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Services

X-Press Feeders launch Matadi Shuttle X-Press (MSX)

X-Press Feeders have launched a new Matadi Shuttle X-Press (MSX) service connecting Pointe Noire, Matadi, Pointe Noire from 24 May 2024. The service operates on an irregular 5 day frequency using 2 ships of 900-1,100 teu - the 917 teu X-PRESS MEGHNA and 1,145 teu SC PHOENIX on a 10 day rolling schedule. The service caters to feeder cargo to Matadi for Main Line Carriers including Maersk and CMA CGM.

Services

SeaLead adds China-Red Sea (CRS) and Southeast Asia-Middle East (SAM) connections

SeaLead has launched a new China red Sea (CRS) service connecting Qingdao, Shanghai, Ningbo, Nansha, Port Klang, Djibouti, Qingdao and Southeast Asia-Middle East (SAM) service calling at Port Klang, Khor Fakkan, Kandla, Nhava Sheva, Jebel Ali, Port Klang. The 2 new services are operated initially on an irregular frequencies with the CRS using 3 ships of 1,700-2,500 teu since 21 May 2024 and SAM using 2 ships of 1,800 teu since 28 June 2024.

Charter Rates

Charter Rates Rally Continues

Charter rates continue to set new benchmarks with sharp gains across all size segments on dwindling numbers of prompt tonnageCarriers are increasingly reluctant to commit to forward positions in late 2024 and early 2025 given the current elevated charter rate levels, while the number spot fixtures are decreasing noticeably due to the lack of available ships. The focus has shifted to the smaller sizes of below 2,000 teu where there are still a limited number of ships still open. Second hand tran

Ships

Peak newbuilding delivery phase has passed as container fleet reaches 30m teu milestone

The global containership fleet has exceeded the 30m teu milestone for the first time with 51 new containerships delivered in June, bringing the total number of ships delivered in the first 6 months of this year to 271 units for 1.68m teu. A further 1.49m teu is scheduled for delivery later in the 2nd half of the year with only minimal slippages expected. The 2nd quarter is the peak of the current delivery cycle, with an average monthly delivery rate of 315,000 teu at almost 2 new ships joining

Markets

SCFIS up 12.5% WoW

SCFI spot freight rates to North Europe surged by 12.5% with the peak season demand surge continuing while supply is still constrained by port congestion. Pre-GRI cargo bookings surged ahead of the 1 July rate hikes which pushed up demand further despite new capacity from Hapag-Lloyd and CMA CGM as well as several extra loaders using smaller ships. The launch of MSC’s Britannia in July will put further pressure on overall capacity utilization to North Europe which remains tight despite the intr

Markets

2025 EC contracts rally as market prospects

The EC freight futures to North Europe remain bullish with buying interests shifting towards the longer dated contracts in 2025 with EC2502 (February 2025) and EC2504 (April 2025) contracts registering double digit gains last week, bringing them above the corresponding months’ closing rates in 2024. The newly launched EC2506 contract gained 32% since the launch last Tuesday on rising conviction that the Red Sea crisis will last through 2025. However, the EC2408 contract for August 2024 slipped

Port Congestion

Port Congestion at 2.24mn TEU

Port congestion eased slightly with 2.24m teu waiting at anchorages globally at the end of last week. Asian ports remain the primary hotspots, with Southeast Asia accounting for 23% of the capacity waiting for berthing slots globally, while North Asia and Middle East/Indian subcontinent account for a further 20% and 11% respectively. Berthing delays at Singapore remain at up to 4-5 days, although the vessel queues are shortening due to vessel omissions, while Port Klang and Tanjung Pelepas are

MarketPulse

Market Pulse 2024 Week 27

Register Free Trial [https://www.linerlytica.com/register/?utm_source=W202426] The container market stepped up further with SCFI spot rates surging by a further 6.9% while EC freight futures for 2025 contracts registered strong gains on rising conviction that the Red Sea crisis will last through next year. Charter rates continues to set higher benchmarks although carriers remain hesitant to commit to forward positions for ships that are coming open at the end this year and early 2025. The Lati

Services

Maersk relaunch FM1 service

Maersk has relaunched the Far East-Middle East 1 (FM1) service with a new rotation calling at Singapore, Jebel Ali, Abu Dhabi, Salalah, Singapore from 29 June 2024. The new FM1 service will turn in 28 days and will deploy 4 ships of 3,500-8,700 teu.

Services

Maersk to launch new IA11 service

Maersk has relaunched the IA11 service with a new rotation calling at Shanghai, Ningbo, Ho Chi Minh City, Shanghai from 1 July 2024 The IA11 will turn in 14 days and will deploy 2 ships - the 1,740 teu MAERSK VERACRUZ and 1,891 teu ERASMUS LEO. Maersk had operated the IA11 service previously with a southbound call at Kaohsiung which is dropped in the new rotation.

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