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Markets

Charter Market Up Trend Continues

Zim has confirmed the purchase of 5 ships of 8,400-10,000 teu ships in February that were previously chartered from NSC Schiffahrt by exercising a purchase option for a total consideration of $129m. It brings Zim’s total owned fleet to 14 units, compared to just one ship in 2020. Zim’s owned fleet comprises just 11% of its current operated fleet – still the lowest ratio of owned ships amongst the Top 12 carriers. The charter market continue to trend upwards with demand still strong across all s

Companies

Hapag Lloyd 4Q report: losses, cautious guidance

Hapag Lloyd reported EBIT losses of $251m for the 4th quarter of 2023, with a muted earnings guidance for 2024 despite the expected earnings upside after the rebound in freight rates following the Red Sea crisis. Historically, Hapag-Lloyd’s earnings guidance have been overly conservative as out of the 9 previous guidance provided since 2015, Hapag Lloyd delivered better-than-expected results 6 times and was in-line 2 times.

Markets

No for Mid March GRI

Spot freight rates tumbled for the 6th consecutive week as the SCFI shed a further 6% last week with more cuts still to come. Carriers failed to push through a mid-March rate increase, with hopes for an April rate hike also fading quickly. Transpacific rates continue to fall sharply, with both the West Coast and East Coast rates tumbling by more than 6% last week. There is still room for rates to fall, with  spot rates still 10-20% lower than the current SCFI assessments. Contract rate negotia

Markets

CoFIF: Volume friendly measures announced after market close

Asia-Europe futures CoFIF prices stayed broadly unchanged for the past week on flat trading volumes with spot SCFIS rates dropping further on 18 March to 2,437 points to close the gap with current EC2404 futures which closed at 1,826 points. International Energy Exchange (INE), the exchange where CoFIF contracts are being traded, announced new measures to spur trading volumes after market close on 18 March for EC2406-EC2412: (1) drop the margin requirement from 22% to 18%, meaning for every dol

MarketPulse

Market Pulse 2024 Week 12

Register Free Trial [https://www.linerlytica.com/register/?utm_source=W202412] Spot freight rates tumbled for the 6th consecutive week as the SCFI shed a further 6% last week with more cuts still to come. Carriers failed to push through a mid-March rate increase, with hopes for an April rate hike also fading quickly. Intra-Alliance rivalry remains in play, with THE Alliance to re-introduce 2 transpacific strings to the PNW and USEC in April, while ONE and Wan Hai forge a new partnership on the

Services

THE Alliance to reinstate EC4 service

THE Alliance will reinstate the Asia-US East Coast 4 (EC4/SUEZ1) service from 15 April 2024 after a 6 month suspension. The EC4 was withdrawn in November 2024 for the winter slack season and will return with a new rotation calling at Kaohsiung, Xiamen, Yantian, Cai Mep, Singapore, Norfolk, Savannah, Charleston, New York, Singapore, Kaohsiung with the former call at Hong Kong omitted and divert from the Suez to the Cape route on both its eastbound and westbound voyages. The new EC4 service wil

Services

THE Alliance to reinstate PN3 service from April

THE Alliance will reinstate the FE-US West Coast Pacific North 3 (PN3) service from 19 April 2024. The service was withdrawn in October 2023 for the slack winter season but will return after a 7 month break. The new PN3 will call at Hong Kong, Haiphong, Yantian, Shanghai, Busan, Vancouver, Tacoma, Busan, Kaohsiung, Hong Kong retaking the rotation of the former PN3 service with the addition of a new call at Haiphong. The first sailing is scheduled at Hong Kong on 19 April 2024 with the 13,788 t

Services

COSCO and Evergreen add emergency Piraeus loaders to North Europe

COSCO and Evergreen have separately launched emergency loaders to connect North Europe with the Med port of Piraeus to evacuate containers and provide ad hoc connections for cargo to and from the Med region that have been affected by the diversions of the OCEAN Alliance's Asia-North Europe services to the Cape route. COSCO has deployed the 13,092 teu COSCO DEVELOPMENT on the Zeebrugge,Piraeus,Zeebrugge shuttle run since 4 February 2024 on a monthly service. Evergreen has also deployed the 2,88

Services

CLdN launch Rotterdam-Ireland Lolo service

Roro specialist CLdN has launched a new Rotterdam-Ireland Lolo service from 18 March 2024 calling at Rotterdam, Dublin, Cork, Rotterdam. The new service will provide 2 sailings per week using 2 newly chartered 962 teu ships - ANDROMEDA J and PAVO J. The service will call CLdN's newly acquired Distriport terminal in Rotterdam with sailings departing Rotterda every Thursday and Saturday to complement CLdN's existing Roro services between the Netherlands, UK and Ireland.

Service cancellations

OCEAN Alliance to drop North Europe service due to Red Sea crisis

The new OCEAN Alliance Day 8 network starting in April 2024 will drop one of the 7 Far East-Europe services that they current operate. The affected service is the Far East North Europe NEU3 service (branded respectively by COSCO/OOCL, CMA CGM and Evergreen as the AEU7/LL3/FAL7/NE7) calling at Xiamen, Nansha, Hong Kong, Yantian, Cai Mep, Singapore, Zeebrugge, Hamburg, Rotterdam, Port Klang, Singapore, Xiamen with the wayport call at Piraeus omitted since January due to the diversion of the servic

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