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Companies

Maersk underwhelms with dismal 4Q earnings and 2024 guidance

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

Services

CMA CGM launch Spain Tunisia Express (STX) service

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)

Services

CMA CGM launch Red Sea Med Express (REDEX)

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

Services

CMA CGM upgrade MedCaribe service

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

Services

MSC upgrades Turkiye-UK West Coast service

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.

Services

Yang Ming/ONE launch Intra-Black Sea Express(IBX)/Black Sea Turkey Service (BTS)

Yang Ming and ONE have launched a new Intra-Black Sea Express (IBX)/Black Sea Turkey Service (BTS) from 29 January 2024. The service calls at Ambarli, Varna, Constanza, Ambarli using the 1,803 teu YM INVENTIVE on a 7 day rotation. Intra-Black Sea Express(IBX)/Black Sea Turkey Service (BTS) port rotation

Companies

Unifeeder acquires MCL Feeder Services

Unifeeder has acquired MCL Feeder Services on 1 January 2024 and will combine MCL's feeder operations in the Mediterranean area into the Unifeeder/Unimed network. MCL is based in Cyprus and operates feeder services in the Mediterranean. It was part of the Metz Group that was established in 1982 in Beirut, Lebanon and had cooperated previously with various feeder operators with slot arrangements with Unimed(UFS), Sealand, Mahoney, Medkon and Bahari.

Markets

Charter Market Continued to Heat Up

Demand for vessels remain strong ahead of the Chinese New Year holidays with charter rates continuing to firm up across all size sectors. COSCO has been particularly active in recent weeks, with renewals on existing charters while taking on additional fixtures including a few deals for delivery taking place only in the 2nd half of 2024. COSCO renewed 2 sets of 8,000 teu and 9,000 teu units from Seamax and Costamare respectively on firm rates for 2 years and have been linked to 2 more deals for 6

Markets

Capacity deployed on Asia-Europe routes at all-time high

Total containership capacity deployed on Asia to Europe routes have surged to a record high of 6.44m teu, up 23.3% compared to the same time last year. The surge is due entirely to diversion from the Suez to the Cape route since December 2023, with over 700,000 teu of additional capacity added to the trade in the last 2 months alone. 55% of the additional capacity has been absorbed in the FE-Med trades where transit times have increased by 10 days to the West Med and 18 days to the East Med whil

Services

Maersk launch ME8 for Middle East and Europe connections via Cape of Good Hope

Maersk will launch a new ME8 service calling at Doha, Dammam, Jubail, Jebel Ali, Abu Dhabi, Duqm, Tanger, Port Said, Barcelona, Tanger, Algeciras, Salalah, Jebel Ali, Doha using the longer route via the Cape of Good Hope. The first sailing will be made on 14 February 2024 with the 9,034 teu SAN CLEMENTE on the westbound voyage at Doha while the 4,253 teu CONSTATINOS P II will make the first eastbound voyage at Port Said on 17 February. The service will turn in 13 weeks on an extended rotation

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