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Ports

THE re-routing eased Panama congestion, for now

Congestion at Panama has started to ease after THE Alliance cancelled all of their southbound Panama transits on their all-water services EC1, EC2 and EC6 as of last week, with omissions also planned on all of the northbound transits starting from next week onwards. At least 5 of these ships on the backhaul route will be returning via the Cape of Good Hope and avoiding the Suez Canal as well. However, all of the headhaul sailings on the 3 affected all-water strings will still take the Suez Route

Ships

Aging containership fleet has not driven an increase in vessel scrapping

The average age of the containership fleet currently stands at 13.8 years, although it drops to 11.1 years if calculated on a teu-weighted basis due to younger age of the larger ships. Amongst the Top 15 carriers, MSC has the oldest fleet with an average age of 16.8 years while Maersk has the oldest fleet on teu-weighted terms at 12.8 years. Despite the aging fleet, carriers have been slow in scrapping their older tonnage, with just 163,000 teu scrapped year to date compared to new deliveries

MarketPulse

Market Pulse 2023 Week 50

Register Free Trial [https://www.linerlytica.com/register/?utm_source=W202350] The SCFI climbed for the second successive week led by strong rate gains on the Asia-Europe route that are likely to hold through December on stronger capacity utilisation backed by the traditional year end cargo demand. Transpacific rates are on weaker ground with the disruptions on the Panama Canal failing to keep rates steady to the East Coast. THE Alliance carriers are paying a heavy price after failing to secure

Markets

CoFIF up for second week amid volatility

For a day last Tuesday CoFIF traders were disappointed about the SCFIS print issued after Monday (5 Dec) close. CoFIF went nearly limit down at the open while bottom fishers helped reduced the daily losses to 2-3% for the day. But starting from Wednesday, news of $3000/ 40’ GRI, several times of the going spot rates, announced by CMA CGM and MSC brought back the animal spirit among the CoFIF traders. By week close the CoFIF contracts were testing their track record high in September. For second

Services

ONE and Hai An to launch Vietnam Singapore feeder service

ONE and Hai An will launch a new jointly operated Vietnam Singapore Express (VSX) service from 4 January 2024 calling at Haiphong, Cai Mep, Singapore, Ho Chi Minh City, Haiphong. The weekly service will turn in 2 weeks using the 1,577 teu HAIAN VIEW and 1,708 teu HAIAN ROSE, with each partner to operate one ship each with ONE to charter the HAIAN VIEW from Hai An for the service.

Markets

Idled Ships Are Quickly Redeployed Despite of Depressed Freight Rates

The turmoil at both ends of the Suez and Panama passage have forced containerships to divert from their regular routes, as ships linked to Israeli interests are avoiding the Red Sea passage through the Suez Canal even as some of the neo-panamax ships on the Far East-US East routes are shifting to the Suez route to avoid the congested Panama Canal. While these moves will help to absorb some of the surplus ships, the impact is limited at this stage as it affects less than 2% of the overall fleet.

Markets

Volatility Continues At Lows in Spot Market

The rise in the SCFI rates to the US West Coast masks rapidly deteriorating conditions on the route, with utilization levels falling to 81%. The “Express” services have performed poorly including the Zim e-Commerce Express (ZEX) that was only half full on its first 2 sailings following its relaunch in November. Rates to the East Coast are performing better despite a similar drop in capacity utilization, with carriers able to  secure premiums due to the Panama congestion even with transit times

Port Congestion

Panama Canal congestion set to worsen as Ships Attacked near Suez

The missile attack on NUMBER 9, an OOCL operated ship on 3 December has broadened the threat to all ships passing through the Red Sea, even those that have no links to Israel. Zim has already diverted its ships from the Suez to the longer Cape of Good Hope, while Maersk has also diverted 2 ships chartered from Israeli interests following the attack on the CMA CGM SYMI on 25 November. Among 3 ships attacked in Red Sea the past Sunday (3 Dec), the 4,253 teu NUMBER 9 that was targeted by the miss

Services

COSCO and OOCL join CNC in upgraded KCS and CHN1 service

COSCO and OOCL will join CNC, the intra-Asia arm of CMA CGM, in a new intra-Asia partnership involving 2 existing services operated by CNC that will both be upgraded to the 6,000-7,000 teu scale. The first service involves the existing CNC Korea China Straits Service (KCS) that calls at Xingang, Dalian, Lianyungang, Qingdao, Singapore, Jakarta, Surabaya, Manila, Xingang. The joint service will start from 29 December 2023, using 5 ships of which CNC will provide 4 ships (the 7,092 teu PELION, 6,

MarketPulse

Market Pulse – 2023 Week 49

Register Free Trial [https://www.linerlytica.com/register/?utm_source=W202349] The turmoil at both ends of the Suez and Panama passage have forced containerships to divert from their regular routes, as ships linked to Israeli interests are avoiding the Red Sea passage through the Suez Canal even as some of te neo-panamax ships on the Far East-US East routes are shifting to the Suez route to avoid the congested Panama Canal. While these moves will help to absorb some of the surplus ships, the im

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