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
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