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Markets

Week 52: Freight Futures Watch

The main futures contract for EC2502 fell 2% week-over-week on significantly lighter volume compared to previous weeks, with traders liquidating 11% of their open interest amidst concerns that spot rates may have peaked. Longer-dated freight futures dropped further on weakening sentiment for post Chinese New Year rate developments with sellers increasing their short positions. Traders were spooked by Maersk’s rate quotation for January shipments that was $500 below the $6,000 per FEU target set

Markets

Week 52: Freight Rates Watch

Asia-North Europe rates slipped marginally in the past week with the SCFI dropping by 2.2% while the SCFIS fell by 2.7% as carriers continued to roll back some of the rate increases that they have obtained earlier in December. Maersk in particular has been blamed for their aggressive rate cutting, forcing rivals to offer lower rates that have been extended to the first week of January. Carriers’ initial plans to raise rates to $6,000/FEU in January now appear doomed although they are still push

Markets

Containership traffic on the Red Sea down by 70% since Houthi attacks began

The number of containership transits via the Red Sea has dropped by 70% since November 2023 when the Houthi attacks against commercial shipping started. The average number of monthly transits dropped from 606 in the first 11 months of 2023 to just 174 in 2024. When measured by total TEU capacity, the drop is even more severe at 91% as the average monthly capacity of containerships on the Red Sea has fallen from 5.9m teu last year to just 544,000 teu in 2024. Several carriers have retained their

MarketPulse

Market Pulse 2024 Week 52

Register Free Trial [https://www.linerlytica.com/register/?utm_source=W202452] The Red Sea shipping crisis has entered its second year with container vessel traffic on the Bab al-Mandab Strait down 70% by vessel count and 91% by TEU capacity since November last year. Although Red Sea traffic has risen since October due to an increase in new Red Sea connections by carriers such as X-Press Feeders, Emirates Shipping and Safeen built around the Middle East Gulf and Indian subcontinent hubs, the ma

Services

CMA CGM adds Bora Med Service (BMS)

CMA CGM has launched a new Bora Med Service (BMS) linking Antalya, Izmir, Aliaga, Ambarli, Gebze, Gemlik, Malta, Ancona, Ravenna, Venice, Trieste, Koper, Rijeka, Bar, Taranto, Malta, Limassol, Alexandria, Beirut, Antalya from 26 December 2024. The BMS service turns in 42 days and will deploy 6 ships of 1,800 to 2,500 teu starting with the 2,207 teu CMA CGM SAHARA at Antalya on 26 December 2024.

Services

ONE launches Adriatic Service 1 (AD1) and Adriatic Service 2 (AD2)

ONE will introduce 2 new feeder services covering the Adriatic and South Mediterranean region from January 2025. The Adriatic Service 1 (AD1) will start from 18 January 2025 calling at Damietta, Koper, Venice, Piraeus, Thessaloniki, El Dekhelia, Damietta using 3 ships of 1,000 teu - the 1,042 teu CHATTANOOGA, 1,118 teu MITO and 1,118 teu BALLATA. The AD1 service will replace ONE's existing Adriatic Israel Butterfly (AIB) service calling at Damietta, Koper, Trieste, Venice, Ancona, Piraeus, Ale

Services

NBOSCO launch China Japan Vietnam 1 (CJV1) service

Ningbo Ocean Shipping (NBOSCO) has launched a new China Japan Vietnam 1 (CJV1) service connecting Osaka, Kobe, Nagoya, Tokyo, Yokohama, Taicang, Zhapu, Ningbo, Haiphong, Ningbo, Zhapu, Taicang, Osaka from 1 May 2024. The service turns in 3 weeks using 3 ships of 1,000 teu and replaced the former CJKS1/CJKT5 service that called at Ningbo, Hakata, Moji, Osaka, Kobe, Zhapu, Taicang, Osaka, Kobe, Nagoya, Tokyo, Yokohama, Zhapu, Ningbo.

Services

ONE joins GALEX service as vessel operator

ONE has joined Emirates Shipping (ESL), Global Feeder Shipping (GFS) and KMTC on the Far East-Middle East GLX/GALEX/AIM service as a vessel operator from 1 November 2024. ONE has added the 6,765 teu HYUNDAI BUSAN to the service from 11 December 2024, replacing one of ESL's ships that form part of the 7 ships of 6,500 teu to 8,500 teu on the service. TS Lines and RCL also participate on the service as slot buyers.

Services

HMM, ONE & Yang Ming to launch new ISC-North Europe service

HMM, ONE and Yang Ming will launch a new India subcontinent-North Europe service connecting Karachi, Hazira, Mundra, Nhava Sheva, Colombo, London Gateway, Rotterdam, Hamburg, Antwerp, Karachi from 5 February 2025. The service will be branded as the India North Europe Express (INX) by HMM, Indian Ocean Express (IOX) by ONE and India Ocean Express Service (ISE) by Yang Ming. It will turn in 11 weeks using 11 ships of 6,000 to 7,000 teu. Port rotation of the new INX/IOX/ISE service

Services

ONE and Unifeeder launch Baltic Bridge Express (BBX)

ONE and Unifeeder will launch a new Baltic Bridge Express (BBX) service calling at Rotterdam, Klaipeda, Riga, Talinn, Kotka, Rotterdam from 24 January 2025. The BBX service will turn in 14 days with the 1,436 teu ESSENCE from ONE and the 1,025 teu ELBSKY from Unifeeder. Port rotation of the new BBX service

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