China’s onshore container freight futures market was closed for the Golden Week holidays from 1 to 7 October but is poised to trade weaker when it re-opens following the SCFIS’ 16% week-over-week drop on 7 October. The end of the USEC port strike also removes the last remaining hope for supply to remain tight for the remainder of the year, with a further correction in freight rates now inevitable. Carriers’ rate quotations remain largely unchanged over the past week at around $3,000/FEU with in
Carriers remain on track to report bumper 3Q earnings with COSCO Shipping setting the early pace after it issued a profit alert on 7 October showing 3Q 2024 net income improved by 286% YoY to RMB 21.3 Bn. COSCO subsidiary OOCL also released its 3rd quarter trading update with revenue rising by 74% compared to a year ago, and is also up 35% compared to the 2nd quarter led by increased rates on the Asia-Europe route (up 51%) and Transpacific (up 29%).
Register Free Trial [https://www.linerlytica.com/register/?utm_source=W202441] The US East Coast dockworkers’ strike ended after the ILA agreed a 61.5% wage hike over 6 years, far in excess of the 32% increase that the ILWU secured for their 2022-2028 US West Coast master contract. Although congestion at East Coast ports surged to their highest levels since 2022 at the end of the 3-day strike, the vessel queue is clearing up quickly after all the affected ports resumed operations on Friday. Wi
SeaLead will introduce a new Mediterranean Gulf Express (MGX) service connecting Jebel Ali, Djibouti, Aliaga, Damietta, Jebel Ali from 19 October 2024. The MGX is expected to turn in 3 weeks and deploy 3 ships of 1,700 teu starting with the 1,725 teu SHUN LONG.
Global Feeder Shipping (GFS) and SeaLead have launched a new Spain Turkiye Morocco (STM) service connecting Ambarli, Gebze, Aliaga, Barcelona, Valencia, Algeciras, Casablanca, Tanger, Valencia, Barcelona, Ambarli. The service will turn in 3 weeks and deploys 3 ships of 1,100 to 1,400 teu starting with the 1,440 teu GFS SAPPHIRE at Ambarli on 20 September 2024, followed by the 1,440 teu CAPE FULMAR and 1,134 teu SSF LILY. Port rotation of the new STM service
Emirates Shipping Line (ESL), Global Feeder Shipping (GFS), KMTC and TS Lines (TSL) will launch a new South China-Middle East Express (SMX/Sirius/AIM3) service calling at Nansha, Dachan Bay, Port Klang, Jebel Ali, Hamad, Nansha from 8 November 2024. The SMX/Sirius/AIM3 will turn in 35 days and deplaus 5 ships of 3,000 to 4,400 teu, starting with the 4,395 teu REN JIAN 27 from KMTC at Nansha on 8 November 2024, following by the 4,395 teu REN JIAN 16 and REN JIAN 19 from ESL, 2,954 teu TS COLOMBO
Maersk will launch a new Northern Star service connecting Shanghai, Hong Kong, Brisbane, Auckland, Nelson, Timaru, Port Chalmers, Napier, Tauranga from 20 October 2024. The Northern Star service will turn in 8 weeks and deploys 8 ships of 2,700 to 3,500 teu starting with the 3,450 teu MAERSK INNOSHIMA at Shanghai on 20 October 2024. Maersk new Northern Star service port rotationFollowing the introduction of the new service, Maersk will revise the rotation of the Southern Star service from 2 No
SeaLead has launched a new Mediterranean Express Service (MES) connecting Turkey and Libya from 4 September 2024. The MES service calls at Ambarli, Izmit, Aliaga, Misurata, Benghazi, Ambarli and turns in 2 weeks using the 1,134 teu MEDKON PERLA and 1,723 teu GREEN HOPE.
The US East Coast port strike has just ended. As of October 1, the container vessel capacity waiting outside the US East Coast and Gulf region amounted to 346,185 TEU. This is one of the key factors contributing to the global container vessel capacity affected by port congestion, which now stands at 2.8 million TEU. No SCFI today (4 Oct) as China is on a week-long holiday, but based on the liners' online quotations, FE-WCNA freight rates was lower since last Friday with Maersk reduced its quota
Charter rates continue to move on 2 different tracks with the larger sizes of over 4,000 teu continuing to power ahead while the rates for the smaller sizes are easing gradually. Carriers are still scrambling to secure all available tonnage in the larger segments with forward deliveries now stretching into 2Q 2025. CMA CGM, COSCO, Hapag-Lloyd and Maersk were the most active carriers with various extensions and forward fixtures concluded in the last 2 weeks. Hapag-Lloyd has taken 4 units of the