The containership charter market slowed in the past week both in terms of new fixtures and vessel deliveries with the holiday season approaching. Demand remains high relative to the tonnage available for charter, keeping both charter rates and resale prices at very high levels. Most of the activity is focused on the 1,700 teu and 2,700 teu sizes where rates are still registering marginal gains while the other segments is flat on the lack of new fixture benchmarks. Second hand transactions remai
Global congestion remain elevated at 2.65m TEU currently waiting at anchorages around the world, accounting for 8.5% of the total fleet. European port congestion has continued to deteriorate of the past week, with very high berth and yard utilization keeping the vessel backlog very high across several main ports with the situation especially acute at Antwerp, Hamburg, Le Havre, Rotterdam, London Gateway, Southampton and Valencia. Overall congestion at European ports are at their highest levels s
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
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
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
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
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.
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
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.
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.