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Markets

Further Rise in USWC Spot Rates Set Stage for Mid August GRI

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

Companies

Questionable Pivot For Maersk

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

MarketPulse

Market Pulse – 2023 Week 32

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

Services

Akkon launch new Turkey Israel Service (TIS)

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.

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

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