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Services

ONE take slots on GFS' Colombo Cochin Gulf (CCG)/India Coast Express (ICE) service

ONE has announced the launch of a new India Coast Express (ICE) service through slots on Global Feeder Shipping's Colombo Cochin Gulf (CCG) service that connects West Coast India, Colombo and East Coast India. The CCG/ICE calls at Mundra, Pipavav, Mangalore, Cochin, Colombo, Kattupalli, Visakhapatnam, Kattupalli, Colombo, Cochin, Mangalore, Mundra. The service turns in 28 days using 4 Indian flagged ships of 2,700-3,300 teu operated by GFS.

Markets

Impact of Strait of Hormuz disruption on the container market

The escalation of the Iran-Israel conflict in the Middle East has sparked fears of a potential disruption to vessel traffic in the Strait of Hormuz. The impact on the container markets will be far less severe compared to the tanker and LNG markets, as the Middle East Gulf is mostly an import market with very little exports of any strategic importance that are shipped in containers. Middle East Gulf ports located north of the Strait of Hormuz handled a total of 29m teu of containers in 2023, acc

Port Congestion

Congested Vessel Clearing Up Quickly As Labor Dispute Resolved Tentatively

The International Longshoremen’s Association (ILA) and the United States Maritime Alliance (USMX) announced on 3 October a tentative agreement on wages and extended the Master Contract until 15 January 2025 to negotiate all other outstanding issues, ending the dockworkers’ strike that started at midnight on 1 October. Vessel congestion at US East Coast ports spiked to a high of 460,000 teu on 4 October but is clearing up quickly after all of the affected ports resumed vessel operations by the en

Markets

SCFI to resume decline as China back from Golden Week

There is no SCFI assessment last week due to the Golden Week holidays in China. The SCFIS recorded a 15.9% drop on 7 October, marking its 11th consecutive weekly decline. 5 out of 18 regular sailings to North Europe were blanked last week, with a similar number of blank sailings expected in the next 2 weeks. However, the 15% reduction in overall capacity is insufficient address the lower market demand and the number of blanked sailings are also lower compared to the previous 2 years. Freight r

Markets

Further weakness expected in futures market for the week ahead

China’s onshore container freight futures market was closed for the Golden Week holidays from 1 to 7 October but is poised to trade weaker when it re-opens following the SCFIS’ 16% week-over-week drop on 7 October. The end of the USEC port strike also removes the last remaining hope for supply to remain tight for the remainder of the year, with a further correction in freight rates now inevitable. Carriers’ rate quotations remain largely unchanged over the past week at around $3,000/FEU with in

Markets

Carriers on track for bumper 3Q 2024 earnings

Carriers remain on track to report bumper 3Q earnings with COSCO Shipping setting the early pace after it issued a profit alert on 7 October showing 3Q 2024 net income improved by 286% YoY to RMB 21.3 Bn. COSCO subsidiary OOCL also released its 3rd quarter trading update with revenue rising by 74% compared to a year ago, and is also up 35% compared to the 2nd quarter led by increased rates on the Asia-Europe route (up 51%) and Transpacific (up 29%).

MarketPulse

Market Pulse 2024 Week 41

Register Free Trial [https://www.linerlytica.com/register/?utm_source=W202441] The US East Coast dockworkers’ strike ended after the ILA agreed a 61.5% wage hike over 6 years, far in excess of the 32% increase that the ILWU secured for their 2022-2028 US West Coast master contract. Although congestion at East Coast ports surged to their highest levels since 2022 at the end of the 3-day strike, the vessel queue is clearing up quickly after all the affected ports resumed operations on Friday. Wi

Services

SeaLead to launch new Mediterranean Gulf Express (MGX) service

SeaLead will introduce a new Mediterranean Gulf Express (MGX) service connecting Jebel Ali, Djibouti, Aliaga, Damietta, Jebel Ali from 19 October 2024. The MGX will turn in 4 weeks and deploy 4 ships of 1,500-1,700 teu starting with the 1,725 teu SHUN LONG.

Services

GFS partners SeaLead on new Spain Turkiye Morocco (STM) service

Global Feeder Shipping (GFS) and SeaLead have launched a new Spain Turkiye Morocco (STM) service connecting Ambarli, Gebze, Aliaga, Barcelona, Valencia, Algeciras, Casablanca, Tanger, Valencia, Barcelona, Ambarli. The service will turn in 3 weeks and deploys 3 ships of 1,100 to 1,400 teu starting with the 1,440 teu GFS SAPPHIRE at Ambarli on 20 September 2024, followed by the 1,440 teu CAPE FULMAR and 1,134 teu SSF LILY. Port rotation of the new STM service

Services

ESL, GFS, KMTC and TSL to launch new South China-Middle East Gulf Express (SMX) service

Emirates Shipping Line (ESL), Global Feeder Shipping (GFS), KMTC and TS Lines (TSL) will launch a new South China-Middle East Express (SMX/Sirius/AIM3) service calling at Nansha, Dachan Bay, Port Klang, Jebel Ali, Hamad, Nansha from 8 November 2024. The SMX/Sirius/AIM3 will turn in 35 days and deplaus 5 ships of 3,000 to 4,400 teu, starting with the 4,395 teu REN JIAN 27 from KMTC at Nansha on 8 November 2024, following by the 4,395 teu REN JIAN 16 and REN JIAN 19 from ESL, 2,954 teu TS COLOMBO

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