Port congestion is clearing up gradually across all main regions, with North American ports recording the biggest improvements although the severe weather conditions in Northeast China in the wake of typhoon Doksuri will have a negative impact on congestion in China in the coming week. The port labour dispute in Canada has officially ended on 4 August after workers in British Columbia accepted the new labour contract ending more than a month of uncertainty that had affected all cargo handled at
China United Lines (CUL) Chairman and CEO Raymond Chen Honghui has appeared in public for the first time since June at an internal meeting on 8 August 2023 in Shanghai. However, former co-CEO Lar Christiansen has left the post earlier this year, less than 18 months after he was appointed on 18 November 2021. The company confirmed the suspension of its European and North American services in 2023, and have shifted its focus on its China-Taiwan, South East Asia and Indian Subcontinent/Middle East
FESCO has launched a new FESCO Indian Service that connects Novorossiysk, Nhava Sheva, Mundra, Novorossiysk with the 1,118 teu FESCO ASKOLD from 28 July 2023. The service will turn in about 40 days using a single ship at the moment.
Maersk net profits slipped 47% QoQ in the 2nd quarter of 2023, with the dismal performance of the logistics segment continuing to pull down the Group’s results. Liner EBIT dropped by a lower 39% QoQ in 2Q to $1.97Bn which is higher than earnings in any quarter prior to 2020. Management lifted the lower end of the full year EBIT earnings guidance from $2 Bn to $3.5 Bn but kept the upper end unchanged at $5 Bn. As 1H 2023 EBIT has already reached $4 Bn, the revised FY guidance implies 2H EBIT to
SCFI rates breached the $2,000/feu level to the US West Coast and $3,000/feu to the East Coast for the first time since October 2022 and December 2022 respectively. Transpacific carriers will further extend their rate gains with the mid August rate increase almost certain to be pushed through successfully with bookings remaining very strong on lower capacity available through August. Capacity availability will pick up in September on both the WC and EC routes, which will test the carriers abi
Maersk’s failure to protect its liner market share in the last 3 years has cost it dearly, as it gave up at least $4 Bn in foregone profits that Maersk would have been able to generate if it had maintained its global capacity share at 18% instead of the current 15.5%. In its stead, Maersk has chosen to invest almost $10 Bn of incremental capital in its logistics services since 2020 as it pivoted to the logistics integrator strategy. However, in its latest 2nd quarter financial report, Maersk’s
Register Free Trial [https://www.linerlytica.com/register/?utm_source=W202332] Maersk’s 2nd quarter results laid bare the failure of its integrator strategy to deliver while allowing its rivals to snatch away liner market share where earnings remain superior to any quarter prior to 2020. Although Maersk’s full year earnings guidance painted a dismal market outlook for the 2nd half of 2023, the liner market barometer has turned positive with the SCFI extending its gains for a 3rd consecutive wee
Akkon Lines have launched a new Turkey Israel Service (TIS) connecting Iskenderun, Ashdod, Haifa, Iskenderunn from 4 August 2023 with the 803 teu JSP RIDER. The service will turn in 11-12 days and complement's Akkon's existing Israel Service (IS) that connects Ambarli, Gebze, Gemlik, Aliaga, Ashdod, Haifa, Ambarli on a weekly basis using the 1,118 teu KAPPA and VENTO.
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
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