Asia-North Europe forward freight prices on CoFIF were mostly unchanged last week, with the SCFI spot rate assessment slipping by 1.7% after surging by 32% the week before, while the latest SCFIS recorded a 1.7% increase following the 7.7% gain a week before. The CoFIF is settled on the SCFIS (Shanghai Export Containerized Freight Index based on Settled Rates) which is based on the blended average settled rates determined by the Shanghai Shipping Exchange with a base index of 1,000 as at May 20
Maersk swung to a -$27m EBIT loss in 3Q 2023 but instead of shedding excess capacity, Maersk has been actively adding new capacity while slashing rates to recover market share. Maersk’s aggressive price cutting was one of the main reasons behind the dramatic drop in market rates in the 3rd quarter. Maersk’s average freight rates dropped by 14% QoQ despite having 68% of its total volumes on fixed contracts, highlighting just how aggressive its pricing actions have been as its total liftings rec
Register Free Trial [https://www.linerlytica.com/register/?utm_source=W202345] The SCFI rally is coming to an end after 4 consecutive weekly gains, with spot freight rates already starting to slip even as carriers eye a new round of rate hikes in December. Carriers have not withdrawn sufficient capacity for the higher rates to stick despite the rapidly eroding earnings with Maersk becoming the latest casualty following Zim and Wan Hai to have reported quarterly EBIT losses this year. Carriers c
ONE will launch a new Thailand Singapore Express (TSX) feeder service connecting Laem Chabang, Singapore, Laem Chabang from 14 November 2023. The TSX service will turn in 7 days with the 4,432 teu BEAR MOUNTAIN BRIDGE. It will provide feeder connections for ONE to replace the Asia-Europe FE5 service calling Laem Chabang, Cai Mep, Singapore, Colombo, Rotterdam, Hamburg, Antwerp, London Gateway, Jeddah, Singapore, Laem Chabang that is to be withdrawn by THE Alliance carriers with the last westbo
The SCFI transpacific rate assessments have rebounded on the back of the 1 November GRI that has brought spot rates to the West Coast above $1,900 per feu and East Coast to above $2,350 per feu. Despite this, the positive momentum on the transpacific routes will be difficult to sustain as capacity will increase through November after the cuts in October while capacity utilization continues to weaken on services to both coasts. Spot Asia-Europe freight rates surged last week ahead of the 1 Nove
X-Press Feeders has introduced a new Jeddah Hodeidah X-Press (JHX) service that connects Jeddah, Djibouti, Hodeidah, Jeddah from 10 November 2023 using the 1,866 teu EA BLUE NILE and 1,645 teu X-PRESS KOHIMA. The service will operate on an irregular rolling schedule without fixed windows on a full rotation that will take 28 to 32 days due to berth congestion at Djibouti and Hodeidah. The service will call at both the RSGT and DPW terminal in Jeddah. The JHX will complement the existing Jeddah
Hapag-Lloyd will receive next month the first of 9 ships of 14,372 teu that it has chartered from SFL and Enesel for 5 year periods in the first benchmark fixture for ships of this size following the expiry of their initial 10 year charter to Evergreen. The first 2 ships (THALASSA HELLAS and THALASSA PATRIS) are currently undergoing upgrades at COSCO Zhoushan including raised lashing bridges that will increase their nominal capacity from 13,808 teu to 14,372 teu. They will join the FE-US East
ONE reported 3Q 2023 results where the accelerating sequential fall in earnings during the past quarter may be a surprise to the market. Unit OPEX fell 5% but unit revenue fell 14%. Nevertheless EBIT has come to a level ordinary for periods before 2020.
Zim./Gold Star Line will launch a new China Japan Express (CJX) service from 27 Nov 2023. The new service will call weekly at Lianyungang, Shanghai, Tokyo, Yokohama, Nagoya, Lianyungang on a 14 days rotation using the 1,012 teu IMKE SCHEPERS and 1,o54 teu SINAR BANGKA.
Register Free Trial [https://www.linerlytica.com/register/?utm_source=W202344] Spot freight rates have rebounded strongly on the back of capacity cuts but the sustainability of the rate hikes will be tested over the coming weeks as carriers are still reluctant to remove excess capacity. In notable contrast to THE Alliance and 2M, the OCEAN Alliance have failed to take any concrete capacity reduction actions which could trigger an eventual push back from its rivals. New vessel deliveries in Oct