The containership charter rates remain firm with limited availability in all segments. Gemini Cooperation partners Maersk and Hapag-Lloyd are still scrambling to assemble sufficient ships for the launch of their new joint services starting in February 2025 with more than 20 open vessel slots still to be filled. The published schedules for February shows a large number of blanked sailings that will coincide with the port Chinese New Year slack period, but also reflects the partners’ tonnage short
Port congestion rebounded sharply over the past week with both Chinese and North European ports experiencing severe delays. The Yangtze River delta ports of Shanghai and Ningbo are experiencing a significant surge in the number of ships waiting at anchorages, with the situation in Shanghai being particularly bad due to high vessel traffic and weather related delays. North European main port congestion has also worsened with very high yard occupancy reported in Rotterdam, Antwerp, Hamburg and So
COSCO remains the largest carrier on the Transpacific market, with a 16.5% share of total container volumes shipped on the Far East-US route for the 2024 contract season from May to November 2024. COSCO’s larger capacity share on the US West Coast allowed it to dominate the market compared to their European rivals (CMA CGM and Maersk) who deploys a larger proportion of their capacity on the US East Coast.
EC2502 briefly dipped below 2500 before recovering some losses. The main support for this contract hinges on the anticipated freight rate increase to $6,000 planned for December 30. However, the success of this increase will depend on vessel utilization, which has been trending downward since mid-November. Overnight, CMA CGM reduced their quotations for shipments scheduled in the second half of December by $400 to $600 per FEU.
Register Free Trial [https://www.linerlytica.com/register/?utm_source=W202450] It was a mixed week for container freight rates with carriers able to hold on to their early December rate gains on the Asia-Europe, Middle East and Latin America routes but continued to lose ground on the Transpacific. Price competition on the transpacific route remains very keen with none of the main carriers willing to give up market share ahead of the alliance reshuffle in February even as newcomers such as Hede,
Longer-dated EC contracts fell this morning as EC traders interpreted the fall of the Assad regime in Syria as a positive step toward peace in the Middle East. Near-dated EC contracts, such as EC2412 and EC2502, outperformed after Maersk issued an email after market on Friday (6 December) announcing a freight rate increase aimed at raising rates to $6,000 per FEU starting December 30, 2024. This $6,000/FEU target was originally set for December 1. Overall, trading volume remains light. However,
ONE and Wan Hai will exchange slots on 2 Far East-US West Coast services that each carrier operates from 1 February 2025. ONE will provide to Wan Hai 1,700 teu per week on the PS6 service that it operates under the Premier Alliance agreement. Wan Hai's slots will cover only Shanghai, Ningbo, Long Beach, Oakland, Shanghai and will exclude the other ports of the full PS6 rotation that calls at Busan, Kwangyang, Incheon, Shanghai, Ningbo, Kwangyang, Busan, Long Beach, Oakland, Busan. Wan Hai wil
Sinotrans has launched a new China Vietnam Thailand 1 (CVT1) service calling at Nansha, Hong Kong, Shekou, Ho Chi Minh City, Laem Chabang, Nansha from 4 December 2024. The CVT1 turns in 14 days using 2 ships of 1,000 teu with the 1,024 teu OPTIMA and 1,040 teu SINOTRANS TIANJIN.
EC contracts saw minimal movement this morning as traders awaited the release of the SCFI for direction. Overnight, Maersk continued to slash their quotations, offering $4,400 per FEU from Qingdao to Rotterdam on an AE10 vessel departing on 22 December, compared to $4,700 per FEU for shipments departing from Shanghai before December 15. The utilization moving average remains around 97%, consistent with the level observed since second half of November. However, the week-to-date average utiliza
MSC will launch a new Eastern Cape Express Service connecting Port Elizabeth, Walvis Bay, Rotterdam, London Gateway, Antwerp from 2 January 2025. The service will turn 7 weeks using ships of 2,000 to 3,000 teu starting with the 3,005 teu MSC NEDERLAND III at Port Elizabeth (Gqeberha) on 2 January 2025. It is aimed at the grapes exports from South Africa and Namibia to Europe. Port rotation of the new Eastern Cape Express Service