Sidra Line has added a new East Med Red Sea (EMR) service calling at Mersin, Iskenderun, Jeddah, Port Sudan, Beirut, Lattakia, Mersin from 9 December 2024 with the 158 teu general cargo ship INFORMED. The service turns in 23 days on an irregular rolling schedule.
SITC has launched a new Beibu Gulf-Vietnam Express (BVX) service connecting Haiphong, Qinzhou, Haiphong from 16 December 2024. The service turns in 3-4 days using the 588 teu VIMC PIONEER.
X-Press Feeders has introduced a new Benelux Scandinavia Baltic X-Press (BSB) through a partnership with ONE's upgraded Scandinavia Baltic Express (SBX) service calling at Antwerp, Rotterdam, Frederica, Gdynia, Rauma, Gavle, Gdynia, Antwerp. X-Press Feeders' participation started from 5 November 2024 with the 1,036 teu X-PRESS AGILITY which joins ONE's 1,436 teu ESSENCE on the service.
Medkon has launched a new Beirut Express Service (BEX) connecting Damietta, Beirut, Mersin/Iskenderun, Damietta. The service is operated with the 381 teu T-MOON since October 2024 and will be replaced in January 2025 with the 353 teu MEDKON KRM.
The EC contracts rose today in anticipation of a strike at the US East Coast ports, following Trump's announcement that he would side with the labor union. However, the government's support for labor may mean that liners will have to make concessions, making a strike even less likely. The recent increase in average vessel utilization for FE-WCNA and the decrease for FE-ECNA suggest that cargo owners may have already begun shifting their east coast-bound shipments to vessels heading to the west c
Selling pressure on EC contracts continued today, with longer-dated contracts underperforming. This indicates that the primary driver at this point is the incremental changes in the Middle East as it moves toward a ceasefire deal. EC traders remain hopeful for one more round of freight rate increases in the FE-N.EUR before the CNY holidays. The utilization moving average ticked up slightly due to a couple of fully loaded vessels (APL CHANGI and ESTELLE MAERSK) that departed the Straits of Sing
EC contracts continued to decline throughout the day due to the possibility of a ceasefire following the fall of the Assad regime in Syria. Near-term contracts continue to outperform, fueled by hopes of another round of freight rate increases in December. Average utilization remained largely unchanged overnight. Evergreen and HMM raised their quotes by a few hundred dollars for shipments departing in the second half of December.
OOCL and Yang Ming will jointly launch a new China-Laem Chabang (CHL2)/China-Thailand Express (CTE) service connecting Shanghai, Ningbo, Xiamen, Nansha, Laem Chabang, Shekou, Shanghai from 10 January 2025. The CHL2/CTE will turn in 3 weeks and will deploy 3 ships of 2,700 teu with OOCL's 2,782 teu DEAR PANEL and SYMEON P, both chartered from Euroseas who will join the service at Shanghai on 10 January and 24 January respectively upon delivery from the Hyundai Mipo shipyard while Yang Ming will
Taiwanese carriers reported lower revenues in November with a 11% month-over-month decline. Wan Hai registered a relatively smaller sequential drop of -3% which was in line with the CCFI’s fall while Yang Ming fell by 8% and EMC dropped by 13%. SEAFI cover Freight Rates for Shanghai to ASEAN Based Ports. Source: SSE
EC futures dropped across the board over the past week, with the earlier exuberance over the December rate hikes cooling off as spot market rates settle into a tighter range which will likely hold for the rest of the month before carriers attempt another round of rate hikes on 1 January. The SCFIS rose by 7.2% in the latest 9 December release to reach 3,033 points, but EC2412 still trades at a 12% premium at 3,398 with possible downside pressure as the mid-December rate increases appear to have