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Markets

Both price and trading volume dropped in CoFIF

CoFIF closed last week (15 Sep) down 1-3% in price and down 47% in trading volume. Daily turnover dropped below $1bn for the first time since CoFIF launch on 18 Aug. Open interests, the balance of CoFIF that traders hold overnight, was up 9% WoW. The influx of liquidity on 5 Sep turned out to be due to one trader’s irregular position building that has been stopped by the exchange as per a notice published in INE’s Chinese website after market close on 5 Sep. To raise barrier for irregular tradi

Services

GSL Kolkata-Chittagong (GKC) service changed to Port Klang-Koltata feeder

Zim and Gold Star Line (GSL) have changed the GSL Kolkata-Chittagong Express Shuttle (GKC) service to a Port Klang-Kolkata shuttle service but has retained the GKC service name. The new GKC is jointly operated with RCL which brands the service as the RCL Malaysia-Kolkata Service (RCH8). The GKC/RCH8 service will call Port Klang (Westports), Kolkata, Port Klang and turns in 2-3 weeks with up to 3 ships of 1,000-1,200 teu deployed, with the new deployment started in September 2023.

Service cancellations

Zim withdraws Med-ISC (ZMI) service

Zim has withdrawn its Zim Med ISC (ZMI) service from September 2023, with the last sailing departing from Haifa on 2 September 2023. The ZMI service called at Haifa, Aliaga, Valencia, Felixstowe, Rotterdam, Hamburg, Antwerp, Le Havre, Ashdod, Limassol,Haifa,Colombo,Nhava Sheva, Mundra, Haifa turning in 5 weeks with 5 ships of 3,500-6,800 teu operated independently by Zim. Zim will replace the ZMI with slots on 3 MSC services covering 3 separate corridors that were previously served by the ZMI:

Services

ONE, ESL and Sinokor take slots on X-Press Feeders' new Far East-ISC service

Several carriers have announced their participation in the new X-Press Feeders North China-India West Coast X-Press (NWX) service that is operated jointly with Maersk, which brands it as the FI3 (Far East-India 3) that will start from October 2023. ONE, ESL and Sinokor have all announced their participation in the service, branding it respectively by ONE as Northeast Asia to Pakistan and India (NPI), ESL as Far East West India (FWI) and Sinokor as the North China-India West Coast Express (NWX).

Markets

Downward Pressure Continue in Charter Market

The erosion in charter rates continue, with further drops expected as the market slips into the traditional cargo slack season in October. Capacity utilisation on all key routes are trending lower and this could kill carriers appetite for further tonnage. SeaLead has chartered its largest ship taking over the 10,114 teu EXPRESS BERLIN from Danaos. COSCO has also received last week the first 7,092 teu newbuilding that it has chartered for 3 years from X-Press Feeders. Russian operators continue

Markets

Freight Rate Watch: Sep GRI gain evaporated

The 1 September rate gains on the transpacific have all but evaporated, with rates to the US East Coast falling sharply with the SCFI assessment registered a 8.4% drop last week. Capacity utilization has dropped on the East Coast with average capacity deployed in September reaching a record high of almost 250,000 teu per week or 12.5% higher compared to August. In contrast, average capacity to the West Coast is  7.4% lower in September, which has only partially stemmed the rate fall. Rates to

Port Congestion

Haikui Lifted Port Congestion In North Asia

The severe weather in North Asia and US East Coast pushed up port congestion numbers last week. Conditions across all of North Asia were affected the onslaught of typhoons Haikui in South China and Khanun in Central and Northern China with waiting times of up to 3 days due to the disruptions to port operations in Hong Kong, Shenzhen, Kaohsiung, Ningbo and Busan. However, the congestion has already started to clear in North Asia by the end of last week with terminals and gate operations all rep

Companies

Maersk isolation intensifies as MSC and Zim deepens cooperation

MSC and Zim have announced on 6 September 2023 a new operational cooperation agreement covering the trades between the Indian subcontinent with the East Mediterranean, the East Mediterranean with Northern Europe, and services connecting East Asia with Oceania. The cooperation is expected to be expanded when the current 2M-Zim collaboration is dissolved from January 2025, with MSC poised to further extend its current slot sale agreement with Zim on the Asia-PNW route to cover the Asia-US East Coa

Services

Safeen introduces UAE Pakistan Gulf (UPG) service

Safeen Feeders has launched a new UAE Pakistan Gulf (UPG) service that connect Abu Dhabi, Dammam, Bahrain, Karachi, Sharjah, Abu Dhabi from 10 September 2023. The service turns in 14 days and deploys the 2,542 teu SAFEEN PRIME and SAFEEN PRIZE.

MarketPulse

Market Pulse – 2023 Week 37

Register Free Trial [https://www.linerlytica.com/register/?utm_source=W202337] Container freight rates are dropping at a faster rate than expected with the SCFI slipping below 1,000 again, giving up all of the gains made in the last 7 weeks. Weak peak season volumes coupled with oversupply across the main markets have weighed down heavily on rates with little chance of a reversal until November at the earliest. Carriers inability to curtail supply remains the biggest challenge, as capacity util

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