MSC will restart the Koala service from 30 October 2024 to provide connections between Shanghai, Hong Kong, Jakarta, Fremantle, Jakarta, Shanghai. The revived service will turn in 4 weeks and will deploy 4 ships of 1,500 to 2,500 teu starting with the 1,550 teu MSC QINGDAO F at Shanghai on 30 October, followed by the 1,800 teu MSC SIJING together with the 2,556 teu pair MSC HANISHA III and MSC LUCIA III. The move follows the suspension of the Capricorn and Kiwi Express services in August 202
There was a significant rally in the EC this morning. Most of the strength was seen in December contract, with the liner's FAK rate quotations for shipments departing in November being higher than those for shipments leaving this month. However, quotations for shipments departing on the same dates were mostly revised downward overnight. We spoke with various cargo owners, and most anticipate a sequential increase in volume in November. This suggests that the market could be moving out of the s
The onshore container freight futures rebounded this morning as shipping lines attempted to raise freight rates by $500 per FEU starting November 1. CMA CGM, Hapag-Lloyd and ONE have increased their online quotations for November shipments. Other shipping lines have not yet posted their freight rates for November, while Maersk has reduced its October FAK freight rates from $2,900 per FEU to $2,600 per FEU. We maintain our view that Asia-North Europe freight rates could test the $2,000/FEU leve
MSC will add a new call at Haiphong on the Chinook service from 23 October 2024. The revised Chinook rotation will call at Haiphong, Yantian, Shanghai, Qingdao, Busan, Vancouver, Seattle, Portland, Haiphong and will turn in 8 weeks using 8 ships of 6,400 to 9,600 teu. Zim also takes slots on this service as the ZIM North Pacific (ZNP) service. Revised Chinook port rotation from 23 October 2024
Liners are expected to announce robust 3Q earnings following the release of another set of impressive results: Evergreen's revenue for 3Q 2024 surged by 44% quarter-on-quarter and 106% year-on-year. Evergreen's revenue growth outperformed, though remained broadly in line with, the figures reported by OOIL the day prior. The majority of this revenue increase was attributed to rising freight rates. In a separate report, Evergreen disclosed that its shipment volume for July and August totaled 1.8 m
EC contracts dropped 15-17% during the morning session on the first trading day after the Golden Week holidays, influenced by the SCFIS report from the previous night and movements in the Chinese equities market. Carriers' on-line FAK freight rates quotations released today, compared to the same from last working day (30 Sep) before Golden Week, mostly remain lower. Hapag Lloyd and ONE raised their quotations since 30 Sep, which however have not been followed by Maersk and MSC. Lunar New Year
ONE has announced the launch of a new India Coast Express (ICE) service through slots on Global Feeder Shipping's Colombo Cochin Gulf (CCG) service that connects West Coast India, Colombo and East Coast India. The CCG/ICE calls at Mundra, Pipavav, Mangalore, Cochin, Colombo, Kattupalli, Visakhapatnam, Kattupalli, Colombo, Cochin, Mangalore, Mundra. The service turns in 28 days using 4 Indian flagged ships of 2,700-3,300 teu operated by GFS.
The escalation of the Iran-Israel conflict in the Middle East has sparked fears of a potential disruption to vessel traffic in the Strait of Hormuz. The impact on the container markets will be far less severe compared to the tanker and LNG markets, as the Middle East Gulf is mostly an import market with very little exports of any strategic importance that are shipped in containers. Middle East Gulf ports located north of the Strait of Hormuz handled a total of 29m teu of containers in 2023, acc
The International Longshoremen’s Association (ILA) and the United States Maritime Alliance (USMX) announced on 3 October a tentative agreement on wages and extended the Master Contract until 15 January 2025 to negotiate all other outstanding issues, ending the dockworkers’ strike that started at midnight on 1 October. Vessel congestion at US East Coast ports spiked to a high of 460,000 teu on 4 October but is clearing up quickly after all of the affected ports resumed vessel operations by the en
There is no SCFI assessment last week due to the Golden Week holidays in China. The SCFIS recorded a 15.9% drop on 7 October, marking its 11th consecutive weekly decline. 5 out of 18 regular sailings to North Europe were blanked last week, with a similar number of blank sailings expected in the next 2 weeks. However, the 15% reduction in overall capacity is insufficient address the lower market demand and the number of blanked sailings are also lower compared to the previous 2 years. Freight r