Sinokor, TS Lines and X-Press Feeders will launch a new China-Middle East service branded respectively as the Sinokor Gulf Service 2 (SGX2), Central China Middle East Express (CMX) and Jebel Ali-Far East X-Press (JFX) that will call at Qingdao, Shanghai, Ningbo, Shekou, Port Klang, Jebel Ali, Colombo, Qingdao. The service will turn in 6 weeks and will deploy 6 ships of 6,000 to 8,000 teu starting with the 8,030 teu MUMBAI BRIDGE at Qingdao on 23 September 2024.
Bengal Tiger Lines will introduce a new Colombo-Mangalore (GMT) service from 24 September 2024. The service will deploy the 1,368 teu TAKUTAI CHIEF that will connect Colombo's SAGT with Mangalore on a weekly basis.
Swire Shipping's New Zealand coastal operator Pacifica Shipping has withdrawn the 1,368 teu TAKUTAI CHIEF from its New Zealand coastal service from 30 August 2024. The ship was first introduced on the service in September 2022 to connect Auckland, Lyttelton, Marsden Point, Tauranga, Auckland. The New Zealand intra-island domestic service will continue to be offered by the 1,732 teu MOANA CHIEF. The TAKUTAI CHIEF will be chartered out by Swire Shipping after completing its drydock on 24 Septemb
Carriers are rushing to secure ship contracts despite rising newbuilding prices and growing concerns over over-capacity by the time these ships hit the water in 2027-2029. COSCO is the latest carrier to join in the new order frenzy with a fresh order revealed last week for 12 units of 13,700 teu at its COSCO Yangzhou shipyard for delivery over 2027-2029 bringing the total capacity contracted in August to a record high of over 1.4m teu, including several Letters of Intent (LOIs) that are expect
COSCO concluded the 1H 2024 interim reports for the publicly listed carriers with its EBIT earnings of $566m for its container shipping business for a margin of 25%, down from the 32% margin in the same quarter last year due mainly to higher unit costs during 2Q 2023. Average freight rates were 13% higher for COSCO against the CCFI’s 53% gain, while container volumes increased marginally by just 1%. Aggregated revenues of the 12 main listed carriers increased by 10% YoY while volume increased 8
Asia-Europe spot rates continued to slide in the last week of August with the SCFI rates to North Europe slipping by 11.9% while rates to the Mediterranean dropped by 9.7%. Carriers continued to undercut each other with FAK rates dropping to the $5,500/feu level with no action to cut capacity in September as blanked sailings are only planned in October. These measures would come too late to arrest the rate decline, with current EC futures already pricing in a 50% reduction to current levels by
The pace of the SCFI and SCFIS declines continued to accelerate last week with the SCFI assessment to North Europe falling by 11.9% while the SCFIS that came out after market close on 2 Sep dropped by 6.9% following the previous week’s 7.3% decline. Carriers continue to cut their spot rates, with average FAK quotations falling below $6,000/FEU with carriers giving up all the rate gains secured since June this year. Asia-North Europe volumes are down 5% from their peak, with average capacity uti
Global port congestion remains elevated with overall congestion remaining at a 2 year high. Berthing delays remain acute at the main Chinese ports with Shanghai, Ningbo, Yantian and Qingdao experiencing delays of up to 2 days due to high vessel traffic and bunching of arrivals. Although the congestion at Southeast Asian hubs have improved, ships arriving at Singapore, Port Klang and Tanjung Pelepas are still experiencing delays of 1 to 2 days. Although the planned dockworker strike in India has
Register Free Trial [https://www.linerlytica.com/register/?utm_source=W202436] Container freight rates continue to slip with Asia-Europe rates suffering the biggest drops last week. Cargo demand continues to fall, forcing carriers to offer rate discounts. The weakness has spread to the transpacific where carriers are also offering selective bullet rates and voyage-specific discounts. Carriers are pushing for a mid-September rate hike on hopes of a mini-cargo rush ahead of the Golden Week holida
Transit Line will add the 1,930 teu TRANSIT TAVAYZA to its Far East-Turkey-St Petersburg (FETLED) service from 29 September 2024, joining the 2,472 teu MYD JIMEI that has been deployed on the same service since May 2024. The FETLED service will call at Shanghai, Ningbo, Nansha, Ho Chi Minh City, Colombo, Ambarli, St Petersburg, Shanghai using the 2 ships from Transit Line on an 76-86 day round trip. Port rotation of the FETLED service