Maersk’s statement over the weekend that it is planning to resume Red Sea transits sent both liner equities and forward CoFIF contracts into retreat on 25 December after a banner week for both markets last week. CoFIF futures for April surged by 55% last week while daily turnover averaged nearly $4.9bn and Open Interests reached $2bn. The latest SCFIS assessment on 25 December on the Asia-North Europe route surged by 21.7% following its 5.4% rise the week before. The SCFIS, which is the underl
The number of containerships diverted from the Suez to the Cape Route has surged to 125 units compared to 44 a week ago, including 16 ships that turned back in the Red Sea to the Med after making their southbound Suez passage. The record number of diversions far exceeds the number of ships that were diverted during the EVER GIVEN incident on the Suez Canal in March 2021 when less than 20 ships were diverted. While the previous Suez blockage in 2021 lasted barely 7 days, the impact of the current
Register Free Trial [https://www.linerlytica.com/register/?utm_source=W202352] The SCFI surged by 14.8% on the back of the Red Sea turmoil to hit a 13 month high, with a looming capacity crisis set to erupt over the coming weeks as ships that were supposed to return to Asia from Europe and the US East Coast via the Suez are delayed by 2 to 3 weeks. This will coincide with the high cargo demand expected in the run up to Chinese New Year, with freight rates expected to remain elevated through mid
Kalypso Compagnia di Navigazione's (KCN) Marco Polo service connecting China-Bangladesh-Med that has been disrupted by the Hamas-Israel conflict has finally made its first cargo discharge in the Med since 17 October 2023. The 2,518 teu ZHONG GU XIONG AN berthed at Taranto on 13 December 2023 and completed its cargo discharge on 23 December. The ship was one of 4 ships operated by Kalypso on the Marco Polo service that called at Qingdao, Taicang, Ningbo, Dachan Bay, Chittagong, Ashdod, La Spezi
Maersk has launched a new Tunis Cagliari feeder service using roro ships connecting Cagliari, Tunis (Rades), Cagliari. The service was launched on 11 November 2023 with the 11,630 dwt roro cargo ship WEDELLSBORG that was previously operated by Italian carrier Grupo Grendi on the domestic Cagliari-Carrara Marine Cagliari line service. The WEDELLSBORG is able to carry up to 773 teu of containers. The new feeder service calls at the Tunis-Rades Terminal and the Grendi Trasporti Marittimi Terminal
CMA CGM will launch a new North America-Morocco Express (NAMEX) service connecting Tanger Med, Halifax, New York, Philadelphia, Norfolk, Charleston, Savannah, Tanger Med from 9 January 2024. The seasonal service is aimed at the exports of fruit and vegetables from Morocco to North America. It will be operated as part of CMA CGM's Columbus JAX (CJX) service with the addition of new calls at Tanger Med as well as Philadephia. The revised CJX service will call at Nansha, Yantian, Cai Mep, Singapo
Hapag-Lloyd has added a new Thailand Singapore Express (TSX) service from 13 November 2023 calling at Laem Chabang, Singapore, Laem Chabang with the 2,783 teu ATHENA. The service will feeder connections Hapag-Lloyd to replace the Asia-Europe FE5 service calling Laem Chabang, Cai Mep, Singapore, Colombo, Rotterdam, Hamburg, Antwerp, London Gateway, Jeddah, Singapore, Laem Chabang that was withdrawn with the last westbound sailing at Laem Chabang on 7 November 2023 by the 14,078 YM WREATH.
Transpacific freight rates rose across the board on continued market disruptions that have boosted carriers’ rate hike efforts. Delays at the Panama canal are starting to affect OCEAN Alliance ships as well, with THE Alliance ships already forced to divert to the Suez and Cape routes. This has reduced the capacity available for the USEC, with the situation only expected to ease from mid-January. MSC has redeployed 19,000 teu ships to its FE-USWC service, with capacity to the West Coast current
CoFIF traders took profit last week with near-term contracts gaining favour over the longer dated contracts despite of the 25% jump in the SCFIS index last week. The mood turned bullish again following the Red Sea disruptions over the weekend, which sent all CoFIF contracts to their daily limit up on 18 Dec, forcing a trading halt for the first time since CoFIF was launched in August. Rates are expected to strengthen in the coming week until the Red Sea situation is resolved.
Register Free Trial [https://www.linerlytica.com/register/?utm_source=W202351] Several carriers have paused Red Sea transits over the last 4 days but diversions to the Cape route are limited to Israel-linked ships at the moment. Barring a naval convoy solution, carriers could be forced to divert all ships to the Cape route which would raise teu-mile demand by at least 2.5m teu or 9% of the global fleet that would result in an immediate capacity shortage. Spot freight rates have started to rise