Newly formed Saudi based Folk Maritime has launched the Port Sudan Service (PSS) connecting Jeddah, Port Sudan, Jeddah with the 698 teu SUNSET X from 5 April 2024. The service turns in 4-5 days with Maersk and CMA CGM taking slots to provide regular connections between Saudi Arabia and Sudan. The new PSS as well the North Red Sea (NRS) service operated in cooperation with CMA CGM are the first 2 services launched by Folk Maritime. Folk Maritime was established in Riyadh, Saudi Arabia on 26 Fe
Global port congestion has dropped to 1.4m teu with the situation across Asia’s main port normalising after the previous week’s spike. The port of Baltimore remains shut while vessel traffic with US Army Corp of Engineers expected to reopen passage for smaller ships by the end of April with access to larger ships still yet to be determined. US East Coast ports are mostly free of congestion, with only minor delays observed in Savannah and Houston. There were no significant congestion at Norfolk
The easter holidays and Ching Ming holidays has not dampened charterer interest, with charter rates are still rising over the past week. Open interest for prompt deliveries remain high especially for the larger sizes where availability is limited. Hede Shipping completed the charter of the 4 ships it needed for the newly launched Hede Direct Service connecting Shanghai and Los Angeles – the 3,426 BFAD ATLANTIC ($22,000 for 12 months), 1,809 teu ANDROKLIS ($15,750 for 6 months), 4,298 teu REN JI
Capacity competition between carriers remain very keen, as shown by Zim’s growth since 2020. New vessel deliveries at more than 1 ship delivered daily since March will continue with over 300,000 teu scheduled to be delivered each month in April through June. Zim has received the ZIM MOUNT VINSON on 3 April, the last unit in the series of 10 ships of 15,248 teu built by Samsung H.I. for Seaspan. These 10 ships have been chartered by Zim for 12 years and brings its total capacity operated to 714,
The Containerized Freight Index Futures (CoFIF) traded on the Shanghai International Energy Exchange (INE) is the second attempt by China to build its container freight futures market. Unlike its predecessor, called the Container Freight Derivatives (CFD) that was launched in June 2011 by the Shanghai Shipping Freight Exchange Co., Ltd. (SSEFC) and only available to domestic on-shore traders, CoFIF is accessible to off-shore traders outside of China. Initial CFD trading saw high daily turnover
The longer dated CoFIF contracts rallied last week with traders building long positions after several carriers pushed for another Asia-Europe FAK rate hike in mid-April. Despite continued liquidation, prices for EC2404 contracts that will expire in 2 weeks were unchanged at 2,120 and remains slightly lower than the SCFIS rate at 2,174 last week (before settling slightly lower at 2,172 based on the latest assessment on 8 April). The latest CoFIF rates implies April-August rates that are equivale
Register Free Trial [https://www.linerlytica.com/register/?utm_source=W202415] Freight rates to Middle East and Latin America were the main bright spots for carriers, as SCFI recorded its first weekly increase in 2 months. However, the marginal 0.8% rise last week masked weakening market sentiment where both Asia-Europe and Transpacific rates are still under pressure, with some carriers planning another series of FAK rate hikes mid-April to stem the decline. Charter rates remain buoyant with s
MSC has launched the Ingonyama service connecting Coega, East London, Coega on 2 April 2024 with the 1,118 teu MSC TOKATA F. The new service will provide connections at Coega to MSC's global network as an alternative to trucking to East London which is located some 270km away by road.
Unifeeder has added 2 new Venezuela services that will call alternately at Guanta/Guaranao and Maracaibo using 2 ships of 1,100 teu on separate 14 day rotations. The Unifeeder Venezuela service 1 (Guanta/Guaranao) will deploy the 1,118 teu SC PHILLY from 16 April 2024 to call at Cartagena, Manzanillo (Pan), Oranjestad, Willemstad, Guanta/Guaranao (alternate calls), Cartagena. The Unifeeder Venezuela service 2 (Maracaibo) will deploy the 1,118 teu NOAH from 23 April 2024 to call at Cartagena,
Hede Shipping's new transpacific Hede Direct Service (HDS) has completed its 4 ship vessel line-up in order to provide weekly departures from Shanghai to Los Angeles offering an 13-day express transit time. The service started on 21 March 2024 with the 3,426 teu BFAD ATLANTIC, followed 3 more chartered ships joining in succession - the 4,298 teu REN JIAN 10, 1,809 teu ANDROKLIS and 2,782 teu ADONIS.