Container port congestion at key Asian ports continue to worsen, with berthing delays worsening at China and Southeast Asia hubs. Although the total capacity waiting at Singapore has eased slightly from 450,000 teu a week ago to 380,000 teu, the strain has shifted to Port Klang and Tanjung Pelepas. Waiting times have also risen across all main Chinese port regions with Shanghai and Qingdao experiencing the longest delays. Overall congestion globally has edged up further to 2.10m teu with furthe
The SCFIS index to North Europe gained a further 12.8% to reach 3,799 on 3 June 2024, further narrowing the gap between current spot rates and the CoFIF Asia-North Europe freight futures’ EC2406 and 2408 contracts which are now trading at a 10% premium to the current SCFIS. The prices for these 2 contracts with the earliest expiry dates slipped marginally last week on lower traded volumes, with the market lacking fresh directions. The June and August futures rates are now on par, which suggests
Register Free Trial [https://www.linerlytica.com/register/?utm_source=W202423] The capacity crunch in the container shipping market has worsened, with one transpacific service operated by Maersk withdrawn barely 8 weeks into its launch, while almost half of the Asia-Europe westbound sailings missed their scheduled departure dates as port congestion at Southeast Asia hub ports remain elevated. The SCFI extended its rally for the 9th consecutive week, rising by 13% last week, while cumulative gai
Maersk will withdraw the Far East-East Coast North America TP20 service with the last sailing from Shanghai on 13 June 2024. The TP20 service was re-launched on 21 April 2024 to call at Qingdao, Shanghai, Yantian, Newark, Baltimore, Houston, Qingdao. It was to turn in 12 weeks using up to 12 ships of 2,500 to 5,000 teu. However, the service will be suspended after making just 8 sailings due to the shortage of ships in the market. The removal of the service will reduce overall FE-ECNA capacity
COSCO and OOCL will launch a PNW peak season transpacific service branded as the China-Pacific Northwest Coast/Vancouver (CPV) service calling at Ningbo, Shanghai, Vancouver, Seattle, Lianyungang, Ningbo starting from 12 June 2024. The CPV service will turn in 42 days using 6 ships of 4,250 teu starting with the 4,253 teu COSCO VENICE at Ningbo. The service will be the first new transpacific service launched for this year’s peak season and will add 1.4% to the current capacity deployed on the F
What is CoFIF? o INE Container Freight Index Futures (CoFIF) are a type of futures contract traded on the Shanghai International Energy Exchange (INE). Where is CoFIF traded? o The Shanghai International Energy Exchange (INE), an associated company of the Shanghai Futures Exchange; the two are operated and managed by the same management team. o The INE is regulated by the China Securities Regulatory Commission (CSRC) and serves as every trader's ultimate counterparty. All trading profits and lo
Ellerman has resumed Asia-Europe sailings on 21 March 2024, using the newbuilding 1,380 teu BG BLUE calling at Ningbo, Dachan Bay, Casablanca, Tilbury. The initial ad hoc sailing will be supplemented by 2 more sailings on 15 June and 11 July 2024 on the same rotation using the 2,756 teu CAPE HELLAS and 2,464 teu BUXFAVOURITE. Further sailings are likely to be added in August as Ellerman is scheduled to receive 2 new ships of 1,380 teu later this year. The Ellerman brand was revived at the end
Hapag-Lloyd will relaunch its standalone China-Germany Express (CGX) peak season service from 16 June 2024. The revised CGX will take the longer Cape route calling at Yantian, Singapore, Tema, Wilhelmshaven, Antwerp, Yantian with the addition of a new call at Tema in Ghana that will offer relay connections to other West African ports. The new CGX will turn in 12 weeks using up to 12 ships of 2,800 to 9,300 teu, starting at Yantian on 16 June with the 3,398 teu EXPRESS ARGENTINA. Hapag-Lloyd f
Zim reported its first profitable quarter since 2022 with 1Q 2024 net profits reaching $90.2m and EBIT at $167m for an EBIT margin of 11%. Zim’s full year EBIT guidance was raised to between $0 to $400m from its previous projection of between -$300m to $300m although management cited continued market uncertainty in the second half for the wide range. Zim’s total liftings increased by 10% to reach 846,000 teu with Transpacific volumes rising by 27% while Asia-Med volumes dropped by 40%. Transp
Asia-North Europe freight futures surged to a new record high with the August 2024 CoFIF contract (EC2408) closing at 4,313 on 27 May but daily trading volumes dropped as traders waited for the next catalyst. Open interests ended the week relatively unchanged in number of lots but stand at a record high in dollar value due to the rise in prices since 9 May. Capacity utilization on the Asia-North Europe route has come off slightly from their recent high but this has not dampened freight rates wi