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Financials

Matson 1Q 2024 results

Matson’s 1Q 2024 earnings dropped sequentially on higher-than-average volume declines as China-US volume dropped 17% QoQ and 4% YoY due to a reduction in the number of voyages as well as lower vessel utilization. Although Matson continues to enjoy premium rates on its express transpacific services, its competitive edge has been eroded as port congestion on the US West Coast has been largely absent since 2023.

MarketPulse

Market Pulse 2024 Week 19

Register Free Trial [https://www.linerlytica.com/register/?utm_source=W202419] 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

Services

Jin Jiang & Zhonggu launch China Vietnam Thailand (CVT) service

Jin Jiang Shipping and Zhonggu have launched a new China Vietnam Thailand (CVT) service calling at Shanghai, Ningbo, Shekou, Ho Chi Minh City, Laem Chabang, Bangkok, Laem Chabang, Shekou, Shanghai from 30 April 2024. The CVT service will turn in 3 weeks and will deploy 3 ships of 1,800 teu starting with the 1,868 teu newbuilding MILD JASMINE from Jin Jiang at Shanghai on 30 April 2024, and followed by the 1,912 teu ZHONG GU HUANG HAI and ZHONG GU NAN HAI.

Services

MSC removes US East Coast calls on Santana service

MSC has removed its FE-USEC connections on the Santana service with calls at New York omitted from April 2024. The last New York call on the service was made by the 15,264 teu MSC MARTINA MARIA on 29 March 2024 with subsequent sailings on the Santana shortened to a revised Far East-Mexico-Panama-Dominican Republic service calling at Yantian, Ningbo, Shanghai, Busan, Manzanillo (Mexico), Cristobal, Colon (Coco Solo), Caucedo, Yantian. The revised Santana turns in 11 weeks using up to 11 ships

Services

MSC launch Asia-Mexico West Coast Shuttle service

MSC will launch a new Asia-Mexico West Coast (Mexicas) service calling at Qingdao, Ningbo, Shanghai, Busan, Manzanillo (Mex), Lazaro Cardenas, Qingdao from 15 May 2024. The Mexicas service will turn in 6 to 7 weeks and will deploy ships of 4,000-7,000 teu starting with the 6,492 teu MSC APOLLO at Qingdao on 15 May 2024. MSC Asia-Mexico West Coast (Mexicas) service

Companies

Maersk Line reported negative EBIT for 1Q

Maersk’s Ocean segment reported negative $161m EBIT for 1Q 2024, lagging well behind its peers which had all turned in positive results. Maersk fared poorly on its operating metrics with OPEX rising faster than its peers while volumes grew at a slower rate, resulting in smaller reductions in unit OPEX. Maersk Line also reported lower sequential average revenue gains compared to 4Q 2023, due to its higher contract mix and aggressive spot rate pricing. Maersk’s management raised the lower end of

Services

HMM and SM Line swap slots on transpacific PSX/CPX services

HMM and SM Line will exchange slots on the transpacific PSX and CPX services starting from June 2024. The 2 South Korean carriers swap 300 teu each week on each service and the agreement will expire on 30 April 2025 with no automatic renewals. The PSX service calls at Shanghai, Kwangyang, Busan, Los Angeles, Oakland, Busan, Kwangyang, Incheon, Shanghai and is operated by HMM using 7 ships of 8,500 to 10,000 teu with an upgrade to 13,700 teu ships planned later this year. ONE, Hapag-Lloyd and Ya

Services

COSCO takes slots on WIN service

COSCO has reached an agreement with ONE to purchase slots on the West India North America Express (WIN) service from 16 May 2024. COSCO will market the service as the India East Coast Express 2 (IPE2) and joins HMM as slot buyer on the new service that it markets as the India America Express (IAX), with each carrier taking 500 teu and 1,700 teu respectively per week, including 5o and 170 reefer slots each. ONE launched the service on 9 May 2024 on an extended routing through the Cape of Good

Services

CMA CGM to launch M2X Mexico Express service

CMA CGM will launch a new M2X Mexico Express service calling at Xingang, Qingdao, Busan, Ensenada, Manzanillo, Lazaro Cardenas, Yokohama, Busan, Xingang from 11 May 2024. The M2X will turn in 56 days using 8 ships of 4,200 teu starting from 11 May 2024 with the 4,253 teu ANL WANGARATTA at Busan. The service will compete directly with COSCO/OOCL's newly launched WSA5/TLP5 service that will start on 6 May 2024 calling at Busan, Dalian, Ningbo, Shanghai, Qingdao, Ensenada, Manzanillo, Ensenanda,

Services

CMA CGM to launch Karibu Express connecting Dubai to East Africa

CMA CGM will launch a new Karibu Express service connecting Jebel Ali, Mombasa, Longoni, Pointe Des Galets, Mombasa, Mogadishu, Jebel Ali. The service will turn in 42 days using 6 ships of 1,570 to 1,850 teu starting with the 1,853 teu CMA CGM KAILAS at Jebel Ali on 12 May 2024. Port rotation of the CMA CGM Karibu service

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