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Port Congestion

Port Congestion Eased Last Week

Global port congestion eased slightly over the past week, with Southeast Asian ports recording significant improvements especially at Singapore and Port Klang where average waiting times have dropped to less than 1 day. However, typhoons and severe weather conditions in North Asia forced many ships to take evasive action with delays of up to 4-5 days in some cases affecting particularly ports in Taiwan and Fujian, but with ramifications on vessel schedules across all main Chinese ports including

Companies

CMA CGM reports lower earnings for 2Q 2024

CMA CGM’s 2Q 2024 earnings surprisingly dropped YoY with average freight rates dropping by 7% YoY and 1% QoQ despite the 53% YoY increase in the CCFI. CMA CGM’s higher contract rate exposure that were signed at substantially lower levels than current spot rates contributed to the disappointing earnings. CMA CGM’s liner revenue dropped 1% YoY in 2Q 2024, lagging behind all other carriers that have reported revenue growth so far, with OOCL’s revenue rising by 14% YoY while the 3 main Taiwan carri

Port Throughput

Container ports record strong volume gains in 1H 2024

Rising geopolitical tensions have not dampened container trade growth in 2024, with 10 of the world’s largest ports reporting combined gains of 7.4% in the first 6 months of the year. Chinese ports recorded particularly strong gains, led by Shanghai (up 7.5%), Ningbo (up 8.4%), Shenzhen (up 14.9%) and Qingdao (9.0%) with Hong Kong the only main port to record negative figures during the first half. Los Angeles/Long Beach rebounded with a 14.7% gain with June notably up by 16.8%. Singapore al

Markets

Liners Pushing For Mid August GRI to USWC

Carriers are pushing for a mid-August rate hike to the US West Coast in an attempt to reverse the recent rate slide on that route. The carriers’ resolve will be keenly tested as recent capacity additions on the Asia to US West Coast and Mexico routes have tilted the supply-demand balance on the previously tight market with capacity utilisation falling despite strong peak season cargo demand. The carriers’ ability to hold Asia-Europe rates last week gave the freight futures market a much needed b

Markets

Freight futures rebound

The October futures contracts rose sharply with the longer dated contracts trading limit up on 29 July to hit the maximum daily limit of 16%, ending its 3 week losing streak. Trading sentiment were boosted by the smaller than expected drop in the SCFI assessment for North Europe on 26 July with carriers largely able to hold the rates. Although the SCFIS Europe index that was published after market close on 29 July recorded its first WoW drop of 1.5% after 13 consecutive weekly gains, traders are

Services

SeaLead adds Red Sea Gulf (RSG) service

SeaLead has launched a new Red Sea Gulf (RSG) service connecting Jebel Ali, Djibouti, Jeddah, Jebel Ali from 15 July 2024. The RSG service will operate on an irreglar frequency and deploys 2 heavy lift general cargo ships of 1,011 teu, the DRAGONBALL and SAPODILLA that were operating previously in the tramp trades.

MarketPulse

Market Pulse 2024 Week 31

Register Free Trial [https://www.linerlytica.com/register/?utm_source=W202431] Carriers are pushing for a mid-August rate hike to the US West Coast in an attempt to reverse the recent rate slide on that route. The carriers’ resolve will be keenly tested as recent capacity additions on the Asia to US West Coast and Mexico routes have tilted the supply-demand balance on the previously tight market with capacity utilisation falling despite strong peak season cargo demand. The carriers’ ability to

Services

CStar Line add Middle East Red Sea Service 1 (MER1)

CStar Line has launched a new Middle East Red Sea Service 1 (MER1) connecting Jebel Ali, Djibouti, Jeddah, Djibouti, Jebel Ali from 27 July 2024. The MER1 turns in 17 to 21 days and will deploy 2 ships of  1,638 teu (CSTAR FEVRONIYA and CSTAR PETER) on an irregular rolling schedule with a frequency of around 10 to 11 days.

Services

COSCO relaunch Piraeus Rijeka Express (PRS)

COSCO has relaunched the Piraeus Rijeka Express service (PRS) calling at Piraeus, Rijeka, Durres, Piraeus with the 1,924 teu DELPHIS GDANSK from 27 July 2024. The service will turn in around 10 days on an irregular rolling schedule due to the current congestion at Piraeus. COSCO first launched the PRS in July 2019 as a direct Piraeus-Rijeka feeder but the service was discontinued in 2020.

Services

MSC relaunch Liberty service from Asia to USEC

MSC will relaunch the Asia-US East Coast Liberty service from 8 August 2024 with a revised rotation calling at Shanghai, Busan, Miami, Savannah, Charleston, Philadelphia, New York, Singapore, Shanghai. The new Liberty service will turn in 12 weeks and will deploy up to 12 ships of 4,000 to 5,000 teu. The first sailing is scheduled at Singapore on 8 August 2024 with the 4,432 teu MSC HOUSTON V. Port rotation of the new MSC Liberty serviceThe Liberty is the first Asia-USEC service to be launche

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