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Freight Rates Watch: 2022 still better than 2021?

Decline in spot freight rates continue to gather pace this week. SCFI overall index dropped 10% WoW to below 3000 mark, after having fallen 8% WoW the week before. Feedbacks from our channel check suggested the current spot rates available to the BCOs are way below what is being reported in SCFI. CCFI is already tracking below its level last year, meaning even including the YoY much higher contracted rates, the average freight rates including both spot and contract rates are lower YoY. Until


COSCO 22Q2 Results: Unwinding Provision Helped

COSCO 22Q2 results were out overnight. Earnings have already been given in the alert last month. So the new news is dividend,HK2 or 50% payout ratio, which is ahead of the analysts estimates. Yet the stock ended down in the Hong Kong trading session. The results are all good. Top line dropped just 4% QoQ as 2% higher volume mitigate some fall in freight rates while slot costs dropped by a whopping 23%. Slot costs are the OPEX incurred in a quarter divided by operating capacity, which help make


Vietnam leads ASEAN in container throughput

Vietnam has grown to become the largest container market in SE Asia (excluding transhipment volumes), having overtaken the Philippines in 2007, Malaysia in 2009, Thailand in 2011 and Indonesia in 2020. Vietnam container port volumes have recovered strongly from the nationwide lockdowns in the second half of 2021 but there are also early signs of softening volumes, with Ho Chi Minh City and Cai Mep volumes down 3.9% in Jan-Jul 2022 compared to the same period last year. Northern Vietnam volumes


Market Pulse – 2022 Week 34

Register Free Trial [] SCFI spot freight rates suffered their largest single week drop last week as carriers capitulated under rising market pressure to cut rates in order to protect their market share. Supply chain bottlenecks are no long providing price support as demand is clearly easing well ahead of the traditional start of the slack season in October. Port congestion eased at the end of last week, after rising to new highs in the US


Diamond Line launch new LGX1 service

Diamond Line, the intra-European feeder subsidiary of COSCO, has launched a new LGX1 service calling at Piraeus, Limassol, Ashdod, Iskenderun, Damietta, Piraeus, starting with 1,432 teu CONTSHIP RUN at Piraeus on 30 August 2o22. The service turns in 2 weeks, with the 1,432 teu CONTSHIP SEA also to be deployed. LGX1 service


SeaLead tweaks Asia-US East Coast (AEC) service rotation

SeaLead has revised the port rotation for its Asia-US East Coast (AEC) service from September 2022 with the new rotation to call at Nansha, Ningbo, Qingdao, Busan, Manzanillo, Jacksonville, Charleston, Norfolk, New York, Nansha. The AEC was launched on 7 March 2022 using 3 to 4 ships of 4,872 teu to 6,882 teu on an irregular frequency that initially called at Nansha, Ningbo, Qingdao, Busan, Norfolk, New York, Charleston, Jacksonville, Nansha. The revised rotation will allow for transhipment op


Hartnoll family interests reveal investments in BTL and CFS

HICO Investment Group, a privately owned trust fund owned by the Hartnoll family, revealed on 25 August 2022 that it has acquired the assets of Bengal Tiger Line (BTL) from CMIA Capital Partners. At the same time, HICO also revealed that it has acquired a controlling stake in Caribbean Feeder Services (CFS) from Pérez y Cía who remains a minority shareholder and partner in the CFS business. The Hartnoll family also owns X-Press Feeders (Sea Consortium), as well as various shipowning entities t


ESL launch Jebel Ali Bahrain Shuwaikh Service (JBS)

Emirates Shipping Line (ESL) has started a new Jebel Ali Bahrain Shuwaikh Service (JBS) calling at Jebel Ali, Bahrain (Khalifa Bin Salman Port), Shuwaikh, Jebel Ali. The service turns in 7 days on a weekly frequency. The service launched on 17 August 2022 with the 1,678 teu ESL VICTORIA that will make 2 round trips on the JBS before it is replaced by the 1,341 teu ESL ZANZIBAR. (source: Emirates Shipping) JBS service rotation


SCFI USWC and NEUR Decline Gathering Pace

The decline in container freight rates has been gathering pace over the past week. SCFI suggested spot rates to USWC and NEUR have fallen 11% and 7% respectively over the past week, comparing to decline of 6% and 4% respectively the week before. Utilization in the FE-USWC trade actually picked up a bit the last few days after several very light departures recorded on 19 Aug and 20 Aug involving services independently operated by Maersk, MSC and CMACGM. But those light departures have obviously


X-Press started Matadi Shuttle

X-Press Feeders started new weekly shuttle service,  Matadi Shuttle X-PRESS (MSX), that runs between Pointe Noire and Matadi. The shuttle has started with 618 teu LIMASSOL at Pointe Noire on 3rd August. (source: X-press)

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