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Markets

New Entrants Commitments

Carriers’ attempts to drive out the marginal players in the market by aggressive rate cuts have so far failed to achieve any of the desired results, as spot freight rates suffered another large fall last week while trade capacity has not been reduced. Exit are not obviously available for the new entrants, even if they are looking for one. Tonnage shortage over the past two years means the vessels could only be chartered for exceptionally high charter rates and much longer period commitment,

MarketPulse

Market Pulse – 2022 Week 36

Register Free Trial [https://www.linerlytica.com/register/?utm_source=W202236] Carriers’ attempts to drive out the marginal players in the market by aggressive rate cuts have so far failed to achieve any of the desired results, as spot freight rates suffered another large fall last week while trade capacity has not been reduced. The SCFI index dropped by 10.0%, following from the 9.7% drop a week earlier with no signs of rates stabilising anytime soon. Charter rates have continued to fall, alb

Services

Safeen launches UAE-China service

Safeen Feeders has expanded its coverage to China with the launch of a new UAE-China service connecting Khalifa Port, Qingdao, Shanghai, Ningbo, Singapore, Khalifa Port. The service will turn on a monthly basis using one ship, the 3,421 teu SAFEEN POWER (ex EASTAWAY MALMSEY, built 2011) that Safeen that acquired in August from Sea Consortium. The ship departed from its maiden call at Shanghai on 9 September 2022. The new service will be Safeen Feeders’ first service to call in China, and foll

Services

Containerships started ISX

Containerships started Irish Sea Express (ISX) that connects Dunkirk, Dublin, Greenock, Rotterdam, Dunkirk with two ships. 803 teu Ranger joined the service on Sep 1 at Greenock while 907 teu Linda joined on Sep 7 at Greenock.

Services

CMA CGM resumed MEDGULF Service

CMA CGM is resuming the MEDGULF service that connects the West Mediterranean to the US Gulf and Mexico. The original MEDGULF service was first launched in April 2015 but it was suspended in December 2015 and replaced by a MEDGULF Ecuador (MGE) loop. The revised MEDGULF service will resume on 29 September 2022 with the 2,826 teu CMA CGM NAVEGANTES that will call at Genoa, Valencia, Miami, Veracruz, Altamira, Houston, Tangier Med and Genoa. Genoa. The service will turn in 6 weeks on a 42 day ro

Companies

EMC August Revenue down 10% MoM

Evergreen Marine Corp. (EMC), the Taiwan listed arm of the Evergreen Group has reported a 10% MoM drop (8.5% in NTD) in operating revenue in August. The point of focus is the sequential change, which is larger than the CCFI's 6% MoM drop. It is unusual for carriers to report sequential revenue drops in August, during what should have been the middle of the usual peak shipment season. The last time EMC reported a larger sequential drop in any month in 3Q was in September 2011. EMC is expected to

Port Congestion

Typhoon Hinnamnor Drove Up Congestion in North Asia

The increase in Chinese port congestion last week drove global congestion levels from 12.2% to 13.0% of the containership fleet.

Services

ASL to launch Australia China Express (ACX) service

Asean Seas Line (ASL) will expand its service coverage outside of the intra-Far East routes for the first time with the launch of a new Australia China Express (ACX) service from 25 September 2022. The ACX will call at Qingdao, Shanghai, Shekou, Brisbane, Sydney, Melbourne, Qingdao starting with the 1,800 teu newbuilding ASL HONG KONG on 25 September followed by ASL BAUHINIA is scheduled to join the ACX on 15 October. The 2 ships are the first 2 units of a series of 6 new Bangkok-max ships of

MarketPulse

Market Pulse – 2022 Week 35

Register Free Trial [https://www.linerlytica.com/register/?utm_source=W202235] Freight rates tumbled last week, with the SCFI falling by 9.7% for its worst weekly drop since 2016. FE-WCNA rates led the declines, dropping by 22.9% to $3,959/feu. Latest rates offered by transpacific carriers have already breached the $3,500 mark, guaranteeing further drops in the published rate indices in the coming weeks with all tradelanes out of Asia remaining under pressure. Typhoon Hinnamnor will impact vess

Pacifica

Pacifica Shipping adds 2nd ship on NZ domestic service

Pacifica Shipping, the New Zealand domestic shipping subsidiary of Swire Shipping, has introduced a second ship to its coastal schedules. The 1,368 teu TAKUTAI CHIEF (ex LIHIR CHIEF) has joined Pacifica on 9 September 2022 at Marsden Point. The ship is taken from Swire's fleet in the South Pacific and has been switched to the New Zealand flag. It joins the 1,732 teu MOANA CHIEF that has been operated on the New Zealand coastal trades since August 2019. The 2 ships will be deployed on a fixed-d

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