Carriers have made no headway in controlling surplus capacity, in sharp contrast to the same period last year when the idled fleet rose sharply through November. This time, idled capacity peaked at only 400,000 teu in October but has dropped to just 187,000 teu currently with most of the capacity withdrawn returning after brief intermissions. Even the rise in ships in drydock in October has started to reverse, with the total capacity in drydock falling to 800,000 teu after its recent peak. Chi
Following the SCFIS’s 8% WoW correction on 20 November, the Asia-North Europe CoFIF forward rates endured consistent selling pressure through last week on relatively thin volume. Open Interests edged up as turnover-to-open interest ratio fell to just 1.2-1.3, a level suggesting the trading volume may be able to sustain at over $650mn a day. Trading in the week ahead remains hazy with the SCFIS dropping a further 4.4% on 27 November while the SCFI rebounded 10.2% last Friday on December GRI hopes
The Panama Canal transit restrictions have started to impact containerships for the first time, with a rising number of ships facing delays that are set to worsen over the next 2 months. The limits on vessel transits that have been implemented since 1 November will see the daily transit limit cut from 32 to 18 for all kind of vessels by February next year, with transits for neo-panamax to be limited to 5 daily or 35 weekly. Containerships currently account for 29 weekly neo-panamax transits
Rates to the US West Coast are slipping quickly as the window for holiday season shipments have closed even for the express e-commerce focused services, with the SCFI spot rates dropping by 4.1% last week. But rates to the East Coast are on firmer ground, with carriers pushing ahead with Panama Canal Surcharges that will kick in from December, with all of the FE-USEC services through the Panama Canal to compete for limited neo-panamax transit slots from January. SCFI spot rates to Europe have
Register Free Trial [https://www.linerlytica.com/register/?utm_source=W202348] Carriers are making a last ditch attempt to raise freight rates ahead of the 2024 contract season, as carriers announced rate hikes on 1 December and 15 December 2023 with some initial success on the FE-Europe routes. However, the composite SCFI index continued to slip last week and all of the gains from the last 4 weeks have been erased with carriers making little efforts to curb capacity growth. The heightened ten
MSC has launched a new Torogoz Feeder service connecting Balboa, Acajutla, Puerto Quetzal, Balboa using the 1,878 teu MSC DIAMOND II. The service has been in operation since July 2023, and operates on a 2-3 week rotation on an irregular frequency.
MSC will revise the port rotation of the Far East-US East Coast Santana service from 2 December 2023 to call at Yantian, Ningbo, Shanghai, Qingdao, Busan, Manzanillo, Cristobal, Caucedo, New York, Yantian. The revised service will turn in 11 weeks on a 77 day rotation and will deploy up to 11 neo-panamax ships of 13,000-15,000 teu. The new rotation will omit previous calls at Laem Chabang, Cai Mep and Norfolk while adding a new call at Yantian.
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
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.
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