Key take aways from the 11 liner's 3Q results. The 11 liners represent 66% global container liner capacity. Figures in the following are aggregates of the 11 liners unless stated otherwise. 1. Liners were down to breakeven point. The average EBIT margin fell to negative 0.1% or broadly operating breakeven if we exclude only the liners that have made material provisions/write-back (COSCO); inorganic growth (Evergreen); and stopped to report (CMA CGM). Including COSCO, Evergreen and
Sinokor has launched a new Pusan-China-Indonesia 2 (PCI2) service connecting Busan, Kwangyang, Singapore, Jakarta, Haiphong, Shekou, Shantou, Xiamen, Incheon, Ulsan, Busan from 22 November 2023 using 4 ships of 1,800-2,100 teu (MANILA VOYAGER 2105 teu, BRIGHT COSMOS 1911, SAWASDEE VEGA 1809, SAWASDEE MIMOSA 1809 teu). The service will replace the former Korea Indonesia 2 (KI2) service that was operated jointly by Sinokor with HMM and KMTC that was withdrawn in October 2023.
The global containership fleet has passed 28m teu last week, with total new ship deliveries since the start of this year reaching 1.94m teu. More than 1 new ship has been delivered each day since June this year, with the same pace to continue through the next 12 months. Carriers are facing a difficult time maintaining recent freight rate gains in the face of the capacity influx, with vessel scrapping and idling remaining at very low levels. The freight rates (SCFIS) were down between 80% and 9
Easing volumes especially to the US West Coast are starting hit spot freight rates with SCFI rates to USWC dropping by 8% last week. Zim’s surprise decision to relaunch the eCommerce Express (ZEX) service has sparked another round of rate cuts which has prompted CMA CGM to reconsider its plan to launch a similar express service in December. USEC rates are holding their ground as carriers continue to raise concerns over the Panama canal transit restrictions (in number of containership passage pe
Register Free Trial [https://www.linerlytica.com/register/?utm_source=W202347] The global containership fleet has passed 28m teu last week, with total new ship deliveries since the start of this year reaching 1.94m teu. More than 1 new ship has been delivered each day since June this year, with the same pace to continue through the next 12 months. Carriers are facing a difficult time maintaining recent freight rate gains in the face of the capacity influx, with vessel scrapping and idling remai
Abu Dhabi Ports (AD Ports), the owner of Safeen Feeders, is reported to be in talks to acquire Indonesia’s Meratus Line in a transaction that could be valued at $2Bn. Meratus was reported to be seeking to sell its shipping and logistics business since July 2023, and AD Ports has emerged as the front runner in sales process. Meratus was established in 1957 in Surabaya, Indonesia and is the largest domestic operator in Indonesia. The company expanded its services to Papua New Guinea in February 20
Following SCFIS’s 31% WoW move on 13 Nov, CoFIF went limit up at the open on the next day (14 Nov) but gave back more than half of the gain. The market went seesaw rest of the week. The CoFIF traders have been holding a view that the SCFIS will be about 750-880 for next year where the spot SCFIS has been swinging between 600 and 850. While the SCFIS seems to track the SCFI with 2 weeks lag but the relation between the two is not linear. SCFI’s Asia Europe rate is expressed in $ per 20’ dry whil
Hannover Shipping has added a second ship to its Panama-Venezuela service connecting Colon, La Guaira, Puerto Cabello from 31 October 2023 with the introduction of the 642 teu ELLA Y. The new ship joins the 260 teu TOPAZ NEVA that has been deployed on the service since 25 May 2023.
Maersk and CMA CGM will upgrade their Far East-West Africa service to the 13,300-13,800 teu scale 8 from December 2023, with the launch of the revised FW1/WAX service that will call at Qingdao, Kwangyang, Shanghai, Ningbo, Shekou, Nansha, Singapore, Tanjung Pelepas, Tema, Lekki, Abidjan, Pointe Noire, Colombo, Singapore, Xiamen, Qingdao. The upgraded FW1/WAX service will start from 5 December 2023 with the 13,302 teu MAERSK EDIRNE and will turn in 13 weeks using 13 ships from Maersk and CMA CG
Port congestion globally improved over the past week despite disruptions in several areas around the world. The cyber-attack at DPW Australia that affected operations at container terminals in Melbourne, Sydney, Brisbane and Fremantle over the weekend has resulted in increased waiting times at these ports but operations resumed on Monday morning after a 2 day partial shutdown. Congestion in South African ports has continued over the past week with limited improvements with Durban still facing s