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Services

Hapag-Lloyd & Norsul launch joint venture Norcoast cabotage service in Brazil

The new Norcoast cabotage service in Brazil was launched on 6 February 2024 at Santos. The Norcoast service will connect Santos, Paranagua, Suape, Pecem, Manaus, Pecem, Suape, Santos using a total of 4 ships starting with the NC BRISA on 6 February, NC BRUMA on 13 February, NC BREDA from 20 February and the NC BRAVO from 27 February. The 4 ships were all former NileDutch ships of 3,508 teu built in 2014/2015 that were taken over by Hapag-Lloyd in 2021. These ships have been reflagged to the Braz

Companies

King Ocean Services acquire Seacor Island Lines

King Ocean Services have completed the acquisition of Seacor Island Lines on 1 February 2024. Seacor Island Lines was established as G&G Shipping in 1990 by the partners Mike Grandonico and Steve Ganoe. G&G launched a regular shipping service from Fort Lauderdale to the Bahamas in 1992 and grew it to provide freight services from South Florida to all ports in the Bahamas and the Turks & Caicos using landing crafts that could handle roro and container cargo.  The company was acquired by SEACOR

MarketPulse

Market Pulse 2024 Week 06

Register Free Trial [https://www.linerlytica.com/register/?utm_source=W202406] Freight rates remain firm as the market entered the last week before the Lunar New Year holidays, led by transpacific rate hikes on 1 February that pushed rates to the US West Coast 267% higher than the same period last year. The Red Sea diversions have absorbed all of the excess capacity in the market, with the supply of vessel space and box equipment expected to remain tight in the next 2 months. Although the marke

Services

Unifeeder adds Latin America feeder offering to connect Panama with Colombia

Unifeeder has launched a second Latin America feeder service connecting Panama and Colombia with the 1,118 teu NOAH assigned to the new service from 3 February 2024. The Panama-Colombia feeder will call at Manzanillo, Turbo, Cartagena, Barranquilla, Santa Marta, Cartagena, Manzanillo on a weekly basis. The new service will complement the Hispaniola-Puerto Rico service that was launched in March 2023. The service connects Caucedo, Port au Prince, San Juan, Caucedo with the 1,100 teu CONTSHIP DON

Services

Milaha adds Upper Gulf Express (UGX) service

Milaha has launched a new Upper Gulf Express (UGX) service connecting Sohar, Jebel Ali, Hamad, Dammam, Shuwaikh, Umm Qasr, Sohar from 20 January 2024. The service turns in 2 weeks and deploys the 1,015 OSHAIRIJ and AL RUMEILA.

Services

Tailwind revamp Panda Express (PAX) and launch Dolphin Express (DEX/DEX2) feeder services

Tailwind Shipping has launched 2 new feeder services dubbed as the Dolphin Express (DEX) and Dolphin Express 2 (DEX2) from the end of January 2024. DEX will call at Barcelona, Antwerp, Barcelona with the 804 teu SOLONG from 27 December 2024 and DEX2 will call at Barcelona, Moerdijk, Barcelona with the 1,118 teu WILHELMINE from 26 January 2024 together with the 917 teu FAITH (to be replaced by the 1,267 teu CONTSHIP JET on 11 February 2024). The 2 feeders will provide connections at Barcelona

Companies

Evergreen Group consolidation continues with EMC acquisition of Italia Marittima

Evergreen Marine Corp. (EMC), the Taiwan listed arm of the Evergreen Group, has acquired 100% of the shres of Italia Marittima on 31 January 2024 for €405 million. Italia Marittima's assets include 5 containerships with a total capacity of 22,728 teu comprising of 3 Evergreen U-class ships of 5,652 teu built in 2000-2001 (ITAL USODIMARE, ITAL UNICA, ITAL UNIVERSO) and 2 Evergreen B-type ships of 2,886 teu built in 2018 (ITAL BONNY and ITAL BONUS). The move marks the final move in the consolida

Services

Maersk launch new TPX service

Maersk has revised the rotation of the Transpacific Express (TPX) from January 2024 with the New TPX (NTPX) service calling at Qingdao, Shanghai, Busan, Seattle, Yokohama, Qingdao. The NTPX will turn in 6 weeks and will deploy 6 ships of 1,700-5,000 teu with the first sailing by the 1,774 teu OSLO TRADER departing from Qingdao on 11 January 2024. It replaces the former TPX service that called at Haiphong, Yantian, Ningbo, Shanghai, Seattle, Long Beach, Yokohama, Xiamen, Haiphong.

Markets

Spot Rates: TP rose AE fell

Transpacific freight rates defied market expectations with further rate hikes coming at the end of January after COSCO and MSC pushed ahead with their FAK rate increases from 1 February with the other carriers finally deciding to follow suit. Although some carriers have started to offer rate discounts on selected sailings in February, the increased FAK rates have raised overall market levels which will hold at least until the first week of February before a larger correction sets in after the C

Markets

CoFIF turnover dropped below Open Interests

Prices, turnover, and open interests across all forward Asia-North Europe CoFIF contracts fell last week, with the market still in steep backwardation as both spot and near-term contracts are priced higher than the longer dated contracts. The speculative activities have cooled in the CoFIF market as average turnover dropped by 38% WoW to reach a level lower than the open interests for the first time since CoFIF was launched in August 2023. In comparison, the futures’ turnovers in CME are usually

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