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Vietnam Gulf India (VGI) upgrade - CMA CGM joins as vessel operator

The Vietnam Gulf India/RCL Gulf Asean/Vietnam Gulf Express/Saigon Gulf Service (VGI/RGA/VGX/SGS) service jointly operated by ESL, KMTC, RCL, CU Lines and Global Feeder Shipping will be upgraded from the 2,500 teu scale to 5,500 teu starting from September 2023, with CMA CGM joining as the 6th partner in the service who brands it as the Vietnam Gulf India (VGI) service. The service was first launched in January 2022 using up to 5 ships of 2,000-2,700 teu and called initially at Ho Chi Minh City,


Boluda Lines and Samskip launch Spain-Ireland-UK shortsea service

Boluda Lines and Samskip have jointly launched a new Spain-Ireland-UK service connecting Santander, Dublin, Liverpool, Santander using the 803 teu LUCIA B from 29 September 2023. The service turns in 1 week using a single ship from Boluda, with Samskip taking slots. In northern Spain, the service will call at Boluda Maritime Terminals Santander that was opened by Boluda in April 2023 at a total cost of  €40 m with a capacity of 110,000 teu a year.


CoFIF volume rebounded while O.I. up again

Trading in China ended on Thursday last week as markets in China closed from 29 Sep to 8 Oct for national holidays. Prices of the CoFIF came down between 12% and 20% WoW, benchmarking the physical market where spot rates for FE-NEUR are plummeting as players are entering into the bidding season for the 2024 contracts. SCFI was just below $600/TEU at market close last week but actual going spot rates could be already much lower. Average daily trading volume last week rebounded by 1.5 times back


CNC updates Korea China Southeast Asia (KCS) service rotation

CNC (CMA CGM) will add a new call at Dalian on its Korea China Southeast Asia (KCS) service from 30 September 2023, with the revised rotation calling at Xingang, Dalian, Lianyungang, Qingdao, Singapore, Jakarta, Surabaya, Manila, Xingang. The service turns in 35 days using 5 ships of 4,000-6,000 teu with KMTC, ONE and SITC taking slots.


Akkon extends FE-Med service with new call at Qingdao

Akkon has extended its Far East-Med service with a new call at Qingdao from 21 September 2023 to serve the North China market. The revised Far East service will call at Qingdo, Taicang, Ningbo, Nansha, Mundra, Aliaga, Gemlik, Gebze, Ambarli, Mundra, Nhava Sheva, Qingdao on a fortnightly frequency using 4 ships of 1,700-1,900 teu. The Akkon Far East service was first launched in October 2022 and marked the first time that Akkon has ventured outside of its core Med services. Akkon Lines was est


HMM extends Intra-Asia Cross Network (ICN) to Indonesia & reinstate Philippines TTP service

HMM will revamp its Intra-Asia Cross Network (ICN) service with the extension of the service to Indonesia, while splitting the exising Philippines connection to a separate Tianjin to Philippines (TTP) service. The ICN was first launched in May 2022 and replaced its former Korea Vietnam Thailand Express (KVX/KTX) that was jointly operated with KMTC and its standalone Tianjin to Philippines (TTP) service. The initial ICN operates on a two-wing butterfly pattern calling at Busan, Shanghai, Ho Chi


Containership capacity growing at fastest pace on record

Global containership capacity is growing at an average rate of over 190,000 teu a month since April, after accounting for new ship deliveries and capacity upgrades and deducting scrapped capacity and other deletions. This pace of growth is the fastest rate ever recorded for the container markets and is set to continue for the next 2 years. Compared to the growth spurt in 2006-2008 and 2014-2015, when the average monthly growth rate was just 120,000 teu per month, the current growth burst will


China Port Throughput Diverge From Rest of The World

Container volume data for August is still not available, with official Chinese port data delayed yet again. The data from the Ministry of Transport has been delayed by up to 2 weeks since August 2022 with no explanation provided for the late release. The official Chinese port volumes that have been published so far shows a significant divergence in container volume growth at Chinese ports compared to the rest of the world since August 2022. Average volume growth in the last 12 months reached 3.


Market Pulse – 2023 Week 39

Register Free Trial [] The early end to the summer peak season has brought the container market back to reality, with the SCFI retesting fresh lows even before September is over. Further rate declines in October will follow despite the reduction in capacity next month with carriers unable to generate any significant cargo roll pools ahead of the Golden Week holidays in China. Severe rate discounting especially on the Asia-Europe route has


Freight Rate Watch: FE-NEUR rates made post 2019 low

Transpacific freight rates have continued to drop, but latest SCFI rates have not fully reflected the current market rates that are already $200-300 lower than reported, with rates to the West Coast reaching $1,500 while the the East Coast market is even weaker with rates as low as $2,000 are being offered. Although THE Alliance have announced the withdrawal of the PN3 service in October, the impact is limited as it only accounts for 3% of total capacity on the West Coast. Carriers have not adj

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