The Panama Canal transit restrictions have not stopped carriers from adding 20% of incremental capacity on the FE-USEC route since the end of August, with the average capacity deployed over the last 5 weeks reaching 246,000 teu, compared to 204,000 teu in the preceding 5 weeks. Capacity utilisation has slipped to 85% in the meantime, while the SCFI freight rates tumbled from over $3,100/feu to 2,550/feu with rates as low as $2,100 currently on offer. Although carriers have cancelled 40% of the
Global port congestion has dipped below 5% of the total fleet at the end of last week and is expected to continue to fall over the next 8 weeks, with container vessel traffic at China to slow down for the Chinese Golden Week holidays that will start on 1 October 2023. The fall in congestion in China in October would carry over to the US and Europe with vessel arrivals to be reduced over the coming 2 months. The total containership capacity currently anchored and waiting for berthing at the mai
Transpacific freight rates are eroding rapidly, with carriers slashing rates on both the West Coast and East Coast by as much as $500 below the current SCFI assessments. There is little hope of a rate rebound over the October holidays in China despite the increase in the number of blank sailings that will mostly hit Asia last port departures on week 41, with up to 40% of the weekly capacity removed. The lack of permanent capacity cuts will continue to put pressure on transpacific rates. Rates
Register Free Trial [https://www.linerlytica.com/register/?utm_source=W202338] Container market sentiment continues to deteriorate, with freight rates still slipping with little prospects for a rate rebound in October despite carriers’ efforts to contain capacity availability through blanked sailings. The planned capacity cuts over the Golden Week holidays in October are still smaller than the capacity removed during the Lunar New Year holidays in February this year, and are insufficient to ste
Taiwanese liners’ August revenue in NTD moved up 6% MoM, but revenue in USD moved up less at 4% MoM. In either currency, the rebound is better than CCFI on likely sequential volume growth. Since hitting the bottom in February, these liners’ monthly revenue has rebounded between 3%-27% with EMC leading due to its ongoing consolidation of the unlisted ship owning entities highlighted by the acquisition of the privately owned Evergreen Marine (Singapore) (EMS) for $780m on 19 June 2023, in a landm
ONE, Namsung, TS Lines and SITC are joining hands to launch a new Korea China Indonesia (KCI) service calling at Busan, Qingdao, Shanghai, Ningbo, Jakarta, Surabaya, Shekou, Xiamen, Busan from 10 October 2023. The KCI service will turn in 28 days using 4 ships of 2,400-3,000 teu. Each of the 4 partners will provide 1 ship each on the service, starting with the 2,954 teu TS MUNDRA at Busan on 10 October, to be followed by the 2,433 teu SITC MINGCHENG, 2,741 teu LORRAINE and 2,556 teu STARSHIP N
CoFIF closed last week (15 Sep) down 1-3% in price and down 47% in trading volume. Daily turnover dropped below $1bn for the first time since CoFIF launch on 18 Aug. Open interests, the balance of CoFIF that traders hold overnight, was up 9% WoW. The influx of liquidity on 5 Sep turned out to be due to one trader’s irregular position building that has been stopped by the exchange as per a notice published in INE’s Chinese website after market close on 5 Sep. To raise barrier for irregular tradi
Zim and Gold Star Line (GSL) have changed the GSL Kolkata-Chittagong Express Shuttle (GKC) service to a Port Klang-Kolkata shuttle service but has retained the GKC service name. The new GKC is jointly operated with RCL which brands the service as the RCL Malaysia-Kolkata Service (RCH8). The GKC/RCH8 service will call Port Klang (Westports), Kolkata, Port Klang and turns in 2-3 weeks with up to 3 ships of 1,000-1,200 teu deployed, with the new deployment started in September 2023.
Zim has withdrawn its Zim Med ISC (ZMI) service from September 2023, with the last sailing departing from Haifa on 2 September 2023. The ZMI service called at Haifa, Aliaga, Valencia, Felixstowe, Rotterdam, Hamburg, Antwerp, Le Havre, Ashdod, Limassol,Haifa,Colombo,Nhava Sheva, Mundra, Haifa turning in 5 weeks with 5 ships of 3,500-6,800 teu operated independently by Zim. Zim will replace the ZMI with slots on 3 MSC services covering 3 separate corridors that were previously served by the ZMI:
Several carriers have announced their participation in the new X-Press Feeders North China-India West Coast X-Press (NWX) service that is operated jointly with Maersk, which brands it as the FI3 (Far East-India 3) that will start from October 2023. ONE, ESL and Sinokor have all announced their participation in the service, branding it respectively by ONE as Northeast Asia to Pakistan and India (NPI), ESL as Far East West India (FWI) and Sinokor as the North China-India West Coast Express (NWX).