Ningbo Ocean Shipping (NBOSCO) has launched a new China-Middle East Gulf Express (CGX) service connecting Ningbo, Jebel Ali, Ningbo on a direct shuttle connection serving just 2 ports. The CGX service will turn in 35 days and will operate initially with just a single ship on monthly frequency starting with the 1,868 teu XIN MING ZHOU 106 at Ningbo on 28 June 2024. It is the first NBOSCO service to the Middle East and is also the first long haul service for the Chinese carrier that is currently
SCFI rates to North Europe slipped back marginally after last week’s 12.5% gain with the 1 July rate increase still largely in place. Carriers are still pushing for a mid-July increase, with mixed views on whether this fresh round of rate hikes will stick. Capacity utilization has slipped in the last 2 weeks, with the launch of 3 new FE-North Europe services and bunching departures on 3 other strings adding some 100,000 teu of additional slots to the market. Slot availability will be down over
EC freight futures to North Europe tumbled on 8 July, with 4 out of the 6 contracts hitting their daily 16% limit down level, while the two exceptions EC2408 and EC2410 dropped by 4.1% and 15.6% respectively. The daily price movement limit will be revised from 16% to 19% for contracts expiring in December onwards starting from 9 July. Open interests went up 2% WoW with traders taking more overnight positions for EC2410, EC2504 and EC2506. The EC market was spooked by concerns that freight rates
Register Free Trial [https://www.linerlytica.com/register/?utm_source=W202428] Renewed apprehension over a Middle East ceasefire and signs that freight rates may have peaked spooked the jittery container shipping equity and freight futures markets on 8 July despite continued advances in the SCFI and charter rate indices last week. Although carriers successfully pushed ahead with the 1 July rate hikes, cracks have appeared on their ability to secure further rate increases as the additional capa
Asean Seas Line (ASL) has launched a new China-Port Klang/Malaysia (CPM) service calling at Nansha, Shekou, Port Klang, Nansha from 6 July 2024. The service will turn in 12 days using a single ship starting with the 1,182 teu CA OSAKA at Nansha on 6 July 2024.
MSC has acquired 2 newbuilding contracts for a pair of 14,000 teu ships currently under construction at Jiangnan Shipyard from BAL Container Line for $133.3m in total or $66.65m for each ship. BAL's parent company, LC Logistics, will book a profit of $49m from the sale as the book value of these ships stand at $84.3m for the first 2 installments paid to Jiangnan for the construction of the ships so far. The 2 ships were ordered by BAL in June 2022 and are scheduled for delivery in July and Sept
TS Lines will join SeaLead on the new America West Coast (AWC) transpacific service connecting Nansha, Ningbo, Shanghai, Qingdao, Busan, Long Beach, Busan, Nansha. The AWC service was launched on 16 June 2024 at Nansha with the 1,809 teu ADAMASTOS by SeaLead, followed by the 5,610 teu SUEZ CANAL on 27 June, 1,809 teu ASTRAOIS on 3 July and the 3,534 teu STAR on 10 July. TS Lines will add 2 ships to the AWC service, starting with the 1,738 teu HANSA FRESENBURG and 2,954 teu TS MUNDRA, to be rep
X-Press Feeders have launched a new Matadi Shuttle X-Press (MSX) service connecting Pointe Noire, Matadi, Pointe Noire from 24 May 2024. The service operates on an irregular 5 day frequency using 2 ships of 900-1,100 teu - the 917 teu X-PRESS MEGHNA and 1,145 teu SC PHOENIX on a 10 day rolling schedule. The service caters to feeder cargo to Matadi for Main Line Carriers including Maersk and CMA CGM.
SeaLead has launched a new China red Sea (CRS) service connecting Qingdao, Shanghai, Ningbo, Nansha, Port Klang, Djibouti, Qingdao and Southeast Asia-Middle East (SAM) service calling at Port Klang, Khor Fakkan, Kandla, Nhava Sheva, Jebel Ali, Port Klang. The 2 new services are operated initially on an irregular frequencies with the CRS using 3 ships of 1,700-2,500 teu since 21 May 2024 and SAM using 2 ships of 1,800 teu since 28 June 2024.
Charter rates continue to set new benchmarks with sharp gains across all size segments on dwindling numbers of prompt tonnageCarriers are increasingly reluctant to commit to forward positions in late 2024 and early 2025 given the current elevated charter rate levels, while the number spot fixtures are decreasing noticeably due to the lack of available ships. The focus has shifted to the smaller sizes of below 2,000 teu where there are still a limited number of ships still open. Second hand tran