Congestion is building up at Middle East Gulf and Southeast Asian ports, with Jebel Ali, Singapore and Port Klang all recording increased vessel waiting times in the last 2 weeks. The ISC/Middle East and Southeast Asia regions account for 15% and 16% respectively of total global congestion at the moment with pressure building up on increased cargo volumes this year. Global port congestion continue to affect 5% to 6% of the global fleet, with Chinese port congestion easing slightly last week due
Containerships are still making transits on the Suez/Bab-el-Mandeb despite heightened risks following the collapse of ceasefire talks between Israel and Hamas and the escalation of the Houthi attacks on commercial shipping on the Red Sea which has widened to the Indian Ocean. Over 90 transits on the Bab-el-Mandeb has been recorded since 1 April 2024, mainly by smaller carriers operating in the Asia-Med and Baltic Sea routes, compared to over 700 voyages diverted to the Cape route in the same per
Asia-North Europe freight futures rallied over the Labour Day shortened trading week, with rates on the 2 main futures contracts (EC2406 and EC2408) trading higher on 30 Apr and 6 May. The 2 short dated contracts rallied as the Middle East peace talks faltered with the 2 contracts accounting for nearly 80% of daily trading volumes, while the longer dated contracts for EC2412, EC2502 and the newly launched EC2504 were tactically sold off as trading hedges. Average daily volumes were unchanged b
Matson’s 1Q 2024 earnings dropped sequentially on higher-than-average volume declines as China-US volume dropped 17% QoQ and 4% YoY due to a reduction in the number of voyages as well as lower vessel utilization. Although Matson continues to enjoy premium rates on its express transpacific services, its competitive edge has been eroded as port congestion on the US West Coast has been largely absent since 2023.
Register Free Trial [https://www.linerlytica.com/register/?utm_source=W202419] The bullish container freight and charter markets continue to gain ground with carriers pushing for further rate hikes through May while demand for ships remain unabated. Over-capacity concerns are on the backburner with containership diversions to the Cape route effectively removing more than 7% of the total fleet. New tonnage requirements have shifted to the Mexico and Middle-East/Indian subcontinent markets, with
Jin Jiang Shipping and Zhonggu have launched a new China Vietnam Thailand (CVT) service calling at Shanghai, Ningbo, Shekou, Ho Chi Minh City, Laem Chabang, Bangkok, Laem Chabang, Shekou, Shanghai from 30 April 2024. The CVT service will turn in 3 weeks and will deploy 3 ships of 1,800 teu starting with the 1,868 teu newbuilding MILD JASMINE from Jin Jiang at Shanghai on 30 April 2024, and followed by the 1,912 teu ZHONG GU HUANG HAI and ZHONG GU NAN HAI.
MSC has removed its FE-USEC connections on the Santana service with calls at New York omitted from April 2024. The last New York call on the service was made by the 15,264 teu MSC MARTINA MARIA on 29 March 2024 with subsequent sailings on the Santana shortened to a revised Far East-Mexico-Panama-Dominican Republic service calling at Yantian, Ningbo, Shanghai, Busan, Manzanillo (Mexico), Cristobal, Colon (Coco Solo), Caucedo, Yantian. The revised Santana turns in 11 weeks using up to 11 ships
MSC will launch a new Asia-Mexico West Coast (Mexicas) service calling at Qingdao, Ningbo, Shanghai, Busan, Manzanillo (Mex), Lazaro Cardenas, Qingdao from 15 May 2024. The Mexicas service will turn in 6 to 7 weeks and will deploy ships of 4,000-7,000 teu starting with the 6,492 teu MSC APOLLO at Qingdao on 15 May 2024. MSC Asia-Mexico West Coast (Mexicas) service
Maersk’s Ocean segment reported negative $161m EBIT for 1Q 2024, lagging well behind its peers which had all turned in positive results. Maersk fared poorly on its operating metrics with OPEX rising faster than its peers while volumes grew at a slower rate, resulting in smaller reductions in unit OPEX. Maersk Line also reported lower sequential average revenue gains compared to 4Q 2023, due to its higher contract mix and aggressive spot rate pricing. Maersk’s management raised the lower end of
HMM and SM Line will exchange slots on the transpacific PSX and CPX services starting from June 2024. The 2 South Korean carriers swap 300 teu each week on each service and the agreement will expire on 30 April 2025 with no automatic renewals. The PSX service calls at Shanghai, Kwangyang, Busan, Los Angeles, Oakland, Busan, Kwangyang, Incheon, Shanghai and is operated by HMM using 7 ships of 8,500 to 10,000 teu with an upgrade to 13,700 teu ships planned later this year. ONE, Hapag-Lloyd and Ya