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Services

Feedertech, X-Press Feeders and Wan Hai team up on new Red Sea-Gulf-India (RGI/IM1) service

Feedertech, X-Press Feeders and Wan Hai have teamed up to launch a new Red Sea-Gulf-India (RGI)/India-Red Sea X-Press (IRX)/India Middle East 1 (IM1) service that connects Mundra, Nhava Sheva, Jebel Ali, Jeddah, Sokhna, Jeddah, Jebel Ali, Mundra from 15 January 2024. The RGI/IRX/IM1 service turns in 5 weeks using 5 ships of 1,800-3,200 teu with 2 ships each from Feedertech and X-Press (the 1,732 teu HANSA ROTENBURG and 2,824 teu ADDISON, together with the 3,158 teu X-PRESS ALTAIR and 2,756 teu

Services

MSC adds West Med to Red Sea service

MSC has launched a new West Med to Red Sea service connecting Barcelona, Gioia Tauro, Mersin, Jeddah, King Abdullah Port, Port Said, Barcelona. The service turns in 3 to 4 weeks and will deploy up to 6 ships of 4,800-6,800 teu with the first sailing by the 6,724 teu MSC MELISSA on 14 January 2024.

Services

Hapag-Lloyd and ONE add separate Jeddah feeder connections

Hapag-Lloyd has launched an ad hoc Jeddah Express (JDX) service connecting Tanger Med, Damietta, Jeddah, Damietta, Tanger Med to facilitate cargo connections to Jeddah that are affected by the Red Sea blockade since December 2023. The service will connect to Jeddah via the Suez Canal from the north, allowing it to avoid the Gulf of Aden. The 4,252 teu SEASPAN HAMBURG has been deployed on the JDX since 31 December 2023, with the 2,518 teu ZHONG GU XIONG AN joining the service on 29 January. The

Service cancellations

THE Alliance/Wan Hai suspends Asia Red Sea (AR1) service

The Asia Red Sea (AR1) service jointly operated by THE Alliance and Wan Hai will be suspended with the last westbound sailing to depart from Singapore on 31 January 2024. 4 ships are currently deployed on this service which typically turns in 7 weeks on the Red Sea route calling at Busan, Shanghai, Ningbo, Shekou, Singapore, Jeddah, Aqaba, Sokhna, Jeddah, Singapore, Busan. The 5,610 teu WAN HAI 613 was the last ship to transit via the Gulf of Aden while 3 other ships (YM MUTUALITY, YM MODERAT

Services

MSC adds Djibouti service

MSC has launched a new Djibouti service connecting Colombo, Djibouti, Aden, Colombo from 23 January 2024. The service will turn in 2 weeks and deploys 2 ships - the 4,056 teu MSC GINA and 3,424 teu MSC ROSSELLA.

Services

MSC adds Malacca service

MSC has launched a new Malacca service connecting Singapore, Belawan, Singapore with the 2,113 teu MSC JANIS 3 from 6 February 2024. The weekly feeder service will turn in 7 days using a single ship.

Companies

Sea Legend offers China-Red Sea-Med connections through slots on Safetrans/OVP Russia service

Newly established carrier Sea Legend has launched its own China to Red Sea and East Med connections via the Suez Canal that advertises Chinese Naval escorts and commercial armed guards on board their ships. The new service takes advantage of soaring freight rates to Red Sea and Med destinations due to the diversion of over 70% of the containership capacity to the Cape route since December 2023. The Sea Legend service connects Qingdao, Shanghai, Ningbo, Nansha, Djibouti, Jeddah, Sokhna, Aqaba, P

Services

ONE revamps Adriatic Israel Butterfly (AIB) service

ONE will revise the port rotation of its Adriatic Israel Butterfly (AIB) service to call at Valencia, Alexandria, Koper, Venice, Ancona, Damietta, Valencia on an extended rotation that will turn in 4 weeks compared to the current 3 weeks rotation calling at Damietta, Koper, Trieste, Venice, Ancona, Piraeus, Alexandria, Damietta. The hub port will be changed from Damietta to Valencia as the Asia-Med services operated by ONE within THE Alliance has been diverted from the Suez to the Cape of Good

Signs of Peaking Emerged in Spot Rates

Transpacific freight rates continued to trend upwards, with the rally in the last 4 weeks raising rates to the US West Coast by over 133%, its largest ever monthly gain on record, surpassing even the COVID period rate surge. Although some carriers have announced further rate hikes in February, it appears to be nearing its peak with carriers preparing for the post-Chinese New Year slack by offering lower rates from the 2nd week of February. Rates to North Europe saw a minor correction after 8 c

Markets

Steeper Backwardation for CoFIF Asia-Europe freight futures

The CoFIF market went into steeper backwardation as the spot SCFIS went up 12% WoW while the CoFIF contracts were down about 4-6% WoW across the board. Liquidation of the Open Interest continued but on a  slower pace than previous weeks. There are indications that rates are peaking as the market looks beyond the current tight market to the expected rate correction post-Chinese New year, with the SCFI registering its first drop last week after 8 consecutive weekly hikes. Spot freight rates compi

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