Maersk’s high spot rate quotes helped to boost short term market sentiment, but skepticism over the sustainability of the current high rate levels heading into 2025 continues to prevail in the CoFiF futures market. The EC freight futures traders were spooked by reports of a Gaza ceasefire as the longer dated container freight futures for 1H 2025 contracts corrected by 20-30% WoW. Near term contracts for 2H 2024 remain firm, with EC2408 and EC2410 recording marginal gains backed by the 4.0% gai
OOCL reported its 2Q operational update on 15 July. OOIL 2Q 2024 total revenue recorded 14% YoY and QoQ gains compared to the Taiwanese’s 47% YoY and 20% QoQ growth. Relative to the Taiwanese liners, OOIL has much higher mix in short haul Intra-Asia, Oceania and Transatlantic trades, which have not seen the same quantum of freight rates hike compared to the long-haul trades during 2Q 2024.
Milaha has announced the launch of a new Milaha Gulf Express 2 (MGX 2) service connecting Shanghai, Ningbo. Shekou, Nhava Sheva, Mundra, Sohar, Hamad, Dammam, Shanghai from 2 August 2024. The MGX 2 will turn in 42 days using 3 ships of 3,000 teu with a fortnightly frequency.
CMA CGM has restarted the Great Lakes Express (GLX) that will serve as an extra loader service connecting China and South Korea (with irregular schedul calls at Yantian, Ningbo, Shanghai, Qingdao and Busan) to Seattle or Vancouver. 4 sailings are planned currently starting with the 6,732 teu CMA CGM SAN FRANCISCO at Shanghai on 19 July 2024 with a second trip from Ningbo on 24 August, the 2,478 teu CMA CGM ALEXANDRIA at Yantian on 23 July and the 2,954 teu AMALFI BAY at Yantian on 5 September.
MSC has launched a new Saola service calling at Shanghai, Ningbo, Haiphong, Ho Chi Minh City, Cai Mep, Shanghai from 4 July 2024. The Saola service will turn in 21 days amd deploys 3 ships - the 2,824 teu MSC CORDELIA III, 2,798 teu MSC VIGOUR III and 2,646 teu MSC ZAINA III. MSC Saola service rotationThe new service will partially replace the existing China-Southeast Asia leg of the Kaguya service which will be shortened to call at Busan, Kobe, Osaka, Hakata, Busan from 20 July 2024. The Kagu
ONE and HMM will launch a new Asia Latin America 4 Express (ALX4)/Far East-Latin America Express (FLX) service connecting Shanghai, Busan, Lazaro Cardenas, Shanghai from 16 August 2024 The ALX4 service will turn in 42 days and will deploy up to 6 ships of 4,000 to 7,000 teu starting with the 7,164 teu ONE REPUTATION. The launch of the ONE/HMM service marks the 7th service connecting China to Mexico launched since May 2024. It follows the launch of the WSA5/TLP5 by COSCO/OOCL, M2X by CMA CGM,
Most of the Container Freight Index Futures, CoFIF, went limit down today on news of the cease fire framework being within reach. But we only found such story on Washington News. No other major news channels reported a ceasefire deal being concluded. 190k contracts changed hands today, which the highest trading volume since mid May. Though, no sign of liquidation in the market as open interests rose to year-to-date high with position-building increasingly concentrated on the contracts expiring
Port congestion has started to pick up again after recent improvements, with delays at Shanghai worsening over the past week due to bunching of vessel arrivals with wait times of up to 4 days and up to 2 days in Ningbo. In Southeast Asia, overall congestion levels have been reduced but berthing delays remain at up to 3 days in Singapore and 5 days at Port Klang while Tanjung Pelepas has limited delays at the moment. Congestion at North American ports are also starting to build up after the 4 Ju
With the rest of its main rivals pushing ahead with their capacity expansion plans, Maersk has been stagnant with its capacity operated capped at 4.3m TEU since 2017 as the Group pursued its logistics integrator strategy. This is set to change as Maersk stated last week that it will be “doing whatever it reasonably can to bring supply in line with businesses’ demand for capacity”, as it hints to an imminent reversal of its self-imposed capacity cap. The move follows Maersk’s withdrawal from it
Taiwanese liners reported their June revenue, which in aggregate were up 32% MoM and 78% YoY. On quarterly basis, these liners' top line were up 20% or $1b QoQ to over $6bn in aggregate. The last time these liners together earned over $6bn in revenue were back in 4Q 2022. The combined EBIT for these 3 liners were just $800mn in 1Q 2024. The $1bn QoQ jump in revenue, driven mainly by the spot freight rates uptick, may have doubled these liners' EBIT in our estimates.