Register Free Trial [https://www.linerlytica.com/register/?utm_source=W202453] 2024 is set to be the most profitable year for container shipping companies outside of the COVID windfalls in 2021/22 despite recording the highest level of new containership deliveries in the last 60 years. The healthy earnings is due to the impact of the Red Sea diversions that have absorbed most of the 2.94m teu of new capacity that was delivered in the last 12 months, keeping both the freight and charter market a
Folk Maritime has upgraded the India Gulf Service (IGS) connecting Nhava Sheva, Mundra, Dammam, Umm Qasr, Nhava Sheva from December 2024 to a regular weekly service. The service was first launched in 23 October 2024 with the 1,809 teu ASTERIOS on a 14-18 day frequency. The service has been upgraded to a weekly frequency with a second ship, the 1,930 teu BORKUM, joining the service at Nhava Sheva from 16 December 2024.
EC2502 continues to decline as Maersk's January quotation has weakened the liners' resolve to pursue further freight rate increases amid the shipment rush before the CNY holidays. HMM has lowered its quotation for January shipments to below $4,800 per FEU, indicating that HMM believes the FAK freight rates have already peaked.
Maersk will launch a new SLN (Mediterranean Sea C) service calling at Barcelona, Valencia, Algeciras, Casablanca, Tangier Med, Mersin, Haifa, Alexandria, Fos, Barcelona from 12 January 2025. The service will replace its existing SLZ (Mediterranean Sea A) and SLH (Mediterranean Sea B) services that Maersk operates jointly with Arkas. The SLZ calls at Barcelona, Genoa, Alexandria, Beirut, Mersin, Aliaga, Algeciras, Tangier Med, Valencia, Barelona while the SLH calls at Barcelona, Valencia, Casabl
COSCO Shipping has launched a new Yangpu Indonesia Express (YIX) service connecting Yangpu, Nansha, Jakarta, Semarang, Singapore, Semarang, Jakarta, Yangpu from 26 December 2024. The YIX turns in 3 weeks using 3 ships of 1,000-1,800 teu starting with the 1,876 teu BRIGHT COSMOS at Yangpu on 26 December 2024.
The containership charter market slowed in the past week both in terms of new fixtures and vessel deliveries with the holiday season approaching. Demand remains high relative to the tonnage available for charter, keeping both charter rates and resale prices at very high levels. Most of the activity is focused on the 1,700 teu and 2,700 teu sizes where rates are still registering marginal gains while the other segments is flat on the lack of new fixture benchmarks. Second hand transactions remai
Global congestion remain elevated at 2.65m TEU currently waiting at anchorages around the world, accounting for 8.5% of the total fleet. European port congestion has continued to deteriorate of the past week, with very high berth and yard utilization keeping the vessel backlog very high across several main ports with the situation especially acute at Antwerp, Hamburg, Le Havre, Rotterdam, London Gateway, Southampton and Valencia. Overall congestion at European ports are at their highest levels s
The main futures contract for EC2502 fell 2% week-over-week on significantly lighter volume compared to previous weeks, with traders liquidating 11% of their open interest amidst concerns that spot rates may have peaked. Longer-dated freight futures dropped further on weakening sentiment for post Chinese New Year rate developments with sellers increasing their short positions. Traders were spooked by Maersk’s rate quotation for January shipments that was $500 below the $6,000 per FEU target set
Asia-North Europe rates slipped marginally in the past week with the SCFI dropping by 2.2% while the SCFIS fell by 2.7% as carriers continued to roll back some of the rate increases that they have obtained earlier in December. Maersk in particular has been blamed for their aggressive rate cutting, forcing rivals to offer lower rates that have been extended to the first week of January. Carriers’ initial plans to raise rates to $6,000/FEU in January now appear doomed although they are still push
The number of containership transits via the Red Sea has dropped by 70% since November 2023 when the Houthi attacks against commercial shipping started. The average number of monthly transits dropped from 606 in the first 11 months of 2023 to just 174 in 2024. When measured by total TEU capacity, the drop is even more severe at 91% as the average monthly capacity of containerships on the Red Sea has fallen from 5.9m teu last year to just 544,000 teu in 2024. Several carriers have retained their