The withdrawal of Israeli owned and operated ships from the Red Sea routes have started, with 42 Israeli-linked ships rerouted away from the Suez over the past 3 weeks. 20 of these ships on the Asia-Med and North Europe routes have been diverted to the longer route via the Cape of Good Hope while another 22 ships have been redeployed to other trades that avoids the Red Sea. Of note, 5 Zodiac Maritime-owned ships of 19,460 teu operated MSC have been redeployed from FE-Europe to the FE-USWC Jaguar
Zim has announced higher rates for its Asia-Med Zim Med Premium (ZMP) service that has been rerouted to the Cape route from its regular Suez routing from December 2023 in order to avoid the Houthi attacks on ships using the Red Sea passage. The lengthened ZMP routing will raise the total roundtrip time to 15 weeks compared to 10 weeks previously. The service will retain it current calls at Busan, Qingdao, Ningbo, Shanghai, Dachan Bay, Port Klang, Haifa, Ashdod, Mersin, Yarimca, Ambarli, Port Kl
MSC has upgraded its FE-US West Coast Jaguar service to the 19,000 teu scale with ships that have been redeployed from the Asia-Europe routes due to their Israeli links. The Jaguar service calls at Nansha, Yantian, Ningbo, Shanghai, Long Beach, Busan, Nansha and used ships of 13,000 to 19,000 teu previously. Since the Hamas-Israel conflict started in October and attacks on vessel traffic on the Red Sea has escalated in recent weeks, MSC has shifted 6 ships of 16,500-19,500 teu owned by Zodiac
The Panama Canal disruptions failed to stop rates to the US East Coast from slipping last week, with THE Alliance carriers the main casualties from the reduced transit slots. 2M and OCEAN Alliance services are not affected as yet with only minimal delays on their Panama services. East Coast capacity remains sufficient to meet market demand despite draft restrictions that has limited full container intake for the Panama passage. Rates to the West Coast rose slightly last week but uneven utiliza
Congestion at Panama has started to ease after THE Alliance cancelled all of their southbound Panama transits on their all-water services EC1, EC2 and EC6 as of last week, with omissions also planned on all of the northbound transits starting from next week onwards. At least 5 of these ships on the backhaul route will be returning via the Cape of Good Hope and avoiding the Suez Canal as well. However, all of the headhaul sailings on the 3 affected all-water strings will still take the Suez Route
The average age of the containership fleet currently stands at 13.8 years, although it drops to 11.1 years if calculated on a teu-weighted basis due to younger age of the larger ships. Amongst the Top 15 carriers, MSC has the oldest fleet with an average age of 16.8 years while Maersk has the oldest fleet on teu-weighted terms at 12.8 years. Despite the aging fleet, carriers have been slow in scrapping their older tonnage, with just 163,000 teu scrapped year to date compared to new deliveries
Register Free Trial [https://www.linerlytica.com/register/?utm_source=W202350] The SCFI climbed for the second successive week led by strong rate gains on the Asia-Europe route that are likely to hold through December on stronger capacity utilisation backed by the traditional year end cargo demand. Transpacific rates are on weaker ground with the disruptions on the Panama Canal failing to keep rates steady to the East Coast. THE Alliance carriers are paying a heavy price after failing to secure
For a day last Tuesday CoFIF traders were disappointed about the SCFIS print issued after Monday (5 Dec) close. CoFIF went nearly limit down at the open while bottom fishers helped reduced the daily losses to 2-3% for the day. But starting from Wednesday, news of $3000/ 40’ GRI, several times of the going spot rates, announced by CMA CGM and MSC brought back the animal spirit among the CoFIF traders. By week close the CoFIF contracts were testing their track record high in September. For second
ONE and Hai An will launch a new jointly operated Vietnam Singapore Express (VSX) service from 4 January 2024 calling at Haiphong, Cai Mep, Singapore, Ho Chi Minh City, Haiphong. The weekly service will turn in 2 weeks using the 1,577 teu HAIAN VIEW and 1,708 teu HAIAN ROSE, with each partner to operate one ship each with ONE to charter the HAIAN VIEW from Hai An for the service.
The turmoil at both ends of the Suez and Panama passage have forced containerships to divert from their regular routes, as ships linked to Israeli interests are avoiding the Red Sea passage through the Suez Canal even as some of the neo-panamax ships on the Far East-US East routes are shifting to the Suez route to avoid the congested Panama Canal. While these moves will help to absorb some of the surplus ships, the impact is limited at this stage as it affects less than 2% of the overall fleet.