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Markets

To hedge the freight rate volatility

Option for those wanting to hedge against volatility in container shipping freight rate: CoFIF (Container Freight Index Futures)'s Asia-Europe contracts are trading at something (in $/40'dry) like $2400 for April, $2250 for June, $2147 for August and $1900 for October (our estimates) while liners are offering $3500 for annual contracts while spot rates at the moment is racing up t $5000 or above. Frankly no one know for sure where the freight rates will be in April through October. They could

Financials

Early 4Q Results From Asian Liners

Unlikely a surprise to the market, liners are reporting sequentially lower 4Q 2023 results, which is in line with CCFI while the QoQ rebound in SCFI will likely only show in the liners' book in 1Q 2024. While the 4Q results may not be pleasing to look at, everything changed since the second half of December. COSCO reported earning alert, OOCL reported top line breakdown while the Taiwanese liners reported their December revenue this week. COSCO alerted 68% QoQ lower earnings during 4Q while O

Ports

Chinese Ports Continued To Report Strong Throughput

Chinese ports recorded strong volume gains in November with an aggregate increase of 3.7% compared to the same month last year. Year to date volumes for the first 11 months of the year reached 3.6%, led by strong gains in river ports. A large part of the Chinese port gains are coming from inland water-to-water transshipment volumes which has significantly boosted overall numbers compared to the rest of the world. Shanghai was the first Chinese port to report its full year 2023 performance, wit

Markets

FE-North Europe capacity crunch to hit in weeks 5 and 6

Week 1 capacity to North Europe was higher than normal with bunching departures on 2 OCEAN Alliance services (NEU6 and 7) and 1 THE Alliance service (FE2) lifting overall capacity to 344,710 teu compared to an average of 284,180 teu in December. Overall capacity will drop from week 2 onwards with severe shortfalls expected in weeks 5 and 6 when capacity drops to 240,700 an 126,700 teu in those 2 weeks when demand will be strong due to the pre-Chinese New Year cargo rush. Although the weekly cap

Markets

Liquidation For 2nd Week Despite Strong WoW Price Moves

CoFIF contracts surged in the first 2 trading days of 2024 and traded limit up to their maximum daily caps before softening in the next 3 trading days as the market awaits further signals from the SCFIS. Traders continue to prefer longer dated contracts, indicating a growing consensus that the Red Sea diversion may drag on. Open interest fell for the 2nd week in a row to just half of the peak on 22 December. This week’s trading will be driven by the latest SCFIS assessment on 8 January for the

Markets

80% of all containerships on Suez route have diverted to the Cape of Good Hope

The number of containerships that has been diverted from the Suez to the Cape route has reached 354 ships since 15 December 2023, accounting for 80% of all the ships moving between the Atlantic/Med basins and the Indian Ocean. The number will continue to grow over the coming week with most of the main carriers currently opting for the Cape route. Only CMA CGM and a small number of niche carriers operating in the Asia to East Med and Baltic markets that have continued to use the Suez route with r

MarketPulse

Market Pulse 2024 Week 02

Register Free Trial [https://www.linerlytica.com/register/?utm_source=W202401] With no clear timeline for the resolution of the Red Sea crisis, carriers have extended their diversions to the Cape route with the number of containerships re-routed rising to  354 units for 4.65m teu or 16.4% of the fleet as at 7 January 2024. These diversions will result in an expected capacity shortfall of up to 40%  for departures from Asia to Europe and the US East Coast in weeks 4 to 6, with freight rates expe

Services

MSC adds Red Sea Express service

MSC has introduced a new Red Sea Express service that connects Tekirdag, Derince, Mersin, King Abdullah Port, Jeddah, Aqaba, Tekirdag from 31 December 2023 with the 4,872 teu MSC CARMEN. The service will provide connections to the Red Sea ports in Saudi Arabia and Jordan that are currently restricted.

Services

Tailwind adds Koper-Barcelona and Colombo-Chittagong services

Tailwind Shipping has chartered the 917 teu FAITH and 1,118 teu WILHELMINE from January 2024 to provide connections between Koper and Barcelona. The move follows the diversion of Tailwind's vessels from the Suez to the Cape route on its China-Europe Panda Express (PEX) service. The PEX service originally calls at Qingdao, Ningbo, Dachan Bay, Colombo, Koper, Barcelona, Rotterdam, Qingdao but with the diversion to the Cape route since the beginning of December 2023, the call at Koper has been drop

Companies

Kalypso Compagnia di Navigazione insolvent

Kalypso Compagnia di Navigazione (KCN), part of the RIF Line Group, has been placed in liquidation following the arrest of one of the ships it operated in Taranto on 14 December 2023. The 2,518 teu ZHONG GU XIONG AN was arrested in Taranto for unpaid bunker bills by its Chinese creditors. It was one of 4 ships chartered by Kalypso from Zhonggu for its Marco Polo service connecting China, Bangladesh and the Mediterranean that has been dormant since October 2023 after Zhonggu refused to allow the

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