Unlikely a surprise to the market, liners are reporting sequentially lower 4Q 2023 results, which is in line with CCFI while the QoQ rebound in SCFI will likely only show in the liners' book in 1Q 2024. While the 4Q results may not be pleasing to look at, everything changed since the second half of December. COSCO reported earning alert, OOCL reported top line breakdown while the Taiwanese liners reported their December revenue this week. COSCO alerted 68% QoQ lower earnings during 4Q while O
Chinese ports recorded strong volume gains in November with an aggregate increase of 3.7% compared to the same month last year. Year to date volumes for the first 11 months of the year reached 3.6%, led by strong gains in river ports. A large part of the Chinese port gains are coming from inland water-to-water transshipment volumes which has significantly boosted overall numbers compared to the rest of the world. Shanghai was the first Chinese port to report its full year 2023 performance, wit
Week 1 capacity to North Europe was higher than normal with bunching departures on 2 OCEAN Alliance services (NEU6 and 7) and 1 THE Alliance service (FE2) lifting overall capacity to 344,710 teu compared to an average of 284,180 teu in December. Overall capacity will drop from week 2 onwards with severe shortfalls expected in weeks 5 and 6 when capacity drops to 240,700 an 126,700 teu in those 2 weeks when demand will be strong due to the pre-Chinese New Year cargo rush. Although the weekly cap
CoFIF contracts surged in the first 2 trading days of 2024 and traded limit up to their maximum daily caps before softening in the next 3 trading days as the market awaits further signals from the SCFIS. Traders continue to prefer longer dated contracts, indicating a growing consensus that the Red Sea diversion may drag on. Open interest fell for the 2nd week in a row to just half of the peak on 22 December. This week’s trading will be driven by the latest SCFIS assessment on 8 January for the
The number of containerships that has been diverted from the Suez to the Cape route has reached 354 ships since 15 December 2023, accounting for 80% of all the ships moving between the Atlantic/Med basins and the Indian Ocean. The number will continue to grow over the coming week with most of the main carriers currently opting for the Cape route. Only CMA CGM and a small number of niche carriers operating in the Asia to East Med and Baltic markets that have continued to use the Suez route with r
Register Free Trial [https://www.linerlytica.com/register/?utm_source=W202401] With no clear timeline for the resolution of the Red Sea crisis, carriers have extended their diversions to the Cape route with the number of containerships re-routed rising to 354 units for 4.65m teu or 16.4% of the fleet as at 7 January 2024. These diversions will result in an expected capacity shortfall of up to 40% for departures from Asia to Europe and the US East Coast in weeks 4 to 6, with freight rates expe
MSC has introduced a new Red Sea Express service that connects Tekirdag, Derince, Mersin, King Abdullah Port, Jeddah, Aqaba, Tekirdag from 31 December 2023 with the 4,872 teu MSC CARMEN. The service will provide connections to the Red Sea ports in Saudi Arabia and Jordan that are currently restricted.
Tailwind Shipping has chartered the 917 teu FAITH and 1,118 teu WILHELMINE from January 2024 to provide connections between Koper and Barcelona. The move follows the diversion of Tailwind's vessels from the Suez to the Cape route on its China-Europe Panda Express (PEX) service. The PEX service originally calls at Qingdao, Ningbo, Dachan Bay, Colombo, Koper, Barcelona, Rotterdam, Qingdao but with the diversion to the Cape route since the beginning of December 2023, the call at Koper has been drop
Kalypso Compagnia di Navigazione (KCN), part of the RIF Line Group, has been placed in liquidation following the arrest of one of the ships it operated in Taranto on 14 December 2023. The 2,518 teu ZHONG GU XIONG AN was arrested in Taranto for unpaid bunker bills by its Chinese creditors. It was one of 4 ships chartered by Kalypso from Zhonggu for its Marco Polo service connecting China, Bangladesh and the Mediterranean that has been dormant since October 2023 after Zhonggu refused to allow the
Zim has replaced the former Port Klang calls on the ZIM Med Premium (ZMP) service with a new westbound call at Cai Mep effective from 8 January 2024. The revised ZMP service will call at Busan, Qingdao, Ningbo, Shanghai, Dachan Bay, Cai Mep, Colombo, Haifa, Ashdod, Mersin, Yarimca, Ambarli, Dachan Bay, Xiamen, Busan. The ZMP called Port Klang on both the eastbound and westbound directions but all calls have stopped since Malaysia's decision to ban Zim ships from calling at its ports that was a