Port congestion has returned to haunt the container markets, with Singapore becoming the latest chokepoint. Berthing delays at the world’s second largest container port of up to 7 days with the total capacity waiting to berth rising to 450,000 teu in recent days. The severe congestion has forced some carriers to omit their planned Singapore port calls, which will exacerbate the problem at downstream ports that will have to handle additional volumes. The delays have also resulted in vessel bunc
Register Free Trial [https://www.linerlytica.com/register/?utm_source=W202422] Rising port congestion has added further to the woes of the over-stretched container market that is already reeling from a shortage of container equipment and vessel space. The global port congestion indicator hit the 2m teu mark, accounting for 6.8% of the global fleet with Singapore becoming the new congestion hotspot. The SCFI has jumped by 42% in the past month, with further gains to follow in June as carriers ar
SITC will launch a new China-Vietnam-Malaysia 2 (CVM2) service from 2 June 2024 calling at Shekou, Nansha, Kota Kinabalu, Qinzhou, Haiphong, Shekou. The service will turn in 14 days and deploys 2 ships, the 1,032 teu SITC PYOENGTAEK and 1,150 teu SITC RIZHAO.
CMA CGM will launch a new India Gulf Red Sea Express (BIGEX2) service connecting Jebel Ali, Djibouti, Aden, Colombo, Mangalore, Nhava Sheva, Mundra, Jebel Ali from June 2024. The new service will turn in 28 days and deploys 4 ships of 1,700 to 3,000 teu starting with the 1,713 teu CMA CGM SAIGON at Jebel Ali on 8 June 2024, followed by the 3,013 teu WADI ALRAYAN, 2,078 teu LOBIVIA and 1,714 teu ST. JOHN. The BIGEX2 will replace the existing Mona Express 2 that will be discontinued from 8 June
ONE will withdraw from the 2 India-North America Indamex services that is marketed as the India-East Coast Express (IEX) and India-East Coast Express 2 (IE2). Its last westbound sailings will be at Port Qasim on 24 May 2024 on IEX and 20 May 2024 on the IEX2. ONE will withdraw the 10,010 teu SEAPSAN BEACON from the IEX on 13 July 2024 that operates alongside 9 other ships operated by the Indamex partners CMA CGM, COSCO and Hapag-Lloyd that calls at Port Qasim, Nhava Sheva, Mundra, New York, Nor
EBIT turned around in 1Q 2024 from 4Q 2023 losses on sequentially higher freight rates. Management lifted lower end of the EBIT guidance from negative $1bn to breakeven while keeping the upper end of the guidance unchanged at $1bn.
EBIT turned around in 1Q 2024 from 4Q 2023 losses on sequentially higher freight rates and lower unit costs. Management outlook statement: "Uncertainties in the macro-economic and geopolitical environment could continue to cause fluctuations in the transport and logistics market, and weigh on its fluidity and seasonality. In addition, the commissioning of newbuild deliveries are expected to continue in excess of forecast demand, ultimately affecting the supply-demand equilibrium and, by exte
Carriers earnings turned around from the losses in 4Q 2023 but EBIT earnings are still down YoY except for the carriers with higher spot and long-haul exposure. Aggregate average EBIT margin reached 8% with Asian carriers outperforming their European counterparts, apart from the Intra-Asia focused Wan Hai and contract heavy ONE which posted below-average results. Zim is the last carrier to publish its 1Q results which is due on 21 May 2024. Aggregated results for 9 carriers : CMA CGM, COSCO, E
Port congestion at the main Southeast Asia and Middle East Gulf hub ports have reached new record highs in May, surpassing the previous highs during the 2021-2022 COVID pandemic. The worsening congestion is driven by the sudden surge in cargo demand as well as continued disruptions caused by the diversion of ships from the Red Sea with Singapore and Jebel Ali the most badly hit. Berthing delays of up to 5-6 days have been recorded at the 2 key ports, resulting in disruptions to vessel schedules
The CoFIF container freight index futures traded at a new hight in volatile trading last week. Initial concern that CMA CGM’s resumption of Suez transits on one of its Asia-Med strings (see page 20 Weekly News Briefs) could trigger a response by its rivals proved to be unfounded, while the Shanghai Futures Exchange’s action to enforce the position restrictions to ring-fence speculative activities did little to dampen trading volumes as average daily turnover reached $3.5bn. Open interests are do