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
CK Line has launched a new Korea China Haiphong (KCH) service calling at Incheon, Qingdao, Ningbo, Haiphong, Shekou, Incheon from 30 August 2024. The new KCH service turns in 2 week and will operate initially on a fortnightly basis with the 907 teu TC MESSENGER.
MSC will revise 2 of its China-East Coast South America services from September 2024 covering both the eastbound and westbound directions. The revised Santana service will call at Yantian, Ningbo, Shanghai, Qingdao, Busan, Cristobal, Suape, Salvador, Singapore, Yantian from 14 September 2024 on an eastbound round the world rotation via the Panama Canal and the Cape of Good Hope. The Santana service was revised from a FE-USEC service with the USEC ports omitted from April 2024. Current calls a
Sinotrans has launched a new North China-Philippines (NCP) service calling at Xingang, Qingdao, Shanghai, Hong Kong, Manila (North), Xingang from 22 August 2024. The NCP will turn in 3 weeks using 3 ships of 900-1,200 teu starting with the 1,200 teu KANG QI JIA HONG at Xingang on 22 August followed by the 1,032 teu DONG FANG FU and 907 teu SINOTRANS BEIJING
Maersk will launch a new Far East-Indian Subcontinent 1 (FI1) service calling at Colombo, Laem Chabang, Yantian, Hong Kong, Colombo from September 2024. The service will turn in 4 weeks and will deploy 4 ships of 3,500 teu to 7,800 teu starting with the 4,506 teu DYROS at Colombo on 10 September.