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Ships

Ships slated for scrapping sold for further trading

The Abrao Group of India has acquired its first ship, taking over the 1,662 teu WAN HAI 267 that has been renamed ABRAO COCHIN. The ship is currently at Qingdao and is expected to be used for trading in the India. The ship is one of 6 units of the 1,662 teu Wan Hai 260 series built in 2001-2002 in Shin Kurushima that were originally slated for scrapping by Wan Hai. However, there has been strong buying interest for further trading, with the first ship WAN HAI 261 sold to Chinese interests in Ju

Fixtures

Charter Rates Tumbled for Ships Below 5,000 TEU

Charter rates for ships below 5,000 teu have tumbled with an increasing pool of redelivered ships and relets while charter periods have also shortened with carriers unwilling to commit to longer periods in a slowing market. Rates for ships above 5,000 teu have remained relatively resilient but this is only due to the limited number of candidates available in the market. Zim continues to shed its surplus tonnage, with the 4,252 teu VOLANS redelivered 10 months early and retaken by Hapag-Lloyd at

Services

IRIS Lines refocus on Philippines domestic trade

IRIS Lines have pulled out from the international markets and have returned to its Philippines roots after pulling out the 1,118 teu IRIS PAOAY from the Thailand Philippines route. The IRIS PAOAY was acquired by IRIS Lines in 2017 and was trading in the Philippines domestic routes until 23 September 2021 when IRIS redeployed the ship to the Transpacific. The ship made 4 transpacific voyages connecting the Manila and Davao directly to the US West Coast between September 2021 and August 2022 wher

Ports

Hapag-Lloyd completes acquisiton of SAAM

Hapag-Lloyd has completed the acquisition of SAAM's port and logistics operations for a total price of $995m on 1 August 2023 after securing relevant regulatory approvals. The deal was first announced on 4 October 2022 with a binding agreement signed on 6 October 2022. The transaction includes interests in 1o terminals in Iquique, Antofagasta, San Antonio, San Vicente and Corral (Chile), Port Everglades (United States / Florida), Mazatlán (Mexico), Buenavista (Colombia), Guayaquil (Ecuador) and

Services

SeaLead, Sinotrans, SITC and TSL jointly launch new Far East-India Express (FIX/FIE1/CIE) service

SeaLead, Sinotrans, SITC and TS Lines are jointly launching a new Far East-India Express/China India Express (FIX/FIE1/CIE) service from 23 August 2023. The new service will call at Qingdao, Shanghai, Ningbo, Shekou, Chennai, Visakhapatnam, Port Kelang, Shekou, Qingdao. The service will deploy 5 ships of 2,400-4,400 teu, the 4,395 teu REN JIAN 27 from SeaLead, 2,400 teu SNL HAIKOU from Sinotrans, 2,698 teu SITC ZHAOMING from SITC, 2,900 teu TS MELBOURNE from TSL and a 5th ship that remains to b

Services

UAFL upgrades Middle East Express (MEX) service with extension to Nacala and relay connections to North Europe

United Africa Feeder Line (UAFL) has extended its Middle East Express (MEX) service to Nacala with the first call at the Mozambique port scheduled on 19 August 2023. The revised service rotation will call at Nhava Sheva, Karachi, Jebel Ali, Port Victoria, Nacala, Mutsamudu, Nhava Sheva using 2 ships, the 1,730 teu SZCZECIN TRADER and the 1,866 teu UAFL DUBAI that turns every 38-42 days with sailings every 19-21 days. The MEX will connect at Jebel Ali to connect with CMA CGM's EPIC service that

Services

OCEAN Alliance adds another Gdansk call in Asia-Europe network

CMA CGM will add a new call at Gdansk on the Asia-Europe FAL 1 service that is operated as part of the OCEAN Alliance NEU1 service from the westbound rotation starting from 10 August 2023. The service is branded respectively as AEU2 by COSCO, LL4 by OOCL and FAL1 by Evergreen. The extended FAL 1 rotation will call at Busan, Ningbo, Shanghai, Yantian, Singapore, Algeciras/Tanger Med (alternate calls), Dunkirk, Le Havre, Hamburg, Gdansk (new from 5 Oct 2023), Rotterdam, Algeciras, Port Klang, Bus

Services

Wan Hai and Unifeeder launch India-Middle East (IM1/IMS) service

Wan Hai and Feedertech/Unifeeder have teamed up to launch a new India-Middle East Service (IM1/IMS) that will call at Mundra, Nhava Sheva, Jebel Ali, Port Qasim, Mundra. The service will turn in 2 weeks and deploys the 1,858 teu BIG BREEZY from Wan Hai that will join the service on 1 August 2023 and the 1,613 teu SSL MUMBAI from Feedertech that joins on 8 August 2023. The India-Middle East Service (IM1/IMS) will start from 1 August 2023

Companies

CU Lines expansion plan scuttled

CU Lines’ global expansion plans have been derailed with the withdrawal of its last 2 ships on the Asia-Med and Asia-USWC routes. CUL’s Initial Public Offering (IPO) bid first launched in January 2022 has already been withdrawn, and its goal of operating a fleet of 45 ships for 160,000 teu by 2025 will not be achieved with its current operated fleet shrinking by 67% from its peak in 2022 to just 30,700 teu currently. CUL has a remaining orderbook of 6 ships with a total capacity of 24,200 teu in

MarketPulse

Market Pulse – 2023 Week 31

Register Free Trial [https://www.linerlytica.com/register/?utm_source=W202331] Freight rates have rebounded sharply on the back of the 1 August rate increases, with the SCFI rising by 6.5% at the end of last week. High capacity utilisation on the transpacific routes, especially to the West Coast will ensure rates remain elevated to North America with the ILWU Canada contract negotiations still not resolved. Asia-Europe rates will be less resilient, with carriers already under-cutting rates as t

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