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Companies

Abu Dhabi Ports in talks to acquire Meratus

Abu Dhabi Ports (AD Ports), the owner of Safeen Feeders, is reported to be in talks to acquire Indonesia’s Meratus Line in a transaction that could be valued at $2Bn. Meratus was reported to be seeking to sell its shipping and logistics business since July 2023, and AD Ports has emerged as the front runner in sales process. Meratus was established in 1957 in Surabaya, Indonesia and is the largest domestic operator in Indonesia. The company expanded its services to Papua New Guinea in February 20

Markets

CoFIF up 2-4% regardless of moves in spot

Following SCFIS’s 31% WoW move on 13 Nov, CoFIF went limit up at the open on the next day (14 Nov) but gave back more than half of the gain. The market went seesaw rest of the week. The CoFIF traders have been holding a view that the SCFIS will be about 750-880 for next year where the spot SCFIS has been swinging between 600 and 850. While the SCFIS seems to track the SCFI with 2 weeks lag but the relation between the two is not linear. SCFI’s Asia Europe rate is expressed in $ per 20’ dry whil

Services

Hannover Shipping expands Panama-Venezuela service

Hannover Shipping has added a second ship to its Panama-Venezuela service connecting Colon, La Guaira, Puerto Cabello from 31 October 2023 with the introduction of the 642 teu ELLA Y. The new ship joins the 260 teu TOPAZ NEVA that has been deployed on the service since 25 May 2023.

Services

Maersk & CMA CGM to deploy 13,000 teu ships on revised Far East-West Africa service suite

Maersk and CMA CGM will upgrade their Far East-West Africa service to the 13,300-13,800 teu scale 8 from December 2023, with the launch of the revised FW1/WAX service that will call at Qingdao, Kwangyang, Shanghai, Ningbo, Shekou, Nansha, Singapore, Tanjung Pelepas, Tema, Lekki, Abidjan, Pointe Noire, Colombo, Singapore, Xiamen, Qingdao. The upgraded FW1/WAX service will start from 5 December 2023 with the 13,302 teu MAERSK EDIRNE and will turn in 13 weeks using 13 ships from Maersk and CMA CG

Port Congestion Improved Despite of Instances In S Africa and Australia

Port congestion globally improved over the past week despite disruptions in several areas around the world. The cyber-attack at DPW Australia that affected operations at container terminals in Melbourne, Sydney, Brisbane and Fremantle over the weekend has resulted in increased waiting times at these ports but operations resumed on Monday morning after a 2 day partial shutdown. Congestion in South African ports has continued over the past week with limited improvements with Durban still facing s

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

MarketPulse

Market Pulse – 2023 Week 46

Register Free Trial [https://www.linerlytica.com/register/?utm_source=W202346] 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

Markets

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

Services

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.

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