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COSCO/OOCL launch UAE-India Sub-Continent Gulf 2 (UIG2) service

COSCO and OOCL have introduced a new UAE-India Sub-Continent Gulf 2 (UIG2) service calling at Nhava Sheva, Hazira, Mundra, Abu Dhabi, Jebel Ali, Sharjah, Khalifa bin Salman, Abu Dhabi, Sohar, Nhava Sheva from 22 November 2023. The service replaces the current Asia Gulf India 2 (AGI2) service that calls at Singapore, Mundra, Jebel Ali, Abu Dhabi, Hamad, Khalifa bin Salman, Abu Dhabi, Singapore. The UIG2 turns in 21 days using 3 ships - the 2,174 teu ADVANCE and SPRINTER, together with the 1,7


Panama Venezuela X-Press (PVX) launched

X-Press Feeders has launched a new Panama Venezuela X-Press (PVX) service connecting Manzanillo (Pan), Cartagena, La Guaira, Puerto Cabello, Manzanillo (Pan) from 15 November 2023 with the 2,526 teu CALLIOPE. The service turns in 14 days with a fortnightly frequency initially using 1 ship.


Early Data Suggested Decent Throughput Growth Globally in Sep

Global container throughput increased by 5.4% in September, based on flash estimates from Linerlytica’s global ports survey. It is the strongest monthly growth rate achieved so far in 2023, although this is tempered by the low base in September 2022 when container volumes first showed signs of weakness after the frenetic growth in the previous 2 years. The strong September growth rate raised  the 3rd quarter throughput growth to 1.9% - the first positive quarter this year. YTD volumes remain n

Port Congestion

Global Port Congestion Watch: Rising

Total vessel capacity waiting at ports increased to 1.94m teu or 6.5% of the fleet at the end of last week, with a growing number of ships waiting at Chinese ports. While port operations at Chinese ports remain normal, the rising number of ships waiting was due to scheduled delays for vessels phasing in/phasing out as well as ships entering and leaving drydock in China. The congestion situation in South Africa has continued to deteriorate with delays extended up to 10 days. Total capacity waiti


Hapag-Lloyd 3Q

Hapag Lloyd’s earnings during 3Q fell back to the pre-2020 level. Yet. Hapag Lloyd still lead the liner peers on EBIT margin and Return on Equity (RoE).  Hapag-Lloyd has been consistently generating better EBIT margin than the other top 5 liners, save for COSCO, which are on a different set of accounting policies. The better RoE is attributable to both higher EBIT margin and better capital efficiency. Hapag-Lloyd has been cutting its fuel costs by both higher fuel efficiency and scrubber fittin


Taiwanese Liner 3Q results

Taiwanese carriers reported 3Q 2023 financial results last week with their earnings decline accelerating in spite of the volume recovery. Aggregating the liners’ top line breakdown, volume was up 4% QoQ and 2% YoY while unit revenue was down 11% QoQ and 58% YoY. Interest and liquid investment income have become a significant addition to the carriers’ bottom lines as their cash balances are now comparable to the fixed assets on their balance sheets. Several off the charts data in EMC’s 3Q result


Zim’s $2bn impairment will not be enough to lift its 4Q performance

Zim recorded a net loss of $2,270m in the 3rd quarter, due mainly to a non-cash asset impairment write down of $2,063m. Adjusted EBIT losses excluding the non-cash items stood at -$213m for an EBIT margin of -16.7% which places Zim at the bottom of the carrier EBIT margin rankings for the 2nd consecutive quarter. Zim will receive a boost to its earnings of over $150m per quarter as a result of the impairment charge due to lower depreciation expenses going forward but it will not be enough to l


3Q Results Take-Away: Liners were at breakeven point

Key take aways from the 11 liner's 3Q results. The 11 liners represent 66% global container liner capacity. Figures in the following are aggregates of the 11 liners unless stated otherwise. 1. Liners were down to breakeven point. The average EBIT margin fell to negative 0.1% or broadly operating breakeven if we exclude only the liners that have made material provisions/write-back (COSCO); inorganic growth (Evergreen); and stopped to report (CMA CGM). Including COSCO, Evergreen and


Sinokor launch PCI2 service

Sinokor has launched a new Pusan-China-Indonesia 2 (PCI2) service connecting Busan, Kwangyang, Singapore, Jakarta, Haiphong, Shekou, Shantou, Xiamen, Incheon, Ulsan, Busan from 22 November 2023 using 4 ships of 1,800-2,100 teu (MANILA VOYAGER 2105 teu, BRIGHT COSMOS 1911, SAWASDEE VEGA 1809, SAWASDEE MIMOSA 1809 teu). The service will replace the former Korea Indonesia 2 (KI2) service that was operated jointly by Sinokor with HMM and KMTC that was withdrawn in October 2023.


Global Fleet Top 28m, Another 9% Growth Next 12 Months

The global containership fleet has passed 28m teu last week, with total new ship deliveries since the start of this year reaching 1.94m teu. More than 1 new ship has been delivered each day since June this year, with the same pace to continue through the next 12 months. Carriers are facing a difficult time maintaining recent freight rate gains in the face of the capacity influx, with vessel scrapping and idling remaining at very low levels. The freight rates (SCFIS) were down between 80% and 9

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