Register Free Trial [https://www.linerlytica.com/register/?utm_source=W202443] Container freight rates have dropped continuously in the past 3 month with the SCFIS Shanghai to North Europe index down by 65% from its peak in July but EC freight futures for December are now trading at a 45% premium to the current spot rates, indicating an imminent inflection point for the freight market. Although freight rates are expected to reverse their declines in November as carriers implement a new series
EC contracts edging up to the recent high on average volume. CMA CGM raised its online quotations to $4,460/FEU for vessels departing 25th and 31st Oct while liners mostly keep their quotations unchanged. Utilization for vessels departed between 17th and 20th October continued to show improvement from the early October drop. FE-N.EUR Head Haul
Regional Container Lines (RCL) will launch a new RCL Vietnam Philippines (RVP) service connecting Ho Chi Minh City, Ilo Ilo, Ho Chi Minh City from 25 October 2024 with the geared 628 teu ORA BHUM. The service will operate on a rolling 9-10 day round trip rotation.
Regional Container Line (RCL) and Bengal Tiger Line (BTL) have launched a new RCL West India-Gulf (RWG) service connecting Mundra, Nhava Sheva, Jebel Ali, Umm Qasr, Mundra. The RWG service will turn in 21 days and will deploy 3 ships of 2,500-2,700 teu starting with the 2,588 teu VIRA BHUM at Mundra on 16 October 2024, followed by the 2,702 teu INTERSEA TRAVELER. Port rotation of the new RCL West India-Gulf (RWG) service
CMA CGM/CNC and COSCO have launched a new Thailand Indonesia Service (TIX2/MTS) connecting Bangkok, Laem Chabang, Singapore, Jakarta, Pasir Gudang, Singapore, Bangkok from 14 October 2024. The TIX2/MTS will turn in 14 days using the 1,032 teu PADIAN 3 from CMA CGM and 1,200 teu DANUM 175 from COSCO.
Unimed Feeder Services (UFS), Unifeeder's Mediterranean feeder arm, has launched a new Algeria Shuttle service connecting Piraeus, Algiers, Piraeus from 17 October 2024 with the 1,122 teu TITAN.
EFL Africa, the Nigerian terminal and barge operator formerly known as ESS Libra, has launched a new Lekki-Onne feeder from 16 August 2024. The feeder service connects the 2 Nigerian ports using the 265 teu BESTAF 1 from Lekki on 16 August 2024. The ship was replaced by the 267 teu TOPAZ BELAYA on 10 October 2024 and will operate on a 4 day frequency.
Unimed Feeder Services (UFS), Unifeeder's Mediterranean feeder arm, has launched a new Egypt-Ukraine feeder service connecting Port Said, Chornomorsk, Port Said from 16 October 2024. The service will turn in 2 weeks using the 1,698 teu A. OBELIX and 1,216 teu HARRISON. Maersk will take slots on the UFS service as the Ilyichevsk-Port Said Shuttle service.
EC opened 1-2% lower, with the main contract down 3.2% at the intermission of the morning session, on slightly better volume than the same period yesterday, when the main contract fell for the first time in two weeks. The liners' online quotations have not changed much, although OOCL has revised up its rates for several departure dates in October, reversing its move from yesterday. The lack of upward revisions for freight rates on departure dates before November 1 suggests that demand is still
ONE is scheduled to report its calendar Q3 results on October 31, 2024, marking the start of the reporting period for major liners. ONE has projected its Q3 2024 net profit to increase by 88% quarter-on-quarter, while COSCO recently indicated that its Q3 2024 EBIT is expected to rise by 154% quarter-on-quarter. Other liners have not provided guidance for Q3, but those that have offered FY2024 projections suggest their second-half earnings could vary from a decline quarter-on-quarter to an incre