Container volumes handled at Nhava Sheva dropped in September compared to the previous 7 months, as the elevated demand over the past year is starting to ease. Growth at neighbouring Mundra is also showing signs of easing, despite the increase in overall capacity to the Indian subcontinent. Based on Linerlytica’s capacity survey, the overall capacity on South Asia and Middle East routes has grown by 6% in October compared to the same period last year. The utilization since week 39 dropped to 93
Global port congestion eased to a 10 month low, with both the US and China ports recording lower congestion levels. In the US West Coast, the congestion at Los Angeles and Long Beacj have been almost fully cleared, with only 2 out of the 13 LA/LB terminals still facing any material congestion. Vessels calling at MOL’s Trapac and NYK’s YTI are still facing extended delays but the queues at other terminals have all fully cleared, with the average berthing delays not less than 2 days. Congestion
The Golden Week holidays in China provided little respite for the sliding freight and charter rates. There was no SCFI publication last week due to the Chinese holidays but SCFIS (SCFI on Settled Rates), another index also from Shanghai Shipping Exchange, was published yesterday (10 Oct) where the SCFIS for Shanghai-USWC has fallen to level last seen in May 2020: 1,384, down 11% from the last print on 26 Sep. The SCFIS for Shanghai-Northern Europe was 3,434, fell 13% since 26 Sep but still a mul
Register Free Trial [https://www.linerlytica.com/register/?utm_source=W202240] The Golden Week holidays in China provided little respite for the sliding freight and charter rates, with the SCFI and CCFI will resume their weekly declines when publication resumes this week. Carriers are still unwilling to take out capacity in any serious way, while the easing port congestion has negated much of the initial capacity reductions. Global port congestion has dropped to 10.5% to reach the lowest level
COSCO provided a profit alert after market close today(10 Oct). The alert gave 9-month figures in RMB. For 3Q 2022 in USD, profit attributable to the shareholders were down 16% QoQ and flat YoY while EBIT was down 17% QoQ and down 1% YoY.
Wan Hai will withdraw 2 of its Far East-US West Coast services calling at Oakland and Seattle, but will retain its remaining 4 transpacific services that serves the US West Coast (2 services) and the US East Coast (2 services) with an increase in overall capacity as its first 13,200 teu ships are introduced on the trade. The Asia America Service I (AA1) willl be withdrawn with the last sailing scheduled to depart from Shekou on 16 October 2022 with the 1,708 teu TOKYO TOWER. The service calls a
Akkon has launched a new Novo Shuttle Service (NSS) that connects Novorossiysk directly to Turkish ports. The direct NSS shuttles have been started offered since August 2022 and it runs concurrently with the existing New Black Sea Service (NBS) that also connects Novorossiysk with Turkey but with an additional call at Constanza added. The NSS calls at Novorossiysk, Gemlik, Gebze, Ambarli, Novorossiysk using the 1,118 teu KAPPA while the NBS calls at Novorossiysk, Constanza, Gemlik, Gebze, Amb
Akkon Lines has launched a new Far East-Med service connecting Taicang, Ningbo, Dachan Bay, Singapore, Mersin, Aliaga, Gebze, Ambarli, Mundra, Taicang with the newly chartered 1,736 teu A DAISEN. The Far East (FE) service was launched on 2 October 2022, using a single ship with a turnaround of 53 days. It marks the first time that Akkon is venturing outside of its core Med services. The scheduled maiden call at Taicang was delayed to 4 October 2022, with a new call at Singapore also added o
OOIL and the Taiwanese liners' revenue reports came out after the market close on Friday (7 Oct). All four liners reported sequentially lower revenue in 3Q. Liners will start to report their 3Q earnings in the coming weeks. These revenue reports suggest 3Q earnings may have come off from this cycle peak in 2Q. Consensus in the capital market is expecting 3Q liner* earnings to be between 4% up and 18% down QoQ. OOIL's 3Q revenue dropped only 5% QoQ while Wanhai's 3Q revenue dropped 18% QoQ. Sequ
COSCO and China United Lines (CUL) have launched a new joint service branded as the China Philippines Express (CPX). The service calls at Shanghai, Xiamen, Manila, Subic Bay, Shanghai starting from 21 Sep 2022 using the 1,432 teu JIN YUN HE and the 1,713 teu AS SERENA. The new service replaces the China-Vietnam Express (CV5/CVX) service that was jointly operated by COSCO and CUL calling at Shanghai, Xiamen, Ho Chi Minh City, Shanghai.