ONE will launch a new Scandinavia Baltic Express (SBX) from 19 May 2024 calling at Wilhelmshaven, Hamburg, Fredericia, Gdynia, Wilhelmshaven. The service will turn on a weekly basis using one ship that will be named closer to the launch date in May. In conjunection to the SBX launch, ONE will also revise the rotation of its IBESCO/Iberia-Europe-Scandinavia (IBC) service with the current call at Gdynia dropped while adding new calls at Copenhagen and Helsingborg. Starting from 19 May 2024, the
ZIM reported FY2013 results before Market on 13 March 2024. The $147m net loss for 4Q 2023 was better than the average consensus estimates on Bloomberg. The capital market was disappointed, anyhow, on a set of cautious guidance despite of the recent rebound in the spot rates. For 2024, management guided -$300mn to +$300mn for EBIT; and $850mn to $1,450 mn for EBITDA. In other words, depreciation guidance is $1,150mn, which means the depreciation expenses for 2024 will not drop much against the
The Red Sea disruptions continue to drive charter rates, with average charter rates rising by a further 3% last week with healthy gains across all size segments. The larger sizes continue to enjoy the biggest gains, with vessel availability failing to match demand. Activity in the panamax segment remains active, with last done rates rising above $25,000 for the first time in 9 months. The availability of ships larger than 5,000 teu remains very limited, with demand still uncovered which will c
Conflicting signals abound in a market looking for fresh directions, with freight rates continuing to slide as the SCFI dropped by 4.7% last week bringing the cumulative decline to 15.8% since its January peak. However, charter rates continue to firm while second hand vessel prices are still rising as demand for tonnage remains high. The recent freight rate correction has not deterred new entrants, with another Chinese carrier set to launch a transpacific service in March. Total containership
There is no fresh direction on the transpacific, with rates continuing to erode. Although the SCFI rates to the USWC held above $4,000 per feu, carriers are offering special rates that were as much as $500 lower than these FAK rates in order to secure additional volumes. The recent rate correction has weakened carriers’ bargaining position for the new service contract that will start from May 2024 with final contract rate levels expected at below $2,000/feu against benchmark rates of $1,200-1,6
CoFIF trading volume slumped to a new low of 10,101 lots last Friday (9 March 2024) as speculative sentiment cooled. Based on an estimated ratio of one lot to 10 teu, the reduced CoFIF daily trading volumes still amounts to 100,000 teu, which provides significant market liquidity that matches the daily turnover of the dry bulk FFA which has a longer trading history. However, CoFIF is digitally traded as opposed to dry bulk FFAs that trade over-the-counter. Open interest, an indicator of traders
Register Free Trial [https://www.linerlytica.com/register/?utm_source=W202411] Conflicting signals abound in a market looking for fresh directions, with freight rates continuing to slide as the SCFI dropped by 4.7% last week bringing the cumulative decline to 15.8% since its January peak. However, charter rates continue to firm while second hand vessel prices are still rising as demand for tonnage remains high. The recent freight rate correction has not deterred new entrants, with another Chin
Hede Shipping will launch a new transpacific service from 20 March 2023 with the first sailing connecting Shanghai to Los Angeles using the 3,426 teu BFAD ATLANTIC. At Los Angeles, the service is scheduled to call at West Basin Container Terminal (WBCT) on 3 April. The Hede Direct Service (HDS) is expected to operate on a weekly basis on a 4 week roundtrip using 4 ships of 3,000-4,200 teu with an advertised transit time of 13 days from Shanghai to Los Angeles. The move will mark Hede’s entry
Matson has changed the name of its China-Long Beach Express Plus (CLX+) service to the Matson Asia Express (MAX) from 18 February 2024. A 6th ship will be added to the service with a new call at Dutch Harbor added from 10 March 2024. The revised MAX rotation will call at Ningbo, Shanghai, Long Beach, Dutch Harbor, Ningbo using 6 ships of 2.800-4,250 teu. The service will retain an 11 day transit time from Shanghai to Long Beach.
Yang Ming reported headline numbers for its 2023 full year results after market on 7 March. And both Yang Ming and Evergreen reported February revenue last few days. For February, Yang Ming's revenue were up 21% YoY but only 1% MoM, comparing to CCFI's 31% Yoy and 21% MoM. Yang Ming's relatively low MoM upside relative to CCFI's was likely because February usually has lower volume than January due to Chinese New Year holidays. Since 2013, the February revenue was 10% lower MoM for Yang Ming.