Charter market activity has slowed down with very no new fixtures in the large sizes of above 4,000 teu in the past 2 weeks, with all of the recent charter deliveries in the past week concluded several weeks in advance. CMA CGM took the 7,092 teu KOTA CALLAO on 4 August on a short term fixture for a China-Panama trip at a reported rate of around $105,000 in a deal concluded in early June. Demand has cooled noticeably since then, but with very limited vessel availability the charter rate indices
The active containership fleet continues to be constrained by port congestion and diversions to the Cape route with the number of ships in drydock also rising. Effective capacity has remained below 26m teu since the beginning of this year despite the addition of 1.9m teu of new capacity in the first 7 months of this year. Port congestion has picked up noticeably in the past week, with Shanghai and Ningbo the most badly affected at the moment with berthing delays of up to 4 days with adverse wea
Rates to North Europe continue to hold up much better than the Transpacific, with the SCFI falling just 2.9% from this year’s peak compared to the 22.9% decline on the US West Coast and the 7.9% decline to the Med. Although EC freight futures continue to weaken, carriers are still in a strong position as overall capacity to North Europe remains limited with the 13 week moving average (13wma) still down 3.4% compared to last year despite recent new capacity additions. Actual departures from Asi
Freight futures contracts retreated across the board on volatile trading last week. The near-term contracts led the decline for most of last week before the longer dated contracts caught on 5 Aug on the US recession fears. Trading volumes are shifting from EC2410 to the later contracts with EC2504 gaining the most market interest. Based on the EC2408 and EC2410 latest closing prices, the futures market is pricing in a 4.46% decline each week in the next 3 weeks to the end of August, to be follo
Register Free Trial [https://www.linerlytica.com/register/?utm_source=W202432] US recession fears dominate the market this week, with the SCFI dropping for the 4th consecutive week on weakening capacity utilisation. Rates to the US West Coast have registered the sharpest drops and even though carriers are still pushing for a mid-August transpacific rate hike, market sentiment continues to weaken. Rates to North Europe are holding up relatively better, with capacity still constrained by both Red
New New Shipping has returned to the Northern Sea Route (NSR) for its China-St Petersburg service from July 2024 starting with 2 westbound voyages by the 1,220 teu XIN XIN HAI 1 from Taicang on 5 July 2024 and the 1,220 teu XIN XIN HAI 2 from Xingang on 16 July. Both ships are heading for Arkhangelsk via the Arctic route with final destination St Petersburg. Further trips have been launched on 3 and 14 August 2024 from Shanghai with the 1,688 teu XIN XIN SHAN and the 2,444 teu HUI DA 9, and t
CStar Line has informed its customers on 22 July 2024 that it will discontinue its services to Far East Russia from the end of September 2024 and refocus on its other remaining routes including its newly introduced services to the Red Sea. The withdrawal will affect CStar's 3 existing China-Far East Russia services: * FEFE1 calling at Yantian, Nansha, Xiamen, Shanghai, Vrangel Bay, Yantian that deploys 2 ships of 2,206 teu (MAO GANG QUAN ZHOU and MAO GANG GUANG ZHOU) * FEFE2 calling at Bu
Unifeeder has launched a new Egypt-Aegean feeder service connecting Port Said East, Thessaloniki, Izmit, Port Said East from 27 July 2024. The weekly service will turn in 14 days and deploys the 1,118 teu ATLANTIC EXPRESS and 990 teu BF PERCH.
Global port congestion eased slightly over the past week, with Southeast Asian ports recording significant improvements especially at Singapore and Port Klang where average waiting times have dropped to less than 1 day. However, typhoons and severe weather conditions in North Asia forced many ships to take evasive action with delays of up to 4-5 days in some cases affecting particularly ports in Taiwan and Fujian, but with ramifications on vessel schedules across all main Chinese ports including
CMA CGM’s 2Q 2024 earnings surprisingly dropped YoY with average freight rates dropping by 7% YoY and 1% QoQ despite the 53% YoY increase in the CCFI. CMA CGM’s higher contract rate exposure that were signed at substantially lower levels than current spot rates contributed to the disappointing earnings. CMA CGM’s liner revenue dropped 1% YoY in 2Q 2024, lagging behind all other carriers that have reported revenue growth so far, with OOCL’s revenue rising by 14% YoY while the 3 main Taiwan carri