Modul, a transport and freight forwarding company based in St Petersburg, Russia has launched its first shipping service connecting St Petersburg with Nhava Sheva using a chartered general cargo ship of 1,158 teu (ATLANTIC RUNNER II) that departed from the Petrolesport Terminal in St Petersburg on 17 June 2022. Modul said that it carried 1,094 teu of Russian exports that included pulp and paper, chemicals, fertilizers, construction materials and spare parts. The geared 1,158 teu ATLANTIC RUNNER
Zim/Gold Star Line will launch a new China Haiphong Express (CHX) service connecting Shanghai, Ningbo, Haiphong, Xiamen, Shanghai using 2 ships of 1,000 teu on a 14 day rotation. The CHX will start from 7 July 2022 with the 966 teu CONTSHIP PEP, followed a week later by the 1,049 teu ASIATIC PRIDE.
Swire Shipping has completed the acquisition of US-based Westwood Shipping Lines on 29 June 2022 after securing regulatory approvals and other closing conditions. The deal agreement was first announced on 28 April 2022 for Swire's affiliate SSPL US Inc to acquire Westwood from from J-WeSco, a subsidiary of The Sumitomo Warehouse Co. for $100m plus an additional payment of up to $45m subject to the finalisation of Westwood's financial results for fiscal year 2022. Swire will also acquire 4 mult
Charter rates are still holding up well due to the lack of open tonnage driven in no small part by MSC’s raid on the resale market.
US port congestion is rising again with worsening delays at US East Coast ports. The vessel queues at East Coast ports has grown to over 630,000 teu.
Global port volumes remain robust in May despite early signs that volume growth has started to slow as rising inventory levels in the US and Europe and slowing consumer spending has resulted in a reduction in new orders from Asia.
MSC is pulling further ahead from Maersk. CMA CGM and Evergreen also gaining market share.
Freight rates remain under pressure with peak season volumes yet to materialise. Rates are expected to remain soft until the end of July when carriers will try to push for a new round of rate increases.
Register Free Trial [https://www.linerlytica.com/register/?utm_source=W202225] Freight rates remain under pressure with peak season volumes yet to materialise, while easing congestion in China and the US West Coast has also released more capacity to the market. Rates are expected to remain soft until the end of July when carriers will try to push for a new round of rate increases. Congestion is rising in the US East Coast and North Europe but it has not had a material impact on overall capacit
X-Press Feeder launches WSX 2, the second West Coast South America service connecting Balboa, Guayaquil, Balboa. The new service will start on July 3 with 868 teu ship X-PRESS SHANNON.