Transpacific rates continue to fall sharply, with increasing pressure on carriers to lower their contract rate offers. The gap between current spot rates and asking rates for the new 1 May 2024 contracts remain very wide, with the majority of contracts still not concluded. After failing to push through the 15 March GRI, carriers are also facing similar resistance to the 1 April GRI of $1,000-2,000/feu with the low market conviction that the hikes will stick. Although Transpacific freight volume
CoFIF freight futures staged its first rebound since the end of 2023, with price, daily trading volumes and Open Interests rising in tandem. Last week’s buying interests in EC2404 for contracts expiring on 29 April were driven by both short covering and profit taking in response to the planned April rate hikes to Europe, with quoted rates already starting to tick up for the first time since January with various Asian carriers raising their spot rates from 3,000-3,100 per feu to $3,600 while the
Global container port throughput has reached an estimated 905m in 2023, representing a annual growth of 0.7% compared to 2022. China has withheld the publication of their official container port handling statistics for the last 3 months, with official data only available to November 2023 which showed YTD growth at Chinese ports (including Hong Kong) to have reached 3.9% in the first 11 months of the year. The Chinese port data has been inflated since 2022 with Chinese throughput growth outpaci
ONE announced an aggressive midterm plan on 19 March to grow its operated fleet to 3m teu by 2030 which represents a 66% growth from its current fleet of 1.8m teu, at an annualised growth rate of 10% a year. The plan entails capital investments of $25 Bn and a further $10 Bn in associated assets over the next 5 years, which could also include the transfer of some of the assets from its 3 shareholders (NYK, MOL and K Line). The move by ONE represents a belated attempt to regain market share, aft
Register Free Trial [https://www.linerlytica.com/register/?utm_source=W202413] The global containership fleet has reached 29m teu last week as new vessel deliveries continued to enter the market at a brisk pace with close to 200,000 teu delivered over the past month compared to just 2,200 teu that was scrapped. Despite the rapid fleet growth, charter rates have continued to rise with carriers undeterred by the recent freight rate correction with several of them still eyeing market share growth.
Samskip and Viasea have teamed up to launch a new UK-Rotterdam-Norway Oslofjord service that calls at Rotterdam and Immingham/Tilbury to 6 ports in Norway from 1 March 2024. The service will deploy 4 ships of 500-800 teu, and will offer 3 weekly calls at Oslo, 2 calls at Moss and 1 call at Brevik, Kristiansand, Frederikstad and Larvik. At Rotterdam, the service will call at the multipurpose Martrans terminal.
TS Lines and Yang Ming have launched an updated Japan-Taiwan-South China (JTK3)/Japan Kansai Express (JKX) service that will call at Osaka, Kobe, Busan, Keelung, Kaohsiung, Hong Kong, Shekou, Xiamen, Osaka. The JTK3/JKX service will turn in 2 weeks and deploys 2 ships of 1,700-1,900 teu with TSL and YM each contributing one ship. The revised JTK3 started from Hong Kong on 16 March 2024 with the 1,909 teu TS GUANGZHOU and will be followed by the 1,803 teu YM INAUGURATION.
Samskip will launch a new Spain-United Kingdom-Rotterdam service connecting Rotterdam, Santander, Tilbury, Rotterdam from 2 April 2024 with the 803 teu SAMSKIP EXPRESS. The service will operate on a weekly frequency and is aimed at replacing road-ferry alternatives in the European short-sea route.
HMM has shortened the rotation of its Tianjin to Philippines (TTP) service to remove calls at Xingang, Dalian and Busan from March 2024. The revised TTP rotation will call at Qingdao, Shanghai, Ningbo, Kaohsiung, Manila, Qingdao on a 3 week rotation using 3 ships of 4,700 teu. The previous TTP was introduced in October 2023 to call at Busan, Dalian, Xingang, Qingdao, Busan, Shanghai, Ningbo, Kaohsiung, Manila, Busan on a 5 week rotation.
Maersk has revised the rotation of the Intra-Asia 5 (IA-5) service from 17 March 2024 to call at Shanghai, Busan, Moji, Shanghai, Ningbo, Shekou, Tanjung Pelepas, Thilawa, Yangon, Tanjung Pelepas, Muara, Tawau, General Santos, Davao, Cagayan de Oro, Shanghai. The revised IA-5 service will turn in 7 weeks and will deploy 7 ships of 1,700 teu. The rotation is shortened by 1 week compared to the previous service that called at Shanghai, Dalian, Incheon, Busan, Tokyo, Yokohama, Nagoya, Osaka, Busan