Global port congestion continues to show no improvements with several main Chinese ports experiencing severe delays, particularly in Ningbo, Shanghai and Qingdao where waiting times have increased to up to 5 days. The total number of ships waiting at anchorages n North Asia averaged over 1m teu last week due to both weather-related delays as well as high vessel traffic. These delays will also impact ports further downstream especially around Southeast Asia where congestion has also been rising.
US efforts to revive its shipbuilding industry will achieve little traction despite the USTR’s proposal to impose a levy on Chinese built ships as well as remissions for operators using US built ships. There are currently only 63 US-flagged containerships, accounting for just 0.9% of the global fleet of 6,874 ships currently. Only 25 of the US flagged ships were built in the US primarily to serve the Jones Act trades, while the rest of the 38 ships were built outside of the US. Maersk, CMA CGM
Container freight futures retreated over the past week with growing concerns over the carriers’ persistent rate cuts. Despite MSC’s announcement on 12 March to raise its Asia-North Europe base rates to $4,000 per FEU from 1 April, it has provided rate offers at $2,090 per FEU until 6 April, effectively undermining their planned rate hike. Trading volumes fell by 17% week-over-week, while open interest remained largely unchanged as trader wait for fresh directions. Despite last week’s sharp decl
Capacity utilization on the Asia-North Europe services fell to their lowest levels since 2020, with no signs of a rebound in cargo volumes. Average utilization has dropped below 90% forcing carriers to slash rates with the SCFI tumbling by a further 15.2% last week. Although carriers are gunning for another round of rate hikes to bring base rates back up to $4,000/feu, it will be a tall order as current spot rates have already dropped below $2,000/feu with some carriers even extending the curre
Register Free Trial Capacity utilization is slipping across all key trade routes with 3 out of the 4 main tradelanes falling below 90%. Despite this, carriers are pushing ahead with new service launches with a new Asia-North Europe service and 3 new Asia-South America services to be launched next month including a new China-Mexico service that will feature 7 new Asian entrants to the Mexican market. The unabated demand for ships is keeping the charter market high despite the freight market slu
A partnership involving 7 Asian carriers have teamed up to launch a new Asia-Mexico Express (AMX) service that is set to start from 30 April 2025. The AMX will call at Shanghai, Qingdao, Busan, Manzanillo, Shanghai and is expected to deploy 7 ships of 3,000 to 4,000 teu operated by Emirates Shipping, KMTC, RCL, Sinokor, Sinotrans, SeaLead Shipping and TS Lines. The new service will be a landmark move for all the 7 carriers who are entering the Mexico trade for the first time and will complement
Evergreen has split the OCEAN Alliance PNW3 - Asia Northwest Persian Gulf (ANP) service into 2 separate services in order to minimize schedule disruptions caused by the persistent port congestion at Vancouver which have faced berthing delays of up to 7 days. The PNW3 - Asia Northwest Persian Gulf (ANP) was originally slated to operate as a Middle East-Far East-US West Coast pendulum service calling at Dammam, Umm Qasr, Jebel Ali, Port Klang Westport, Laem Chabang, Cai Mep, Kaohsiung, Yantian, Sh
SITC has introduced a new China-Philippines Express 4 (CPX4) service connecting Osaka, Kobe, Nagoya, Shanghai, Wenzhou, Subic Bay, Manila South, Shanghai, Osaka from 18 March 2025. The CPX4 will turn in 21 days and deploys 3 ships of 1,000 teu starting with the freshly delivered 1,023 teu SITC TONGHE at Osaka on 18 March 2025, followed by the 1,049 teu HF LUCKY and ASIATIC PRIDE.
Futures contracts in Shanghai fell by 5-8% this morning as traders opted to follow the liners' daily online freight rate reductions rather than their April 1 GRI announcements. Over the past two days, liners have largely been cutting their online quotations. With insufficient volume and utilization, there is no immediate support for any freight rate increases.
COSCO Shipping has launched a new North Africa Service (NAS) connecting Valencia, Algiers, Valencia from 25 February 2025. The service turns in 7 days using the 652 teu MEDKON RIZE and 925 teu CONTSHIP IVY to provide 2 sailings each week. .