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Taicang Container Lines launch Taicang India East (TIE) direct service

Taicang Container Lines (TCL) has launched a new Taicang-India East (TIE) direct service connecting Nanjing, Taicang, Xiamen, Port Klang, Chennai, Visakhapatnam, Port Klang, Nanjing from 1 December 2023. The service operates on a monthly frequency using the 1,938 teu JOSCO LUCKY.


TWN Liners Revenue Up 20% MoM in Jan

Monthly revenue for Taiwanese liners went up 20% or $278mn MoM in aggregate in January 2024 as the rally in freight rates started to show. To put the increase in revenue in context, these three liners together made $201mn EBIT during 3Q 2023. Their 4Q earnings are not out yet but their 4Q revenue were down about $202mn QoQ comparing to 3Q 2023. Meanwhile, CCFI composite index went up 36% MoM in January and 22% MTD 9 Feb. Further upside to the liners revenue likely to come in February. Liners' r


ONE joins Wan Hai on revised Asia America III/Asia Pacific 1 (AA3/AP1) transpacific service

ONE will add 2 ships to Wan Hai's existing Asia America III (AA3) service from April and brand the service as the Asia Pacific 1 (AP1). The revised AA3/AP1 service will call at Haiphong, Cai Mep, Shekou, Xiamen, Taipei, Ningbo, Shanghai, Los Angeles, Oakland, Shekou, Haiphong from 8 May 2024, turning in 7 weeks using 7 ships of 7,000-14,000 teu with 5 ships operated by Wan Hai and 2 ships by ONE. The service is currently operated independently by Wan Hai using 5 ships of 3,000-13,000 teu with


ONE results: Negative 4Q 2023 EBIT, Turnaround in 1Q 2024

On 31 January, ONE reported EBIT losses at -$248m for 4Q 2023, compared to EBIT $58m in 3Q 2023 and $2.7Bn in 4Q 2022. The deterioration was due mainly to the 54% drop in average unit revenue from $2,362 in 4Q 2022 to $1,081 in 4Q 2023. ONE expects a turnaround in 1Q 2024 with EBIT rebounding to $132m, comparable to the earnings in 2Q and 3Q 2023. The guidance appears conservative as CCFI averaged 1,246 YTD, which is 40% higher than the level during 2Q and 3Q 2023.


CoFIF rebounds ahead of Chinese New Year holidays

CoFIF prices moved up on each of the 4 trading days last week before the Chinese New Year holidays before the market closed for its extended holiday on 9 Feb to 18 Feb. Traders were reluctant to hold on to their positions during extended market closure given the steep backwardation in the CoFIF market with forward prices still trading at a discount of up to 60% lower than current SCFIS prices. The Asia-North Europe April contracts (EC2404) closed at 2,108 compared to the most recent SCFIS level


Charter Rates Continued To Firm

Charter rates have continued to firm, Linerlytica’s charter rate index has risen by 27% since the Red Sea diversions started in mid-December and current rates are 65% higher than the 2019 average. Despite of bearish earning guidance in its annual report, Maersk has been particularly active in the charter market over the last 4 weeks and have accounted for up to 1/3 of recent fixtures as charter rates continued to firm up with activity continuing to be high heading into the Chinese New Year. Cha

Port Congestion

Congestion Up Among Chinese Ports

Global port congestion picked up last week with rising waiting times observed in Chinese ports ahead of the Chinese New Year, with the longest delays seen at Ningbo where waiting times have stretched to 3 days, with shorter delays seen in Qingdao, Shanghai and some of the main Pearl River Delta ports. Delays at Australian ports remain high at up to 10 days at Brisbane, with slightly shorter delays also seen at Melbourne and Sydney. Congestion at North American ports is limited with LA/LB and N


TP Spot Market Eased But Still Firm

Transpacific rates eased after 10 consecutive weekly gains that saw spot rates surge by over 200%. Rates to the West Coast dropped below $5,000/feu but are still holding at healthy levels compared to the $1,200-1,300/feu rates that were prevalent in the same period last year. Rates to the East Coast also dropped below $6,500/feu bit is also well above the $2,400-2,600/feu rates from last year. Capacity to both West Coast and East Coast will remain tight in March, with only smaller carriers li


Market Pulse 2024 Week 07

Register Free Trial [] Despite Maersk’s best efforts at painting a pessimistic picture for the container shipping market, rates have retained most of their recent gains heading into the post Chinese New Year slack period. The SCFI and CCFI indices are 117% and 28% higher compared to the same period last year, which will help to reverse the carriers’ massive 4Q losses. Maersk’s underperformance compared to its liner peers has become more gl


Maersk underwhelms with dismal 4Q earnings and 2024 guidance

Maersk reported negative group level EBIT at $520m for 4Q 2023, its worst quarterly EBIT loss on record. Operating cash flow was $166m but if its results were still using the pre-IFRS 16 account standards (prior to 2019) when chartering expenses were accounted as a cash outflow, Maersk would have reported negative operating cash flow for the first time. 4Q 2023 Liner EBIT dropped to $920m, a $893m reversal compared to the previous quarter due mainly to the fall in container freight rates which

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