The EC freight futures to North Europe remain bullish with buying interests shifting towards the longer dated contracts in 2025 with EC2502 (February 2025) and EC2504 (April 2025) contracts registering double digit gains last week, bringing them above the corresponding months’ closing rates in 2024. The newly launched EC2506 contract gained 32% since the launch last Tuesday on rising conviction that the Red Sea crisis will last through 2025. However, the EC2408 contract for August 2024 slipped
Port congestion eased slightly with 2.24m teu waiting at anchorages globally at the end of last week. Asian ports remain the primary hotspots, with Southeast Asia accounting for 23% of the capacity waiting for berthing slots globally, while North Asia and Middle East/Indian subcontinent account for a further 20% and 11% respectively. Berthing delays at Singapore remain at up to 4-5 days, although the vessel queues are shortening due to vessel omissions, while Port Klang and Tanjung Pelepas are
Register Free Trial [https://www.linerlytica.com/register/?utm_source=W202426] The container market stepped up further with SCFI spot rates surging by a further 6.9% while EC freight futures for 2025 contracts registered strong gains on rising conviction that the Red Sea crisis will last through next year. Charter rates continues to set higher benchmarks although carriers remain hesitant to commit to forward positions for ships that are coming open at the end this year and early 2025. The Lati
Maersk has relaunched the Far East-Middle East 1 (FM1) service with a new rotation calling at Singapore, Jebel Ali, Abu Dhabi, Salalah, Singapore from 29 June 2024. The new FM1 service will turn in 28 days and will deploy 4 ships of 3,500-8,700 teu.
Maersk has relaunched the IA11 service with a new rotation calling at Shanghai, Ningbo, Ho Chi Minh City, Shanghai from 1 July 2024 The IA11 will turn in 14 days and will deploy 2 ships - the 1,740 teu MAERSK VERACRUZ and 1,891 teu ERASMUS LEO. Maersk had operated the IA11 service previously with a southbound call at Kaohsiung which is dropped in the new rotation.
MSC will combine the Canada Express 1 and Canada Express 2 services into a new Med Canadian Service calling at Gioia Tauro, Naples, Livorno, Genoa, Valencia, Sines, Halifax, Montreal, Gioia Tauro from 4 July 2024. The Med Canadian Service will turn in 42 days and will deploy 6 ships of 2,500 to 4,500 teu starting with the 2,478 teu MSC PORTO III at Gioia Tauro on 4 July 2024. The new service will replace the Canada Express 1 and Canada Express 2 services that call respectively at Gioia Tauro
Zim has announced the launch of a new Zim Central China Xpress (ZX2) service connecting Shanghai, Ningbo, Los Angeles, Shanghai from 3 July 2024. The ZX2 will turn in 35 days and will deploy 5 ships of 4,200 teu starting with the 4,239 teu STAMATIS B at Shanghai on 3 July 2024. The service will offer a 13 day transit time between Ningbo and Los Angeles which is comparable to the fastest transpacific services operated by Matson and APL/CMA CGM. Zim has already operated 2 extra loaders on the ZX
MSC will upgrade its existing Bengal service that connects Singapore, Chittagong, Singapore to an extended China-Bangladesh-Southeast Asia service that will call at Qingdao, Ningbo, Shanghai, Chittagong, Singapore, Tanjung Pelepas, Qingdao. The upgraded Bengal service will turn in 35 days using 5 ships of 1,500-2,000 teu starting with the newly delivered 1,800 teu MSC CHAEWON at Qingdao on 8 July 2024. MSC Bengal service with extended rotation to China
Panstar will launch a new Korea Japan Hanshin Kehin (KJHK) service calling at Busan, Kobe, Tokyo, Yokohama, Nagoya, Busan from 30 June 2024. The Panstar Container Liner Service will turn in 7 days with the chartered 634 teu HONOR VOYAGER.
The container market remains red hot with short term charter rates breaching the $150,000 per day benchmark and spot freight rates rising above the $8,000/feu level, setting new highs not seen since the end of 2022. New services out of Asia continue at a rapid pace, led by the Mexico route with 6 new services launched since May, followed closely by 5 new services to the US West Coast and 3 new services to North Europe. There is clearly insufficient tonnage available to keep up with the rampant