All News

Companies

CMA CGM EBIT turns negative in 4Q

CMA CGM reported 4Q 2023 EBITDA earnings of $630m for its container shipping business, out-performing Maersk for the second straight quarter. Maersk had reported EBITDA of $196m and EBIT losses of -$920m in the quarter . CMA CGM’s EBIT losses is estimated at between -$670m to -$770m, based on depreciation and amortisation expenses of $1.3 Bn to 1.4 Bn in the 4th quarter, with the company no longer reporting its EBIT figures since 4Q 2023. The 4Q EBIT losses dwarfs CMA CGM’s previous quarterly p

Companies

Matson Volume Down While Average Freight Rates Up in 4Q

Matson reported full year results on 20 Feb, with further details to the headline earnings already provided in Jan. Matson was able to buck the trend of negative operating profits reported by its larger rivals, with liner operating earnings of $66m in the 4th quarter of 2023, while group level net profits reached $62m. Matson’s container liftings dropped 5% YoY in the 4th quarter, and although overall utilisation levels continued to drop in 1Q 2024, it has outperformed last year’s trend, in lin

Markets

Rise in Charter Rates Accelerates

Containership charter rates continued their rise with the Red Sea crisis still pushing up demand. Rates for larger ship are edging up at a faster pace with demand remaining high while supply is limited. Rates are 15-30% in the larger segments above 4,000 teu are 15-30% higher compared to a year ago, with charter periods lengthening to up to 3 years. Carriers are taking advantage of increased demand and high freight rates to the Red Sea region (including Aden, Jeddah and Djibouti) to add new ser

Markets

Spot Rates Keep Most Recent Gains

The Red Sea crisis continues to drive the container market as the number of ships diverted to the Cape route hit a fresh high with no signs of abating. This will continue to create a capacity shortage across all routes, with the Cape diversions and incremental capacity needed to connect to Red Sea and Med ports already soaking up more than 7% of the global containership fleet. Freight rates retained most of the January gains, with the SCFI shedding only 5.8% of its pre-Chinese New Year peak whil

Markets

SCFI rate drop triggers further CoFIF weakness

Asia-North Europe forward rate contracts on Shanghai’s CoFIF has traded at a discount of over 50% to the spot rate for over a month and last week’s SCFI drop triggered a further 4% decline in the CoFIF rates on 26 February. The drop has been widely anticipated after CoFIF’s April contracts edged up 4% on 19 February, the first trading day after the Chinese New Year holidays but quickly qave up the gains the next day before flat-lining for rest of the week on relatively low turnover with traders

Markets

Number of containerships on Cape route hit record high

The number of containerships diverted from the Suez to the Cape route has rebounded to a record high of 403 units for 5.14m TEU as at 25 February 2024. The recent surge was partly due to CMA CGM’s decision to reroute from the Red Sea since 1 February 2024 even though the French carrier has backtracked since then with the 16,022 teu CMA CGM JULES VERNE making an eastbound Red Sea passage last week, with a second ship (the 14,414 teu CMA CGM T. ROOSEVELT) scheduled to follow later this week despit

MarketPulse

Market Pulse 2024 Week 09

Register Free Trial [https://www.linerlytica.com/register/?utm_source=W202409] The Red Sea crisis continues to drive the container market as the number of ships diverted to the Cape route hit a fresh high with no signs of abating. This will continue to create a capacity shortage across all routes, with the Cape diversions and incremental capacity needed to connect to Red Sea and Med ports already soaking up more than 7% of the global containership fleet. Freight rates retained most of the Janua

Services

CUL & IAL to launch new South China-Vietnam-Thailand service

China United Lines (CUL) and Interasia Lines (IAL) will launch a new South China –Vietnam–Thailand service, marketed respectively as the SCT2  and SVT from 14 March 2024. The SCT2/SVT will call at Bangkok, Laem Chabang, Nansha, Chiwan, Ho Chi Minh City (Cat Lai), Bangkok. The service will turn in 2 weeks and deploy the 1,756 teu INTERASIA VISION and a second vessel to be operated by CUL.

Services

Unimed launch Egypt-Greece feeder service

Unimed, Unifeeder's Mediterranean feeder arm, has launched a new Egypt-Greece feeder service connecting Port Said, Piraeus, Port Said from 18 February 2024 using the 1,134 teu PAN GG for the first 2 sailings before it is replaced by the 1,129 teu EGY CROWN. The service will turn on a weekly basis and will call at the SCCT terminal at Port Said and PCT in Piraeus.

Services

Arkas/EMES launch Spain Algeria Service (SAS)

EMES Feedering, the feeder operating arm of Arkas, has launched a new Spain Algeria Service (SAS) connecting Valencia, Algiers, Oran, Valencia from 15 February 2024 using the 698 teu ORION. The SAS service will turn in 10-14 days, with the call at Oran is omitted in the first 2 sailings. The Oran calls are scheduled to start from 13 March 2024.

© 2023 Linerlytica (ver. 1.0.17). All rights reserved.
Liner Analytics Pte. Ltd.