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Services

UAFL adds Zanzibar Mutsamudu Feeder service

United Africa Feeder Line (UAFL) has launched a new Zanzibar Feeder service that connects Zanzibar with Mutsamudu in the Comoros. The 618 teu UAFL ATHENS has been deployed on the new service from 19 September 2023, which will connect at Mutsamudu to UAFL's MEX (Middle East Express) service for relay connections to Nhava Sheva, Karachi and Jebel Ali.

Companies

Cash Hoarding Another Drag On Financial Return

Liners have as much cash as the value of the vessels on their balance sheet, after the last 3 years of  excess super normal earnings. As at the end of 2Q 2023, the 8 major liners that published their balance sheet data have $93bn cash against $106bn PP&E and RoU (Right-of-Use) assets owned and leased, which consists mainly of ships and containers. Cosco, Evergreen, HMM and Yang Ming has higher cash holdings than their PP&E and RoU asset values.

Services

Maldives State Shipping adds Maldives transshipment service

Maldives State Shipping (MSS) will introduce a new MSS Transshipment Service that will connect the main port of  Male in the Maldives with ports in the southern part of the Maldives archipelago at Hithadoo and Kooddoo. The service will start from 27 October 2023 from Male with the MSS OPAL, a newly acquired geared 105 teu ship (ex CHOWGULE 7) that was acquired from Indian owners on 10 August 2023. The service will provide sailings every 10 days and connects at Male to MSS services that calls at

Services

THE Alliance suspends PN3 service

THE Alliance carriers (Hapag-Lloyd, HMM, ONE and Yang Ming) have announced the suspension of the PN3 transpacific service that connects Hong Kong, Yantian, Shanghai, Busan, Vancouver, Tacoma, Busan, Kaohsiung, Hong Kong from October 2023. The PN3 service deploys 7 ships of 8,500 to 11,700 teu with an average weekly capacity of 10,600 teu. The withdrawal will remove 3% of the current Far East-US West Coast capacity, with the last PN3 sailing departing from Hong Kong on 24 September 2023. THE Al

Markets

Asia-US East coast rates tumble on excess capacity

The Panama Canal transit restrictions have not stopped carriers from adding 20% of incremental capacity on the FE-USEC route since the end of August, with the average capacity deployed over the last 5 weeks reaching 246,000 teu, compared to 204,000 teu in the preceding 5 weeks. Capacity utilisation has slipped to 85% in the meantime, while the SCFI freight rates tumbled from over $3,100/feu to 2,550/feu with rates as low as $2,100 currently on offer. Although carriers have cancelled 40% of the

Port Congestion

Vessels Waiting to Berth Dip Below 5% of Total Fleet

Global port congestion has dipped below 5% of the total fleet at the end of last week and is expected to continue to fall over the next 8 weeks, with container vessel traffic at China to slow down for the Chinese Golden Week holidays that will start on 1 October 2023. The fall in congestion in China in October would carry over to the US and Europe with vessel arrivals to be reduced over the coming 2 months. The total containership capacity currently anchored and waiting for berthing at the mai

Markets

Freight Rate Watch: Sharp Fall In Spot Rates Across Main Routes

Transpacific freight rates are eroding rapidly, with carriers slashing rates on both the West Coast and East Coast by as much as $500 below the current SCFI assessments. There is little hope of a rate rebound over the October holidays in China despite the increase in the number of blank sailings that will mostly hit Asia last port departures on week 41, with up to 40% of the weekly capacity removed. The lack of permanent capacity cuts will continue to put pressure on transpacific rates. Rates

MarketPulse

Market Pulse – 2023 Week 38

Register Free Trial [https://www.linerlytica.com/register/?utm_source=W202338] Container market sentiment continues to deteriorate, with freight rates still slipping with little prospects for a rate rebound in October despite carriers’ efforts to contain capacity availability through blanked sailings. The planned capacity cuts over the Golden Week holidays in October are still smaller than the capacity removed during the Lunar New Year holidays in February this year, and are insufficient to ste

Companies

Taiwanese Liner August revenue up 4% MoM

Taiwanese liners’ August revenue in NTD moved up 6% MoM, but revenue in USD moved up less at 4% MoM. In either currency, the rebound is better than CCFI on likely sequential volume growth. Since hitting the bottom in February, these liners’ monthly revenue has rebounded between 3%-27% with EMC leading due to its ongoing consolidation of the unlisted ship owning entities highlighted by the acquisition of the privately owned Evergreen Marine (Singapore) (EMS) for $780m on 19 June 2023, in a landm

Services

Korea China Indonesia (KCI) service launched

ONE, Namsung, TS Lines and SITC are joining hands to launch a new Korea China Indonesia (KCI) service calling at Busan, Qingdao, Shanghai, Ningbo, Jakarta, Surabaya, Shekou, Xiamen, Busan from 10 October 2023. The KCI service will turn in 28 days using 4 ships of 2,400-3,000 teu. Each of the 4 partners will provide 1 ship each on the service, starting with the 2,954 teu TS MUNDRA at Busan on 10 October, to be followed by the 2,433 teu SITC MINGCHENG, 2,741 teu LORRAINE and 2,556 teu STARSHIP N

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