping by $551/feu last week. The USEC rates will continue to weaken in the coming weeks as the gap between the WC and EC rates are expected to narrow further, barring any
The after-effects of typhoon Hinnamnor has resulted in a large build up of ships waiting at Shanghai, Ningbo and Busan even though the congestion has started to clear by the end of the week. There has not been any material improvement in the congestion situation at the other main regions.
Carriers’ attempts to drive out the marginal players in the market by aggressive rate cuts have so far failed to achieve any of the desired results, as spot freight rates suffered another large fall last week while trade capacity has not been reduced. Exit are not obviously available for the new entrants, even if they are looking for one. Tonnage shortage over the past two years means the vessels could only be chartered for exceptionally high charter rates and much longer period commitment,
Register Free Trial [https://www.linerlytica.com/register/?utm_source=W202236] Carriers’ attempts to drive out the marginal players in the market by aggressive rate cuts have so far failed to achieve any of the desired results, as spot freight rates suffered another large fall last week while trade capacity has not been reduced. The SCFI index dropped by 10.0%, following from the 9.7% drop a week earlier with no signs of rates stabilising anytime soon. Charter rates have continued to fall, alb
Safeen Feeders has expanded its coverage to China with the launch of a new UAE-China service connecting Khalifa Port, Qingdao, Shanghai, Ningbo, Singapore, Khalifa Port. The service will turn on a monthly basis using one ship, the 3,421 teu SAFEEN POWER (ex EASTAWAY MALMSEY, built 2011) that Safeen that acquired in August from Sea Consortium. The ship departed from its maiden call at Shanghai on 9 September 2022. The new service will be Safeen Feeders’ first service to call in China, and foll
Containerships started Irish Sea Express (ISX) that connects Dunkirk, Dublin, Greenock, Rotterdam, Dunkirk with two ships. 803 teu Ranger joined the service on Sep 1 at Greenock while 907 teu Linda joined on Sep 7 at Greenock.
CMA CGM is resuming the MEDGULF service that connects the West Mediterranean to the US Gulf and Mexico. The original MEDGULF service was first launched in April 2015 but it was suspended in December 2015 and replaced by a MEDGULF Ecuador (MGE) loop. The revised MEDGULF service will resume on 29 September 2022 with the 2,826 teu CMA CGM NAVEGANTES that will call at Genoa, Valencia, Miami, Veracruz, Altamira, Houston, Tangier Med and Genoa. Genoa. The service will turn in 6 weeks on a 42 day ro
Evergreen Marine Corp. (EMC), the Taiwan listed arm of the Evergreen Group has reported a 10% MoM drop (8.5% in NTD) in operating revenue in August. The point of focus is the sequential change, which is larger than the CCFI's 6% MoM drop. It is unusual for carriers to report sequential revenue drops in August, during what should have been the middle of the usual peak shipment season. The last time EMC reported a larger sequential drop in any month in 3Q was in September 2011. EMC is expected to
The increase in Chinese port congestion last week drove global congestion levels from 12.2% to 13.0% of the containership fleet.