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Port Congestion

Port Congestion Receded Slightly

Global port congestion receded slightly last week, with improvements in China offset by the worsening delays at North American ports while there is no significant change in the situation in Europe. North American ports currently account for 39% of the global congestion, outpacing the rest of the main regions with North Asia’s share reduced to 24% while Europe/Med ports remain at 19%. The 3 main regions account for 82% of global congestion, with no major flare up in the congestion situation in

Markets

Charter Market's Double Tops

The soft freight market is starting to drag down charter rates but a major correction is not on the cards given the limited availability of open tonnage until early next year. Carriers remain very keen to lock in ships especially in the panamax and larger segments, with several fixtures for charters commencing only in 2023 have already been signed with periods stretching for up to 5 years. Second hand transactions remain brisk, with purchaser interest remaining very strong with asking prices c

Services

VASI Shipping started new Singapore-Laem Chabang Shuttle

VASI shipping started a new Singapore-Laem Chabang shuttle. The weekly service has started with 1756 teu NORDPANTHER at Singapore on 7 July 2022. It is the forth similar Singapore-Laem Chabang shuttle after similar shuttle ran by CNC, MSC and X-Press. CMA CGM is taking slots on this shuttle as from July 21.

Ports

Global Port Volume Seems Peaked

Global container handling volumes in June remain robust but there are some signs that volumes may have peaked for the year already. Weakening demand in the US and Europe is filtering into port volumes. North American ports slipped in June after hitting a record high in May with the trend expected to persist over the coming months. In Europe, Rotterdam posted a -6.9% drop in handling volumes in the second quarter after a -1.7% drop in the first quarter with volumes to Russia badly affected by s

Ports

N American Port Volume

Aggregate container volumes at North American ports remain elevated in June but have come off the peak recorded in May, sliding by an estimated 5.4% during the month. Total volume in June was 5.3m TEU, up 5% YoY because June 2021 volume was affected by congestion. Total volumes in the next few months are expected to continue this trend with renewed strength at East Coast ports, while West Coast volumes remain muted. Oakland volumes will be hit in July as gate operations are limited. Overall vo

Companies

K&N 22H1 results in line

K&N reported CHF796mn net profit for 22Q2, up 78% YoY but down 4% QoQ, in line with the consensus estimates in the capital market. Seafreight segment contributed 55% of K&N's EBIT YTD, which was once the normal EBIT mix for K&N before 2015. K&N has more than doubled its dividend pay out during 22H1 to CHF1.2bn, comparing to 21H1's CHF0.5bn. Another CHF550mn were used in share buyback. Those distributions helped lower K&N's net cash position from CHF416mn at end of 2021 to CHF258mn at end of 22

Port Congestion

Oakland Congestion Up on Trucker Protests

Vessel congestion at the port of Oakland increased over the past week as trucker protests against California’s Assembly Bill 5 (AB5). If protests continue into this week, vessel queues will lengthen further as carriers will not be able to divert cargo already loaded for Oakland at short notice. However, as Oakland accounts for less than 8% of total container volumes in the US West Coast, the impact will not significantly affect overall North American congestion unless the protests spread to Los

MarketPulse

Market Pulse – 2022 Week 29

Register Free Trial [https://www.linerlytica.com/register/?utm_source=W202229] North American port congestion is rising again with pressure building up on all fronts as truck, rail and port workers are all pushing for their respective causes. This has not been enough to stop freight rates from weakening further as peak season volumes disappoint. August bookings from Asia remain soft to both the US and Europe, prompting carriers to cut rates further. Latin America remains the only bright spot wi

Services

Tailwind launch China-Rotterdam service

Tailwind Shipping, the shipping company established by German retailer Lidl, has launched a new China-North Europe container service to cater for its own cargo requirements. Tailwind has deployed the 4,957 teu WIKING that departed from Taicang on 17 July 2022 and will call at Ningbo and Dachan Bay en route to Rotterdam. The launch was delayed by some 2 months, as Tailwind had chartered out 3 more ships of 3,800-5,500 teu that were to be deployed on this service. This includes the 5,527 teu TALA

Services

Transcontainer introduce Russia-India and Russia-China services

Transcontainer has launched regular shipping services at both its Black Sea and Russia Far East hubs of Novorossiysk and Vostochny to provide multimodal container connections across its rail network in Russia. The latest service connects Novorossiysk, Haydarpasa, Istanbul, Mersin and Nhava Sheva with the 417 teu LDR SAKINE. The services was launched on 25 June 2022. Transcontainer had earlier launched a Taicang/Ningbo-Vostochny service on 4 April 2022 using the 1,113 teu OCEAN GRACE.

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