Rates to North Europe dropped by over $1,000/feu in the past week as carriers continued to slash rates in their futile attempt to secure additional cargo ahead of the Golden Week holidays on 1 October. The rate restraint at the beginning of last week was short lived, with further rate cutting still to come. Departures from Shanghai will be erratic following the aftermath of typhoon Bebinca due to serious vessel bunching that would also cause serious disruptions to vessel schedules at downstrea
EC freight futures closed higher last week, with the INE taking an extended 4-day break for the mid-autumm festival from 14 to 17 September. Traders covered their short positions over the past week after Maersk temporarily set their floor rates at $4,400 per FEU but the restraint proved short lived with carriers resuming their aggressive price cutting while Maersk lowered its online quotation to $4,000 per FEU over the weekend, marking a further 10% decrease week over week. The market is expect
A coastwise strike at US East and Gulf Coast ports now looks certain to start on 1 October 2024. The 14 ports controlled by the ILA handled 28.4m teu of containerised cargo in 2023 or almost 550,000 teu each week. For each week that the strike continues, it would hold up 1.7% of the global containership fleet, with an indefinite strike expected to affect over 4.5m teu of the fleet, accounting for 15% of the total containership capacity. Global port congestion has eased over the past week but th
Register Free Trial [https://www.linerlytica.com/register/?utm_source=W202438] The ILA dockworkers’ strike will be pivotal for the container markets in the coming weeks, as it will determine the direction that freight rates will take in October. The SCFI has dropped by 33% since its last peak on 5 July and remain under pressure after 2 consecutive 8% WoW declines. Cargo volumes have weakened ahead of the Golden Week holidays, with no signs of a pre-holiday surge. Capacity utilisation levels hav
Sinotrans has launch a new Shantou-Philippines Service 1 (SPS1) calling at Shantou, Hong Kong, Shekou, Manila (S), Shantou from 12 September 2024. The service turns in 7 days and deployed the 698 teu HAI SU 7 for an initial voyage on 12 September before it is replaced by the sistership HAI SU 6 from 19 September 2024. Sinotrans has taken both of these ships on charter from Antong, who is a fellow subsidiary of the China Merchants Group.
Asean Seas Line (ASL) will add a new Bangkok Thailand Express (BTX) service from 21 September 2024 by joing Zim/GSL on the latter's existing South China Thailand Express (SXT) service connecting Nansha, Dachan Bay, Laem Chabang, Bangkok, Laem Chabang, Cai Mep, Nansha. The BTX/SXT service turns in 14 days using 2 ships of 1,600-1,900 teu with ASL adding the 1,640 teu newbuilding CA SAIGON from 21 September at Nansha, replacing the 1,645 teu SEA OF LUCK that is operated by Gold Star Line (GSL). G
Evergreen and Yang Ming reported their August revenue after the market closed on 9 September with further gains of 1-4% MoM, outperforming the CCFI's 2% MoM drop. More importantly, the combined revenue for July and August has already exceeded the total revenue for the full quarter of 2Q 2024, with carriers still on track to record strong 3Q earnings despite the recent freight rate corrections.
Severe weather across East Asian ports last week have resulted in increased congestion at ports across China and sailing cancellations. Delays remain extensive across all main Chinese ports with waiting times at Shanghai, Ningbo, Qingdao and Yantian reaching up to 3 days with vessel bunching continuing to cause bottlenecks. US congestion remains concentrated on the US East Coast with berth utilization still high especially for larger ships with delays of up to 3 days reported at New York, Norfo
The new Asia-Europe network announced by MSC and Premier Alliance along with the planned Gemini Cooperation will result in one additional Med string in 2025 while the number of services to North Europe remain unchanged. Carriers continue to jostle for market share amidst a rapidly declining rate environment with the SCFI slipping by a further 10.8% last week, while Med rates dropped by 6.4%. The pace of the declines is quickening with carriers keen to cut rates ahead of the Golden Week holida
The main EC freight futures contracts for December 2024 (EC2412) tumbled by 23% over the past week on high trading volumes. Carriers continued to slash FAK rates to North Europe, with market sentiment remaining bearish. Contrarian views are providing support for EC2410 on the belief that October contracts have been oversold at its current 52% discount to the SCFIS. Open interests increased by 11% WoW, indicating the high conviction that traders have on their positions.