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CNC, COSCO & Samudera team up for Singapore-Haiphong feeder

CNC (CMA CGM), COSCO and Samudera have teamed up to operate a new Singapore-Haiphong feeder service offering twice weekly departures using 3 ships on an 10-11 day rotation. The service is branded respectively as the Haiphong Singapore Feeder 1 (HSF1CNC) by CNC, Singapore-North Vietnam Express (NVX) by COSCO and North Vietnam Service (NVS) by Samudera. The joint service incorporates the 3 carriers' existing North Vietnam services, with the existing NVX/NVS operated by COSCO and Samudera revamped


Hapag-Lloyd/Feedertech updates India-Gulf (IG1)/Arabian Gulf-India (AGIS) service

Hapag-Lloyd and Feedertech will update their jointly operated India-Gulf 1 (IG1)/Arabian Gulf-India (AGIS) service with a new rotation calling at Jebel Ali, Karachi, Kandla, Nhava Sheva, Jebel Ali, Dammam, Shuaiba, Umm Qasr, Jebel Ali. The revised rotation will replace the call at Mundra with new calls at Nhava Sheva and Kandla. It will continue to deploy 4 ships of 2,700 to 4,200 teu, with 3 units from Hapag-Lloyd and 1 unit from Feedertech. Revised rotation of the India-Gulf (IG1)/Arabian G


Volume of CoFIF remains robust

CoFIF's (Containerized Freight Index Futures) closed the first full week of trading mostly up despite of bad Euro zone PMI print that came out a day ago and the 6% WoW drop in spot SCFIS on Monday. The SCFI, which usually leads all freight rates indices in container shipping sector, came out at 3pm today down for second week in a row after showing some strength in mid August. While EC2404 (Apr 2024 contracts) are down 6% WoW and EC2406 (Jun 2024 contracts) are flat WoW, other three contracts


MSC and Zim to jointly operate new Panda/ZAX service following withdrawal of CAX

MSC and Zim will jointly operate the enhanced Panda/Zim Northeast Asia-Australia (ZAX) service from 18 October 2023 following the withdrawal of Zim's own China-Australia Express (CAX) service. The Panda/ZAX will call at Nansha, Hong Kong, Yantian, Brisbane, Melbourne, Sydney, Brisbane, Busan, Qingdao, Shanghai, Ningbo, Nansha, Hong Kong, Yantian, Nansha using 7 ships of 5,000 teu of which 4 will be operated by MSC and 3 will be from Zim. Revised rotation of the new Panda/ZAX service from Octob


Spot Rates Softened

Transpacific carriers failed to hold on to their mid August rate increases and have given back part of their recent rate gains with spot rates falling back to the $1,800/feu level to the US West Coast compared to the latest SCFI assessment of $2,003/feu. Rates to the US East Coast were more resilient, with capacity reduced due to Panama Canal draft restrictions. Maersk has added 9 extra East Coast sailings since July but will be cutting back on these East Coast loaders which will be diverted to

Port Congestion

Port Congestion Continues To Ease

Congestion at Asia ports have cleared gradually after heavy rain in early August from typhoon Doksoru and Khanun caused flooding across multiple North Asian regions. Southern California ports were also hit by Hurricane Hilary over the weekend, but port operations were not materially impacted with both the Port of Los Angeles and Long Beach to re-open on 21 August after the partial shutdown the day before. There were no containerships waiting at the San Pedro Bay anchorage, and no buildup in po


OOIL earnings drop mitigated by costs reduction

OOIL’s 1H23 earnings fell 74% HoH. Earnings are still very good comparing to historical average.  RoE was still stayed close to 20% despite of the large sum of idle assets (e.g. cash) on balance sheet. 74% sequential drop in earnings are a touch better than the industry average which is 83% HoH fall. OOIL’s unit costs fell 17% HoH relative to the industry’s average 11% HoH fall.


Wan Hai reduced EBIT losses

Wan Hai reduced EBIT losses by 37% QoQ in 2Q 2023. Like ZIM, Wan Hai also suffer from over-exposure on the weak Transpacific and Intra-Asia markets but it has been shielded from the rapid decline on the Oceania trades where Wan Hai do not have a presence. Wan Hai’s failure to invest in SOx scrubbers has also impacted its operating margins, with all of its ships using the more expensive LSFO.


Zim pays price for market expansion gone awry

Zim recorded its worst quarterly loss since its financial restructuring in 2014, with the 2Q 2023 net loss reaching $213m. ZIM’s EBIT loss expanded in 2Q by 11 times QoQ. Zim’s 2Q EBIT margin of -11.2% places it at the bottom of the earnings league table comprising of 10 of the top 12 carriers, with Zim the worst of the 3 carriers that dropped into loss making territory along with Wan Hai (net loss of $76m) and Yang Ming (net loss of $4m). Low operating efficiency and high charter expenses have


Maersk and X-Press Feeders to launch new Safina/China-Jebel Ali Express (CJX) service

Maersk and X-Press Feeders will jointly launch a new Safina/China-Jebel Ali Express (CJX) service that connects Ningbo, Shanghai, Shekou, Tanjung Pelepas, Port Klang, Jebel Ali, Colombo, Singapore from 19 September 2023. The service will turn in 6 ships of 4,000-5,000 teu, with 4 ships from Maersk and 2 ships from X-Press Feeders. The service will replace the existing China Jebel Ali X-Press/Arabian Express (CJX/ABX) and Straits Middle East X-Press/Arabian Star (SMX/ABS) service that calls res

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