CoFIF prices moved up on each of the 4 trading days last week before the Chinese New Year holidays before the market closed for its extended holiday on 9 Feb to 18 Feb. Traders were reluctant to hold on to their positions during extended market closure given the steep backwardation in the CoFIF market with forward prices still trading at a discount of up to 60% lower than current SCFIS prices. The Asia-North Europe April contracts (EC2404) closed at 2,108 compared to the most recent SCFIS level
Charter rates have continued to firm, Linerlytica’s charter rate index has risen by 27% since the Red Sea diversions started in mid-December and current rates are 65% higher than the 2019 average. Despite of bearish earning guidance in its annual report, Maersk has been particularly active in the charter market over the last 4 weeks and have accounted for up to 1/3 of recent fixtures as charter rates continued to firm up with activity continuing to be high heading into the Chinese New Year. Cha
Global port congestion picked up last week with rising waiting times observed in Chinese ports ahead of the Chinese New Year, with the longest delays seen at Ningbo where waiting times have stretched to 3 days, with shorter delays seen in Qingdao, Shanghai and some of the main Pearl River Delta ports. Delays at Australian ports remain high at up to 10 days at Brisbane, with slightly shorter delays also seen at Melbourne and Sydney. Congestion at North American ports is limited with LA/LB and N
Transpacific rates eased after 10 consecutive weekly gains that saw spot rates surge by over 200%. Rates to the West Coast dropped below $5,000/feu but are still holding at healthy levels compared to the $1,200-1,300/feu rates that were prevalent in the same period last year. Rates to the East Coast also dropped below $6,500/feu bit is also well above the $2,400-2,600/feu rates from last year. Capacity to both West Coast and East Coast will remain tight in March, with only smaller carriers li
Register Free Trial [https://www.linerlytica.com/register/?utm_source=W202407] Despite Maersk’s best efforts at painting a pessimistic picture for the container shipping market, rates have retained most of their recent gains heading into the post Chinese New Year slack period. The SCFI and CCFI indices are 117% and 28% higher compared to the same period last year, which will help to reverse the carriers’ massive 4Q losses. Maersk’s underperformance compared to its liner peers has become more gl
Maersk reported negative group level EBIT at $520m for 4Q 2023, its worst quarterly EBIT loss on record. Operating cash flow was $166m but if its results were still using the pre-IFRS 16 account standards (prior to 2019) when chartering expenses were accounted as a cash outflow, Maersk would have reported negative operating cash flow for the first time. 4Q 2023 Liner EBIT dropped to $920m, a $893m reversal compared to the previous quarter due mainly to the fall in container freight rates which
CMA CGM has launched a new Spain Tunisia Express (STX) service connecting Vigo, Oran, Vigo using the 1,368 teu MARINA L from 9 February 2024. The service will turn in 11 days using a single ship. Spain Tunisia Express (STX)
CMA CGM has launched a new Red Sea Med Express (REDEX) to connect the Red Sea ports of Aqaba and Jeddah to 5 key transhipment hubs in the Med. The REDEX will call at Aqaba, Jeddah, Tanger Med, Algeciras, Malta, Alexandria, Damietta, Aqaba. The 4,404 teu CMA CGM PUGET made the inaugural call on the REDEX for an ad hoc trip from Alexandria, Malta to Aqaba and Jeddah before settling into the regular REDEX port rotation. The service will turn in 28 days using 4 ships of 3,000-4,400 teu. The new s
CMA CGM will upgrade its Mediterranean-Caribbean (MEDCARIBE) service with the addition of a new westbound call at Tanger from 5 March 2024 . The revised port rotation will call at Algeciras, Malta, Livorno, Genoa, Fos, Barcelona, Valencia, Tanger Med, Fort-de-France, Pointe-a-Pitre, Caucedo, Kingston, Cartagena (Col), Buenaventura, Paita, Posorja, Guayaquil, Moin, Cartagena (Col), Algeciras. The expanded service will deploy 9 ships of 6,800-6,900 teu with an extra week added to the rotation. Th
MSC has upgraded its Turkiye-UK West Coast service with the addition of new calls at Portbury and Greenock from 26 January 2024. The upgraded service will call at Piraeus, Izmir, Gebze, Gemlik, Tekirdag, Aliaga, Barcelona, Valencia, Sines, Le Havre, Liverpool, Greenock, Liverpool, Portbury, Le Havre, Valencia, Barcelona, Malta, Piraeus. The service turns in 7 weeks and deploys 7 ships of 4,200-5,100 teu.