Prices, turnover, and open interests across all forward Asia-North Europe CoFIF contracts fell last week, with the market still in steep backwardation as both spot and near-term contracts are priced higher than the longer dated contracts. The speculative activities have cooled in the CoFIF market as average turnover dropped by 38% WoW to reach a level lower than the open interests for the first time since CoFIF was launched in August 2023. In comparison, the futures’ turnovers in CME are usually
Register Free Trial [https://www.linerlytica.com/register/?utm_source=W202405] Spot freight rates have eased ahead of the Chinese New Year with the SCFI shedding 2.7% of its value last week, but average rates out of China are still rising as the CCFI rose by 8.9% with carriers able to consolidate their rate gains since the beginning of December. The composite CCFI has risen by 64% since over the last 8 weeks, guaranteeing bumper windfall gains for carriers in the 1st quarter of 2024 with carrie
At least 2 carriers operating on the China-Baltic Russia route have suffered financial troubles. The 2,472 teu MYD JIMEI operated by Global Field Line (GFL) is currently stranded in the Baltics. In a letter to GFL customers dated 25 January 2024, the carrier requested for an additional payment of $3000/20' and $5000/40' to allow the company to settle outstanding payments to its local agent and port operator. The ship has been waiting to dock at St Petersburg since 8 January 2024. Another Russi
Feedertech, X-Press Feeders and Wan Hai have teamed up to launch a new Red Sea-Gulf-India (RGI)/India-Red Sea X-Press (IRX)/India Middle East 1 (IM1) service that connects Mundra, Nhava Sheva, Jebel Ali, Jeddah, Sokhna, Jeddah, Jebel Ali, Mundra from 15 January 2024. The RGI/IRX/IM1 service turns in 5 weeks using 5 ships of 1,800-3,200 teu with 2 ships each from Feedertech and X-Press (the 1,732 teu HANSA ROTENBURG and 2,824 teu ADDISON, together with the 3,158 teu X-PRESS ALTAIR and 2,756 teu
MSC has launched a new West Med to Red Sea service connecting Barcelona, Gioia Tauro, Mersin, Jeddah, King Abdullah Port, Port Said, Barcelona. The service turns in 3 to 4 weeks and will deploy up to 6 ships of 4,800-6,800 teu with the first sailing by the 6,724 teu MSC MELISSA on 14 January 2024.
Hapag-Lloyd has launched an ad hoc Jeddah Express (JDX) service connecting Tanger Med, Damietta, Jeddah, Damietta, Tanger Med to facilitate cargo connections to Jeddah that are affected by the Red Sea blockade since December 2023. The service will connect to Jeddah via the Suez Canal from the north, allowing it to avoid the Gulf of Aden. The 4,252 teu SEASPAN HAMBURG has been deployed on the JDX since 31 December 2023, with the 2,518 teu ZHONG GU XIONG AN joining the service on 29 January. The
The Asia Red Sea (AR1) service jointly operated by THE Alliance and Wan Hai will be suspended with the last westbound sailing to depart from Singapore on 31 January 2024. 4 ships are currently deployed on this service which typically turns in 7 weeks on the Red Sea route calling at Busan, Shanghai, Ningbo, Shekou, Singapore, Jeddah, Aqaba, Sokhna, Jeddah, Singapore, Busan. The 5,610 teu WAN HAI 613 was the last ship to transit via the Gulf of Aden while 3 other ships (YM MUTUALITY, YM MODERAT
MSC has launched a new Djibouti service connecting Colombo, Djibouti, Aden, Colombo from 23 January 2024. The service will turn in 2 weeks and deploys 2 ships - the 4,056 teu MSC GINA and 3,424 teu MSC ROSSELLA.
MSC has launched a new Malacca service connecting Singapore, Belawan, Singapore with the 2,113 teu MSC JANIS 3 from 6 February 2024. The weekly feeder service will turn in 7 days using a single ship.
Newly established carrier Sea Legend has launched its own China to Red Sea and East Med connections via the Suez Canal that advertises Chinese Naval escorts and commercial armed guards on board their ships. The new service takes advantage of soaring freight rates to Red Sea and Med destinations due to the diversion of over 70% of the containership capacity to the Cape route since December 2023. The Sea Legend service connects Qingdao, Shanghai, Ningbo, Nansha, Djibouti, Jeddah, Sokhna, Aqaba, P