Global port congestion has dropped to a 3 month low of just 5% of the global fleet waiting at anchorages around the world, with conditions in the 3 main regions in North America, North Asia and Europe all showing continued improvements. No major congestion hotspots have developed after the labour issues at the North America west coast ports are resolved and the after-effects of the recent typhoons have also started to clear out. The situation at the Panama Canal remains under control, with no
Transpacific freight rates are holding at the $1,800-$1,850 per feu level to the US West Coast, with sentiment turning downwards ahead of the 1 September GRI (General Rate Increase). Although carriers will be able to lift rates above the $2,000 level in the coming week, there is considerable skepticism that the rates can hold through the rest of the month. Rates to the East Coast have also started to slip, with more capacity available from extra loaders and limited number of blank sailings thro
Register Free Trial [https://www.linerlytica.com/register/?utm_source=W202335] Although freight rates will receive a minor boost this week from the 1 September rate hikes, market sentiment remains poor with the SCFI giving up all of its gains in August in a repeated pattern of early month rate gains followed by rate cuts as the month progresses. The transpacific rate gains have been more resilient than on Asia-Europe, but even there the momentum is dissipating quickly with the Panama Canal tran
X-Press Feeders will add a new North China-India West Coast X-Press (NWX) service in a new Vessel Sharing Agreement with Maersk on the current FI3 service from 14 September 2023. The new NWX/FI3 service will be an enhancement of the existing FI3 with the addition of new calls at Port Klang, Karachi and Mundra and a 7th ship added with the capacity to be enhanced from 3,300-5,000 teu to the 7,000 teu. X-Press Feeders will contribute 4 of the 7 ships including its new 7,092 teu ships that are b
Tiger Gas has resumed its shipment of LNG tanks from Bintulu to China with the deployment of the 1,384 teu dual fuel LNG ISO tank carrier TIGER MAANSHAN that has taken a load at Bintulu on 19 August 2023 and is heading to Maanshan in China. Tiger Clean Energy (TCE), a unit of Tiger Gas, had entered into an agreement [https://splash247.com/gerry-wang-makes-progress-with-new-lng-venture/] with Petronas in May 2020 to supply LNG to Tiger’s LNG ISO tank filling facility at Bintulu in Malaysia with
CNC (CMA CGM), COSCO and Samudera have teamed up to operate a new Singapore-Haiphong feeder service offering twice weekly departures using 3 ships on an 10-11 day rotation. The service is branded respectively as the Haiphong Singapore Feeder 1 (HSF1CNC) by CNC, Singapore-North Vietnam Express (NVX) by COSCO and North Vietnam Service (NVS) by Samudera. The joint service incorporates the 3 carriers' existing North Vietnam services, with the existing NVX/NVS operated by COSCO and Samudera revamped
Hapag-Lloyd and Feedertech will update their jointly operated India-Gulf 1 (IG1)/Arabian Gulf-India (AGIS) service with a new rotation calling at Jebel Ali, Karachi, Kandla, Nhava Sheva, Jebel Ali, Dammam, Shuaiba, Umm Qasr, Jebel Ali. The revised rotation will replace the call at Mundra with new calls at Nhava Sheva and Kandla. It will continue to deploy 4 ships of 2,700 to 4,200 teu, with 3 units from Hapag-Lloyd and 1 unit from Feedertech. Revised rotation of the India-Gulf (IG1)/Arabian G
CoFIF's (Containerized Freight Index Futures) closed the first full week of trading mostly up despite of bad Euro zone PMI print that came out a day ago and the 6% WoW drop in spot SCFIS on Monday. The SCFI, which usually leads all freight rates indices in container shipping sector, came out at 3pm today down for second week in a row after showing some strength in mid August. While EC2404 (Apr 2024 contracts) are down 6% WoW and EC2406 (Jun 2024 contracts) are flat WoW, other three contracts
MSC and Zim will jointly operate the enhanced Panda/Zim Northeast Asia-Australia (ZAX) service from 18 October 2023 following the withdrawal of Zim's own China-Australia Express (CAX) service. The Panda/ZAX will call at Nansha, Hong Kong, Yantian, Brisbane, Melbourne, Sydney, Brisbane, Busan, Qingdao, Shanghai, Ningbo, Nansha, Hong Kong, Yantian, Nansha using 7 ships of 5,000 teu of which 4 will be operated by MSC and 3 will be from Zim. Revised rotation of the new Panda/ZAX service from Octob
Transpacific carriers failed to hold on to their mid August rate increases and have given back part of their recent rate gains with spot rates falling back to the $1,800/feu level to the US West Coast compared to the latest SCFI assessment of $2,003/feu. Rates to the US East Coast were more resilient, with capacity reduced due to Panama Canal draft restrictions. Maersk has added 9 extra East Coast sailings since July but will be cutting back on these East Coast loaders which will be diverted to