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Services

Transmasters emerge as new operator of Wan Hai 260 ships

Russian container carrier Transmasters have taken control of 3 former Wan Hai ships of 1,662 teu for its China-Russia service. The 3 ships - WAN HAI 261, WAN HAI 262, WAN HAI 263 - were originally to be sold for scrap but they have been retaken by Chinese owners and renamed as HONRISE, NEW EVERPROSPER and STAR BRIGHT respectively. The 3 ships have joined Transmasters progressively in July and August 2023 and deployed on the China-Russia service that calls at Lianyungang, Taicang, Nansha, Colom

Services

OOCL adds new China Thailand services CCT1 & CCT2 through slots

OOCL is adding 2 intra-Asia services connecting China, Cambodia and Thailand through slots on 2 existing services. The China Cambodia Thailand 1 (CCT1) service calls at Bangkok (PAT/Suksawat), Laem Chabang, Ho Chi Minh City, Ningbo, Shanghai, Laem Chabang, Bangkok starting from 5 November 2023. The service is offered through slots on the RBC1/BC1 service operated by RCL and CUL. The service turns in 3 weeks using 3 ships of 1,100-1,700 teu. The China Cambodia Thailand 2 (CCT2) service calls at

Services

X-Press Feeders adds Mediterranean X-Press (MEDX) through slots on HMM

X-Press Feeders have introduced a new Mediterranean X-Press (MEDX) service that connects Nhava Sheva, Mundra, Karachi, Jeddah, Damietta, Piraeus, Genoa, Valencia, Barcelona, Piraeus, Damietta, Jeddah, Karachi, Mundra, Nhava Sheva starting from 29 September 2023. The MEDX service is offered through slots on the India-Med leg of HMM's Far East-India-Med (FIM) service that operates on a fortnightly basis using 6 ships of 6,700-8,500 teu.

Services

Aladin Express make pioneer call at Jazan port

Aladin Express has added a call at Hutchison Ports Jazan on its India-Turkey Express (ITX) service from 28 September 2023 with the 1,496 teu WARNOW BOATSWAIN. The ITX connects Nhava Sheva, Mundra and Istanbul but the port calls and service frequency are irregular. The ITX call at Jazan is the port's first container service following its inauguration on 7 September 2023. Aladin Express (ALX) was established in April 2020 with the backing of Hutchison Port Holdings. ALX started its maiden servi

MarketPulse

Market Pulse – 2023 Week 40

Register Free Trial [https://www.linerlytica.com/register/?utm_source=W202340] The SCFI slipped to its lowest levels since May 2020, with further falls expected in the coming weeks as volumes remain lacklustre. Carriers are still unwilling to make decisive capacity cuts despite the rate slump and absence of cargo roll pools before the start of the Chinese Golden Week holidays on 1 October. Maersk in particular have been singled out for giving heavy discounts on its spot pricing even as it cont

Ships

Idled Capacity Inching Up

The idle fleet increased slightly to 53 ships for 166,936 teu as at 1 October 2023, and will increase further over the coming week as the blank sailing programs to be implemented in October will leave some ships without employment albeit only temporarily. The 23,656 teu MSC MINA has been idle since 24 September and is currently without assignment through October, with MSC also sending more ships for scrubber retrofits over the past week. However, the idled fleet is not expected to match the sha

Markets

Charter Rates Under Pressure

With the number of idle ships starting to rise and fresh demand failing to match the rapid build up of the surplus fleet, charter rates are increasingly under pressure across all size segments. There remains limited activity in the larger sizes, but demand is also similarly muted with most of the main carriers’ requirements this year already fully covered. The most notable fixture was PIL’s charter for 4 units of 7,000 teu from TSL and RCL for delivery in 2024. The recent delivery of the 8,000

MSC

Gap between Top 3 carriers widen

MSC has extended its lead at the top of the carrier rankings, with its current fleet reaching 5.36m teu, up from 4.61m teu at the beginning of January. Newbuilding deliveries contributed 557,000 teu to the increase, with the rest coming from second hand vessel acquisitions and new charters. MSC has grown at an average rate of 83,000 teu a month, with its lead over 2nd  place Maersk rising to 1.24m teu. Maersk has seen its operated fleet shrink from 4.21m teu at the beginning of the year to 4.12

Port Congestion

No Delays To Containerships Passing Panama

Total containership capacity waiting at anchorages edged up slightly at the end of last week to 1.61m teu or 5.8% of the global fleet with a slight build up of ships in China with the start of the Golden Week holidays. The Panama Canal Authority (ACP) has reduced the number of vessel passage from 32 per day currently to 31 from 1 November 2023. The current restriction are already reduced from the normal limit of 36 transits per day have been imposed since 30 July 2023. These restrictions have n

Markets

Freight Rate Watch: Capacity Cut Not Able To Arrest Falling Rates

The SCFI assessment on the Transpacific shed a further 3.4% last week to the West Coast but it is the East Coast where carriers are facing greater pressure with rates dropping by 5.4%. Spot rates are available in the market at up to $300/feu lower than the SCFI rates, with carriers unable to fill the capacity available despite a 13% drop in average capacity in October on the West Coast and 23% drop in the East Coast. Rates to North Europe have cracked below the 2019 levels and appears to be in

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