CMA CGM was reported to have fixed the 7,092 teu newbuilding TS DUBAI at a very strong $80,000 per day rate for 3 months, setting a new rate benchmark. Momentum picked up further last week as demand remains red hot while supply of prompt units of over 2,000 teu remain very tight. The sharp rise in freight rates will fuel the charter market in the next 8 weeks with no room for rates to drop. MSC has taken delivery of 2 more ships in the resale market last week although both ships were previously
With container equipment currently in short supply, the production of new dry container equipment has surged since the end of last year. New dry box production surged to 520,000 teu in April alone, 3 times higher than the 2023 monthly average with new factory production fully booked until the end of July. New box production expected to exceed 4m teu this year compared to 1.97m teu in 2023. The record production year was in 2021 when more than 6m teu of new boxes were delivered.
CoFIF freight futures to North Europe rallied sharply last week on the back of the sharp spot rate hikes driven by the current shortage of capacity on the trade. Effective capacity to North Europe is down 5.1% despite having 17.8% more in total vessel capacity deployed compared to a year ago, with the longer route via the Cape of Good Hope taking away almost 23% of the effective capacity. The SCFIS increased by 13.7% on 13 May to reach 2,512 with further increases expected over the coming weeks
Register Free Trial [https://www.linerlytica.com/register/?utm_source=W202419] Market panic over tightening vessel space availability has sent the SCFI to its highest level since September 2022, rising by 18.8% after last week’s holiday break to hit a 20-month high. Unlike the surge in January this year when the rate hikes were largely limited to the Red Sea affected routes, the gains are more broad-based this time with sharp rate hikes on all long-haul routes on the back of a strong rebound in
Evergreen, IAL, Jinjiang Shipping. PIL, RCL will jointly launch a new China-India service calling at Shanghai, Ningbo, Nansha, Singapore, Chennai, Visakhapatnam, Port Klang, Singapore, Shanghai from 30 May 2024. The service will replace the existing service operated by IAL, Jinjiang, PIL and RCL that is branded as the China-Saigon-India / China Vietnam India / RCL Far East Madras 2 (CSI / CVI / RFM2). The revised service will omit the existing southbound and northbound calls at Ho Chi Minh Cit
6 carriers are teaming up to expand their current Vietnam/Thailand-India-Middle East Gulf service into an extended butterfly service that will offer 2 separate loops connecting the following ports: * Loop 1 : Laem Chabang, Singapore, Port Klang, Nhava Sheva, Jebel Ali, Dammam, Nhava Sheva, Port Klang, Cai Mep * Loop 2 : Cai Mep, Jakarta, Port Klang, Mundra, Jebel Ali, Dammam, Mundra, Port Klang, Laem Chabang 6 carriers (CMA CGM, China United Lines (CUL), Emirates Shipping Line (ESL),
All of the containership services that were diverted from the Panama Canal since November 2023 have returned to their regular Panama transits as of May 2024. These services were forced to switch to the longer route initially through the Suez Canal and then to the Cape of Good Hope after the Red Sea crisis escalated at the end of 2023. With the increase in the number of neo-panamax transit slots at the Panama Canal from May, carriers are bringing back all of these services to Panama which would
The bullish container freight and charter markets continue to gain ground with carriers pushing for further rate hikes through May while demand for ships remain unabated. Over-capacity concerns are on the backburner with containership diversions to the Cape route effectively removing more than 7% of the total fleet. New tonnage requirements have shifted to the Mexico and Middle-East/Indian subcontinent markets, with 3 new services to Mexico launched in May alone by COSCO, CMA CGM and MSC while M
Congestion is building up at Middle East Gulf and Southeast Asian ports, with Jebel Ali, Singapore and Port Klang all recording increased vessel waiting times in the last 2 weeks. The ISC/Middle East and Southeast Asia regions account for 15% and 16% respectively of total global congestion at the moment with pressure building up on increased cargo volumes this year. Global port congestion continue to affect 5% to 6% of the global fleet, with Chinese port congestion easing slightly last week due
Containerships are still making transits on the Suez/Bab-el-Mandeb despite heightened risks following the collapse of ceasefire talks between Israel and Hamas and the escalation of the Houthi attacks on commercial shipping on the Red Sea which has widened to the Indian Ocean. Over 90 transits on the Bab-el-Mandeb has been recorded since 1 April 2024, mainly by smaller carriers operating in the Asia-Med and Baltic Sea routes, compared to over 700 voyages diverted to the Cape route in the same per