Global port congestion dropped slightly last week, with capacity at anchorages ending the week at 1.97m teu or 6.5% of the global fleet. The situation at Southeast Asian ports is gradually improving with waiting times at Singapore and Port Klang dropping to less than 2 days although there remains sporadic delays at these ports. Singapore has paid a heavy price for the recent congestion with its latest container throughput volumes in June dropping by 5.2% compared to May as carriers omitted calls
The Far East to the Indian Subcontinent, Latin America and US West Coast routes have seen a significant increase in new capacity injections in the last month, with capacity rising by 9.0%, 6.0% and 4.7% respectively with a slew new services and extra loaders added since June. These capacity additions will continue through August, keeping the charter market tight as carriers are still short of tonnage needed on these routes. However, the incremental capacity added has put a cap to recent freigh
Register Free Trial [https://www.linerlytica.com/register/?utm_source=W202429] The SCFI retreated last week by 1.6% after 14 consecutive weekly gains in a further sign that the market has peaked. While demand remains firm, supply has also risen with capacity injections most notably in the Indian subcontinent, Latin America and US West Coast routes where freight rates are the most lucrative currently. This has capped freight rate increases on those routes, but overall capacity utilisation remain
The SCFI retreated last week by 1.6% after 14 consecutive weekly gains in a further sign that the market has peaked. While demand remains firm, supply has also risen with capacity injections most notably in the Indian subcontinent, Latin America and US West Coast routes where freight rates are the most lucrative currently. This has capped freight rate increases on those routes, but overall capacity utilisation remains tight, with rates still rising on the Asia-North Europe route as schedule disr
Maersk’s high spot rate quotes helped to boost short term market sentiment, but skepticism over the sustainability of the current high rate levels heading into 2025 continues to prevail in the CoFiF futures market. The EC freight futures traders were spooked by reports of a Gaza ceasefire as the longer dated container freight futures for 1H 2025 contracts corrected by 20-30% WoW. Near term contracts for 2H 2024 remain firm, with EC2408 and EC2410 recording marginal gains backed by the 4.0% gai
OOCL reported its 2Q operational update on 15 July. OOIL 2Q 2024 total revenue recorded 14% YoY and QoQ gains compared to the Taiwanese’s 47% YoY and 20% QoQ growth. Relative to the Taiwanese liners, OOIL has much higher mix in short haul Intra-Asia, Oceania and Transatlantic trades, which have not seen the same quantum of freight rates hike compared to the long-haul trades during 2Q 2024.
Milaha has announced the launch of a new Milaha Gulf Express 2 (MGX 2) service connecting Shanghai, Ningbo. Shekou, Nhava Sheva, Mundra, Sohar, Hamad, Dammam, Shanghai from 2 August 2024. The MGX 2 will turn in 42 days using 3 ships of 3,000 teu with a fortnightly frequency.
CMA CGM has restarted the Great Lakes Express (GLX) that will serve as an extra loader service connecting China and South Korea (with irregular schedul calls at Yantian, Ningbo, Shanghai, Qingdao and Busan) to Seattle or Vancouver. 4 sailings are planned currently starting with the 6,732 teu CMA CGM SAN FRANCISCO at Shanghai on 19 July 2024 with a second trip from Ningbo on 24 August, the 2,478 teu CMA CGM ALEXANDRIA at Yantian on 23 July and the 2,954 teu AMALFI BAY at Yantian on 5 September.
MSC has launched a new Saola service calling at Shanghai, Ningbo, Haiphong, Ho Chi Minh City, Cai Mep, Shanghai from 4 July 2024. The Saola service will turn in 21 days amd deploys 3 ships - the 2,824 teu MSC CORDELIA III, 2,798 teu MSC VIGOUR III and 2,646 teu MSC ZAINA III. MSC Saola service rotationThe new service will partially replace the existing China-Southeast Asia leg of the Kaguya service which will be shortened to call at Busan, Kobe, Osaka, Hakata, Busan from 20 July 2024. The Kagu
ONE and HMM will launch a new Asia Latin America 4 Express (ALX4)/Far East-Latin America Express (FLX) service connecting Shanghai, Busan, Lazaro Cardenas, Shanghai from 16 August 2024 The ALX4 service will turn in 42 days and will deploy up to 6 ships of 4,000 to 7,000 teu starting with the 7,164 teu ONE REPUTATION. The launch of the ONE/HMM service marks the 7th service connecting China to Mexico launched since May 2024. It follows the launch of the WSA5/TLP5 by COSCO/OOCL, M2X by CMA CGM,