CStar Line has informed its customers on 22 July 2024 that it will discontinue its services to Far East Russia from the end of September 2024 and refocus on its other remaining routes including its newly introduced services to the Red Sea. The withdrawal will affect CStar's 3 existing China-Far East Russia services: * FEFE1 calling at Yantian, Nansha, Xiamen, Shanghai, Vrangel Bay, Yantian that deploys 2 ships of 2,206 teu (MAO GANG QUAN ZHOU and MAO GANG GUANG ZHOU) * FEFE2 calling at Bu
Unifeeder has launched a new Egypt-Aegean feeder service connecting Port Said East, Thessaloniki, Izmit, Port Said East from 27 July 2024. The weekly service will turn in 14 days and deploys the 1,118 teu ATLANTIC EXPRESS and 990 teu BF PERCH.
Global port congestion eased slightly over the past week, with Southeast Asian ports recording significant improvements especially at Singapore and Port Klang where average waiting times have dropped to less than 1 day. However, typhoons and severe weather conditions in North Asia forced many ships to take evasive action with delays of up to 4-5 days in some cases affecting particularly ports in Taiwan and Fujian, but with ramifications on vessel schedules across all main Chinese ports including
CMA CGM’s 2Q 2024 earnings surprisingly dropped YoY with average freight rates dropping by 7% YoY and 1% QoQ despite the 53% YoY increase in the CCFI. CMA CGM’s higher contract rate exposure that were signed at substantially lower levels than current spot rates contributed to the disappointing earnings. CMA CGM’s liner revenue dropped 1% YoY in 2Q 2024, lagging behind all other carriers that have reported revenue growth so far, with OOCL’s revenue rising by 14% YoY while the 3 main Taiwan carri
Rising geopolitical tensions have not dampened container trade growth in 2024, with 10 of the world’s largest ports reporting combined gains of 7.4% in the first 6 months of the year. Chinese ports recorded particularly strong gains, led by Shanghai (up 7.5%), Ningbo (up 8.4%), Shenzhen (up 14.9%) and Qingdao (9.0%) with Hong Kong the only main port to record negative figures during the first half. Los Angeles/Long Beach rebounded with a 14.7% gain with June notably up by 16.8%. Singapore al
Carriers are pushing for a mid-August rate hike to the US West Coast in an attempt to reverse the recent rate slide on that route. The carriers’ resolve will be keenly tested as recent capacity additions on the Asia to US West Coast and Mexico routes have tilted the supply-demand balance on the previously tight market with capacity utilisation falling despite strong peak season cargo demand. The carriers’ ability to hold Asia-Europe rates last week gave the freight futures market a much needed b
The October futures contracts rose sharply with the longer dated contracts trading limit up on 29 July to hit the maximum daily limit of 16%, ending its 3 week losing streak. Trading sentiment were boosted by the smaller than expected drop in the SCFI assessment for North Europe on 26 July with carriers largely able to hold the rates. Although the SCFIS Europe index that was published after market close on 29 July recorded its first WoW drop of 1.5% after 13 consecutive weekly gains, traders are
SeaLead has launched a new Red Sea Gulf (RSG) service connecting Jebel Ali, Djibouti, Jeddah, Jebel Ali from 15 July 2024. The RSG service will operate on an irreglar frequency and deploys 2 heavy lift general cargo ships of 1,011 teu, the DRAGONBALL and SAPODILLA that were operating previously in the tramp trades.
Register Free Trial [https://www.linerlytica.com/register/?utm_source=W202431] Carriers are pushing for a mid-August rate hike to the US West Coast in an attempt to reverse the recent rate slide on that route. The carriers’ resolve will be keenly tested as recent capacity additions on the Asia to US West Coast and Mexico routes have tilted the supply-demand balance on the previously tight market with capacity utilisation falling despite strong peak season cargo demand. The carriers’ ability to
CStar Line has launched a new Middle East Red Sea Service 1 (MER1) connecting Jebel Ali, Djibouti, Jeddah, Djibouti, Jebel Ali from 27 July 2024. The MER1 turns in 17 to 21 days and will deploy 2 ships of 1,638 teu (CSTAR FEVRONIYA and CSTAR PETER) on an irregular rolling schedule with a frequency of around 10 to 11 days.