Global port congestion has continued to recede, due mainly to continued improvements at Chinese ports. Waiting times at all of the main Chinese ports are down to 1 day or less, with the total capacity waiting at North Asia ports down by 50% from its July peak. North American ports remain the most critical congestion hotspot accounting for 39% of the global congestion, with North Asia’s share reduced from 24% to 20% while Europe/Med ports increased marginally from 19% to 20%. The other regions
Transpacific freight rates have dropped further, with the SCFI assessment dropping to $6,694/feu but rates of $6,000/feu are now being offered by carriers which will continue to drive down the various spot rate indicators in the weeks ahead. There are no signs of rates rebounding in August, leaving very little room for rates to rally before the start of the winter slack season in October. Spot rates are now firmly lower than 12 month contract rates signed in May (ranging from $7,500 to $10,500
Chinese port volumes grew by 2.6% in the first half of 2022 despite the negative impact of the lockdowns across several major Chinese cities this year. The overall port volumes are partly inflated due to the shift from trucking to barge movements. Performance was mixed amongst the main ports, with Shanghai, Guangzhou, Hong Kong, Lianyungang and Yingkou all recording negative growth. Ningbo reported the largest gains of 8.7%, largely due to the diversion of cargo from Shanghai that was hit by l
Register Free Trial [https://www.linerlytica.com/register/?utm_source=W202230] Freight rates are continuing to weaken into August, with no peak season volume surge. Total vessel capacity departing from Asia has continued to increase with easing congestion at Chinese ports releasing more capacity on the linehaul routes last week. Capacity to the US East Coast in particular has risen to a record high, even as demand is softening with high retail inventories weighing down demand while port congest
ONE reported a strong performance in the second quarter with net profit rising sequentially by 8% QoQ. Net profits have exceeded $5bn in the last 2 quarters. To put this amount in perspective, ONE's 3 parents reported in aggregate about $4.5bn of losses at the ordinary result level (similar to earnings before taxes) for their container liner activities between 2005 and 2019. ONE’s revenue yield i.e. revenue generated per teu slot operated have outperformed the CCFI while unit costs excluding bu
What may have gone unnoticed in the ocean freight market is that the Trans Pacific eastbound air freight rates have quietly rebounded by 9% since hitting the low in April. The same airfreight price index and SCFI USWC index shares 87% correlation going back to the inception of SCFI in 2009. The diversion like what we have just seen is rare. Relative to ocean freight, air freight tends to carry cargo more time sensitive and of higher value. The rebound in air freight price may be due to a number
The inactive fleet remains largely unchanged at 24 ships for 74,395 teu as at 24 July 2022,which is a historical low level for our data series dating back to 2008. 13 ships for 26,367 teu are idle or awaiting phase in. 4 ships for 13,981 teu are Iranian owned ships. The idle ships list includes the Dioryx owned 4,398 teu MALIAKOS that have been idle since 26 April as the owners are still holding out for better charterer offers and the 9,403 teu JOSEPH SCHULTE that has been stuck at Odessa
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
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
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.