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China-Middle East rates tumble with rising number of loaders

Rates from China to the Middle East have fallen by 35% over the past 4 weeks with several ad hoc loaders adding new capacity to meet market demand. The extra loaders included the following sailings mounted by Vasi Shipping Unicargo and OVP Shipping. * Vasi Shipping - NORTHERN VIVACITY (2,702 teu) 3 Nov 2022 : Qingdao, Xingang, Ningbo, Port Klang, Jebel Ali * Vasi Shipping - VASI STAR (1,730 teu) 16 Nov 2022 : Singapore, Port Klang, Jebel Ali * Vasi Shipping - NORTHERN VOLITION (2,702


COSCO launch SYM2

COSCO will introduce the SYM2 (Singapore Yangon Malaysia 2) service from 14 December 2022 with the 692 teu RICH SEAWAY that will call Port Klang, Yangon, Port Klang on a weekly basis.


Asean Seas Line launched NPX2

Asean Seas Line has launched new service NPX2 that connect China, Philippines and Japan. The service will call Qingdao, Shanghai, Ningbo, Xiamen, Bonny, Manila South, Xiamen, Osaka, Kobe, Hakata, Qingdao with two vessels, 706 teu RUN LONG and 698 teu ATLANTIC EAST. ATLANTIC EAST phased in on Dec 2 at Xiamen heading for its Japan leg while RUN LONG phased in on Dec 3 at Xiamen heading for Philippines leg.


Zim/GSL launch new CT3 service

Zim/Gold Star Line (GSL) has launched a new China Thailand Vietnam III (CT3) service that connects Ningbo, Xiamen, Nangha, Laem Chabang, Bangkok, Laem Chabang, Haiphong, Yantian, Nansha, Ningbo from 25 November 2022. The CT3 turns in 3 weeks using 3 Bangkokmax ships, the 1,762 teu MTT SANDAKAN and two 1,984 teu newbuildings MARLA TIGER and MARLA BULL that have just been chartered by Zim.


Kalypso adds Italy-Turkey service

Kalypso Compagnia di Navigazione will launch a new Italy Line service connecting Salerno, Ravenna, Venice, Bari, Mersin, Salerno from 16 December 2022 using the 1,712 teu RIJNBORG that has been chartered for 6-8 months at $13,700 per day. The service was initially scheduled to be launched on 25 November but was delayed by 3 weeks.


CMA CGM launch Morocco-Canada/USEC seasonal service

CMA CGM has announced the launch of the new MOCANA service connecting Morocco to North America. The service will be offered as a leg of the OCEAN Alliance's Columbus JAX service with the addition of 2 calls at Tanger Med on the Atlantic leg of the USEC-FE-USWC pendulum service. The revised Columbus JAX service will call at Yantian, Cai Mep, Singapore, Port Klang, Colombo, Tanger Med(new), Halifax, New York, Norfolk, Savannah, Charleston, Tanger Med(new), Port Klang, Singapore, Laem Chabang, Ca


CUL seeks to terminate 12 panamax containership charters from Antong

China United Lines (CUL) has served notice on 28 November 2022 for the early termination of its Long Term Cooperation Agreement with Antong Holdings that involves the charter of 12 panamax ships of 4,132 teu to 4,713 teu to CU Lines for $52,000 per day and the lease of Antong containers by CU Lines for operations on the Asia-Europe and Transpacific routes under a profit sharing arrangement. The agreement was effective from 1 June 2022 and was supposed to expire in 34 months or on 1 April 2025.


Widening Gap In EBIT Margin

The main carriers’ average EBIT margins fell by 3.4% from the 2Q peak of 54.3% to 50.9%. However, the gap between individual carriers are widening, with some notable drops at Wan Hai (down 13.0%), OOCL (down 8.3%), HMM (down 6.8%) and Yang Ming (down 6.1%). Carriers with a larger share on the Asia-US West Coast have suffered the largest margin erosion, with a sharper drop expected in 4Q 2022 as the rate malaise has spread to other tradelanes.


Market Pulse – 2022 Week47

Register Free Trial [] Freight rates continue to spiral downwards with FE-Europe, FE-Middle East and FE-Australia rates suffering the sharpest falls last week, amidst volume weakness across all tradelanes. Carriers are pushing for a new round of General Rate Increases (GRI) in December but they are unlikely to succeed if surplus capacity are not removed. Contract rates for the new 2023 season appear certain to fall by as much as 80% as the


RCL revises Singapore-Philippines RSP6 service

Regional Container Lines (RCL) has revised its RCL Singapore-South Philippines 6 (RSP6) service with new calls at Zamboanga and Bintulu in East Malaysia. The revised service will connect Cebu, Cagayan de Oro, Zamboanga, Bintulu, Singapore, Cebu starting from 9 November 2022 with the 1,018 teu DANU BHUM on a 14-16 day frequency. RCL started its business in the Philippines in 1988, at the Port of Manila and was the first common feeder vessel to serve the port of Cebu and Davao in the early 90s.

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