Liners are expected to announce robust 3Q earnings following the release of another set of impressive results: Evergreen's revenue for 3Q 2024 surged by 44% quarter-on-quarter and 106% year-on-year. Evergreen's revenue growth outperformed, though remained broadly in line with, the figures reported by OOIL the day prior. The majority of this revenue increase was attributed to rising freight rates. In a separate report, Evergreen disclosed that its shipment volume for July and August totaled 1.8 m
EC contracts dropped 15-17% during the morning session on the first trading day after the Golden Week holidays, influenced by the SCFIS report from the previous night and movements in the Chinese equities market. Carriers' on-line FAK freight rates quotations released today, compared to the same from last working day (30 Sep) before Golden Week, mostly remain lower. Hapag Lloyd and ONE raised their quotations since 30 Sep, which however have not been followed by Maersk and MSC. Lunar New Year
ONE has announced the launch of a new India Coast Express (ICE) service through slots on Global Feeder Shipping's Colombo Cochin Gulf (CCG) service that connects West Coast India, Colombo and East Coast India. The CCG/ICE calls at Mundra, Pipavav, Mangalore, Cochin, Colombo, Kattupalli, Visakhapatnam, Kattupalli, Colombo, Cochin, Mangalore, Mundra. The service turns in 28 days using 4 Indian flagged ships of 2,700-3,300 teu operated by GFS.
The escalation of the Iran-Israel conflict in the Middle East has sparked fears of a potential disruption to vessel traffic in the Strait of Hormuz. The impact on the container markets will be far less severe compared to the tanker and LNG markets, as the Middle East Gulf is mostly an import market with very little exports of any strategic importance that are shipped in containers. Middle East Gulf ports located north of the Strait of Hormuz handled a total of 29m teu of containers in 2023, acc
The International Longshoremen’s Association (ILA) and the United States Maritime Alliance (USMX) announced on 3 October a tentative agreement on wages and extended the Master Contract until 15 January 2025 to negotiate all other outstanding issues, ending the dockworkers’ strike that started at midnight on 1 October. Vessel congestion at US East Coast ports spiked to a high of 460,000 teu on 4 October but is clearing up quickly after all of the affected ports resumed vessel operations by the en
There is no SCFI assessment last week due to the Golden Week holidays in China. The SCFIS recorded a 15.9% drop on 7 October, marking its 11th consecutive weekly decline. 5 out of 18 regular sailings to North Europe were blanked last week, with a similar number of blank sailings expected in the next 2 weeks. However, the 15% reduction in overall capacity is insufficient address the lower market demand and the number of blanked sailings are also lower compared to the previous 2 years. Freight r
China’s onshore container freight futures market was closed for the Golden Week holidays from 1 to 7 October but is poised to trade weaker when it re-opens following the SCFIS’ 16% week-over-week drop on 7 October. The end of the USEC port strike also removes the last remaining hope for supply to remain tight for the remainder of the year, with a further correction in freight rates now inevitable. Carriers’ rate quotations remain largely unchanged over the past week at around $3,000/FEU with in
Carriers remain on track to report bumper 3Q earnings with COSCO Shipping setting the early pace after it issued a profit alert on 7 October showing 3Q 2024 net income improved by 286% YoY to RMB 21.3 Bn. COSCO subsidiary OOCL also released its 3rd quarter trading update with revenue rising by 74% compared to a year ago, and is also up 35% compared to the 2nd quarter led by increased rates on the Asia-Europe route (up 51%) and Transpacific (up 29%).
Register Free Trial [https://www.linerlytica.com/register/?utm_source=W202441] The US East Coast dockworkers’ strike ended after the ILA agreed a 61.5% wage hike over 6 years, far in excess of the 32% increase that the ILWU secured for their 2022-2028 US West Coast master contract. Although congestion at East Coast ports surged to their highest levels since 2022 at the end of the 3-day strike, the vessel queue is clearing up quickly after all the affected ports resumed operations on Friday. Wi
SeaLead will introduce a new Mediterranean Gulf Express (MGX) service connecting Jebel Ali, Djibouti, Aliaga, Damietta, Jebel Ali from 19 October 2024. The MGX will turn in 4 weeks and deploy 4 ships of 1,500-1,700 teu starting with the 1,725 teu SHUN LONG.