Register Free Trial [https://www.linerlytica.com/register/?utm_source=W202418] Freight rates are rising sharply across the board with the SCFI gaining 9.7% last week, erasing almost all of the spot rate declines since 1 March as carriers capitalised on the tightening capacity situation. Freight demand has risen ahead of the 1 May Labour Day holidays in China and increased number of blanked sailings next week with bookings also boosted by pre-GRI front loading before the higher rates take effect
Maersk has extended the India-Med ME2 service to an extended India-Med-North Europe service from 18 April 2024 with the addition of 3 ports in North Europe. The extended ME2 service will call at Jebel Ali, Mundra, Nhava Sheva, Tanger Med, Algeciras, Rotterdam, Felixstowe, Bremerhaven, Tanger Med, Salalah, Jebel Ali. The revised ME2 will turn in 11 weeks instead of 9 weeks currently using 11 ships of 6,000 teu to 10,000 teu. The service has diverted from the Suez Canal since December 2023 and wi
COSCO and OOCL will jointly launch a new Asia-Mexico WSA5/TLP5 service from 6 May 2024 calling at Busan, Dalian, Ningbo, Shanghai, Qingdao, Ensenada, Manzanillo, Ensenanda, Yokohama, Busan. The WSA5/TLP5 will turn in 8 weeks using 8 ships of 4,000 to 6,000 teu starting with the 5,668 teu XIN DA LIAN at Ningbo on 6 May 2024.
THE Alliance carriers (Hapag-Lloyd, HMM, ONE and Yang Ming) will revise the rotation of Asia-Pacific Northwest transpacific PN2 service following the reinstatement of the PN3 service on 19 April 2024. The new rotations of the affected services are as follows:- PN2 (revised from 10 April 2024) : Singapore, Laem Chabang, Cai Mep, Yantian, Tacoma, Vancouver, Tokyo, Kobe, Singapore. The service will turn in 9 weeks using 9 ships of 10,000 to 12,700 teu on a shortened rotation with eastbound calls
Interasia Lines (IAL) has joined Yang Ming and TS Lines on the revised Pan Asia Service (PAS) as a vessel operator, with Wan Hai Lines (WHL) also taking slots on the service from 13 March 2024. The revised PAS calls at Moji, Hakata, Busan, Kwangyang, Keelung, Kaohsiung, Hong Kong, Shekou, Nansha, Ho Chi Minh City, Hong Kong, Shekou, Xiamen, Moji with a new call at Ho Chi Minh City added on 31 March 2024. The PAS service turns in 3 weeks with 3 ships of 2,400 to 3,000 teu with Yang Ming, TS Lin
Bengal Tiger Lines (BTL) will launch a new Rio Grande-Buenos Aires-Montevideo (RBM) feeder service from 22 May 2024. The RBM service will turn weekly with the 1,756 teu TIGER PLATA (ex MAHAWELI). It will provide connections at Rio Grande to and from Buenos Aires and Montevideo, serving primarily HMM's Far East-India-Latin Amerca (FIL) service that will be truncated with the existing calls at Buenos Aires and Montevideo removed while a new call at Rio Grande's Tecon terminal is added. The revis
Speculative traders returned to the CoFIF market last week with average trading volumes doubling compared to the week before. Prices for longer dated contracts for June 2024 through February 2025 rallied. The EC2406 and EC2408 contracts rose above 2,500 compared to the latest SCFIS index at 2,135, implying an expected increase of over 17% from current rate levels. Market conviction on the May rate hikes have strengthened with several carriers pushing for higher FAK rates backed by improved vess
Transpacific contract rates for smaller BCOs are settling at the 1,600-1,700/feu level to the US West Coast, which are $200-400 higher than the rates done for larger BCOs. These rates are also 10-20% higher than average contract rates for the 2023-24 season but are substantially lower than current spot market rates of $2,800 to 3,100 per feu which will provide incentives for other BCOs to accept higher contract rates. Several carriers have filed for a fresh round of rate increases from 1 May o
X-Press Feeders will introduce a new Pointe Noire-Matadi feeder service from 6 May 2024 with the 1,145 teu SC PHOENIX. The service will turn in 8-10 days with a second ship, the 917 teu X-PRESS MEGHNA to join the service at the end of May to provide departures every 4-5 days.
The United States Trade Representative (USTR) initiated an investigation on China’s maritime, logistics, and shipbuilding sectors on 17 April 2024 based on the petition filed by 5 US labor unions that alleged unfair policies and practices to undermine fair competition and dominate the market. Amongst the proposed remedies to address China’s dominance is a fee on vessels built in China that dock at US ports. Although containerships built at Chinese shipyards account for only 27% of the current f