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Further Weakness Expected as Services Being Re-introduced

Zim’s re-introduction of its ZIM eCommerce Xpress (ZEX) in November came as a surprise, but more capacity to the US West Coast is due to be introduced by CMA CGM in December as these 2 carriers aim to pre-empt the shift of transpacific cargo from the East Coast to the West Coast due to more severe Panama Canal transit restrictions that will start from January 2024 as well as the potential disruptions from ILA contract negotiations to replace the current contract that expires in September 2024.

Containership scrapping expected to remain low in 2024

Only 82 containerships for 145,950 teu have been scrapped so far this year, with full year 2023 scrapping estimates expected to reach less than 170,000 teu, which is about 0.6% of the operating fleet of 27.5mn TEU. Although scrapping activity is forecast to rise in 2024, the scrapping rate will remain low at less than 300,000 teu expected to be deleted next year. Although MSC has the largest fleet of elderly tonnage in its books, the average age of the ships it has scrapped so far this year at


Market Pulse – 2023 Week 46

Register Free Trial [] The reversal of the freight rate hikes in early November has intensified with carriers slashing rates mid-month as new capacity continues to move back into the market. In particular, the capacity additions on the US West Coast by Zim and CMA CGM are set to undermine the capacity cuts made earlier by THE Alliance, with transpacific rates coming under the most pressure last week and further rate weakness is expected in


CoFIF edged lower while remain contango

Asia-North Europe forward freight prices on CoFIF edged a bit lower, ignoring the Nov 1 GRI and the on-going correction in the spot market, while the trading volume stabilizes at just below $900m a day. After 55 trading days since launch, the CoFIF has been a surprising success in the liquidity front, which are sustained primarily by the onshore retail traders. As per the exchange, 80% of the trading volume come from qualified retail traders and nearly all trading volume come from onshore pools


Admiral Container Lines add intra-Med service

Admiral Container Lines (ACOL) has launched a new intra-Med Adriatic Express (AEX) service from 2 November 2023 connecting Haifa, Ashdod, Alexandria, Istanbul, Mersin, Koper, Venice, Haifa using the 801 teu ADMIRAL MARS and 868 teu MOVEON on a 14 day rotation.


Seaboard Marine add Wilmington-North Central America service

Seaboard Marine will launch a new Philadelphia/Wilmington-North Central America service from 26 November 2023 calling at Santo Tomas de Castilla, San Salvador, Puerto Cortes, Managua, Philadelphia, Wilmington, Santo Tomas de Castilla using 2 ships of 1,800 teu.


CMA CGM/CNC upgrades KCS service to the 6,000-7,000 teu scale

CMA CGM'S intra-Asia arm CNC has upgraded the Korea China Southeast Asia (KCS) service to the 6,000-7,000 teu scale, making it the largest dedicated intra-Asia service alongside Maersk/Sealand Asia's IA-8 service that deploys ships in the 6,000 teu size. These 2 intra-Asia services are the largest services in the North Asia-Southeast Asia corridor that commonly employs ships in the 1,700-4,200 teu scale. The KCS calls at Xingang, Dalian, Lianyungang, Qingdao, Singapore, Jakarta, Surabaya, Man


Samskip initiates Finland/Latvia service

Samskip has launched a new Baltic Sea - Finland/Latvia service from 7 November 2023 to connect Helsinki, Riga, Hull, Rotterdam, Helsinki. The service turns n 2 weeks using 2 ships of 500 teu. The service was initiated at Helsinki on 7 November with the 366 teu ORION for a single trip before being replaced by the 509 teu BF CARTAGENA and 508 teu DORNBUSCH.


Zim relaunch ZIM eCommerce Xpress (ZEX) service to US West Coast

Zim will relaunch the ZIM eCommerce Xpress (ZEX) service from 19 November 2023 to provide an expedited service from South China to Los Angeles. The service will see Zim's ships return to the US West Coast after it withdrew the ZEX in February 2023 and the ZNP in June 2023. The new ZEX will connect Xiamen, Yantian, Los Angeles, Xiamen using 6 ships of 4,200 starting with the 4,252 teu FELIXSTOWE and followed by SEASPAN LONCONMILLA (4,256 teu), ZIM CARMEL (4,360 teu), SEASPAN CHIBA (4,520 teu), S


Freight Rate Watch: More GRIs Busier With Rate Cuts Until Capacity Adjusted

The SCFI transpacific rate assessments surged for a second straight week to pass $2,100/feu to the West Coast and $2,400/feu to the East Coast but these rates cannot be sustained in the traditional slack season in November, with spot rates settling into the usual routine of early month hikes followed by mid-month declines. The same pattern will be repeated through November, with capacity rising sharply this month on both WC and EC routes. Forward capacity forecasts for November currently shows a

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