Register Free Trial [https://www.linerlytica.com/register/?utm_source=W202438] The ILA dockworkers’ strike will be pivotal for the container markets in the coming weeks, as it will determine the direction that freight rates will take in October. The SCFI has dropped by 33% since its last peak on 5 July and remain under pressure after 2 consecutive 8% WoW declines. Cargo volumes have weakened ahead of the Golden Week holidays, with no signs of a pre-holiday surge. Capacity utilisation levels hav
Sinotrans has launch a new Shantou-Philippines Service 1 (SPS1) calling at Shantou, Hong Kong, Shekou, Manila (S), Shantou from 12 September 2024. The service turns in 7 days and deployed the 698 teu HAI SU 7 for an initial voyage on 12 September before it is replaced by the sistership HAI SU 6 from 19 September 2024. Sinotrans has taken both of these ships on charter from Antong, who is a fellow subsidiary of the China Merchants Group.
Asean Seas Line (ASL) will add a new Bangkok Thailand Express (BTX) service from 21 September 2024 by joing Zim/GSL on the latter's existing South China Thailand Express (SXT) service connecting Nansha, Dachan Bay, Laem Chabang, Bangkok, Laem Chabang, Cai Mep, Nansha. The BTX/SXT service turns in 14 days using 2 ships of 1,600-1,900 teu with ASL adding the 1,640 teu newbuilding CA SAIGON from 21 September at Nansha, replacing the 1,645 teu SEA OF LUCK that is operated by Gold Star Line (GSL). G
Evergreen and Yang Ming reported their August revenue after the market closed on 9 September with further gains of 1-4% MoM, outperforming the CCFI's 2% MoM drop. More importantly, the combined revenue for July and August has already exceeded the total revenue for the full quarter of 2Q 2024, with carriers still on track to record strong 3Q earnings despite the recent freight rate corrections.
Severe weather across East Asian ports last week have resulted in increased congestion at ports across China and sailing cancellations. Delays remain extensive across all main Chinese ports with waiting times at Shanghai, Ningbo, Qingdao and Yantian reaching up to 3 days with vessel bunching continuing to cause bottlenecks. US congestion remains concentrated on the US East Coast with berth utilization still high especially for larger ships with delays of up to 3 days reported at New York, Norfo
The new Asia-Europe network announced by MSC and Premier Alliance along with the planned Gemini Cooperation will result in one additional Med string in 2025 while the number of services to North Europe remain unchanged. Carriers continue to jostle for market share amidst a rapidly declining rate environment with the SCFI slipping by a further 10.8% last week, while Med rates dropped by 6.4%. The pace of the declines is quickening with carriers keen to cut rates ahead of the Golden Week holida
The main EC freight futures contracts for December 2024 (EC2412) tumbled by 23% over the past week on high trading volumes. Carriers continued to slash FAK rates to North Europe, with market sentiment remaining bearish. Contrarian views are providing support for EC2410 on the belief that October contracts have been oversold at its current 52% discount to the SCFIS. Open interests increased by 11% WoW, indicating the high conviction that traders have on their positions.
MSC and the Premier Alliance (the new name that ONE, HMM and Yang Ming have chosen to replace the current THE Alliance) have announced a new partnership on the Far East-Europe trade that will involve slot swaps covering 5 services to North Europe and 4 services to the Mediterranean commencing from February 2025. In addition to these, MSC will independently operate 2 additional services to North Europe and 2 services to the Med, ensuring that it remains the largest carrier on the Far East-Europ
Register Free Trial [https://www.linerlytica.com/register/?utm_source=W202437] MSC and the Premier Alliance have announced a new partnership covering 9 Asia-Europe services commencing in February 2025 which will set the stage for a fresh alliance competition next year with the newly formed Gemini Cooperation and existing OCEAN Alliance. These carriers remain locked in their current price war as the SCFI tumbled by a further 8% last week with the Asia-North Europe and Asia-USEC seeing the sharp
CMA CGM's intra-Asia arm CNC will launch a new Luzon Visayas Mindanao Express (LVMX) service connecting Manila (N), Cagayan de Oro, Cebu, Manila (N) from 22 September 2024. The service will operate on a weekly basis with the geared 1,037 teu SOFRANA TOURVILLE.