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Markets

CoFIF edged lower while remain contango

Asia-North Europe forward freight prices on CoFIF edged a bit lower, ignoring the Nov 1 GRI and the on-going correction in the spot market, while the trading volume stabilizes at just below $900m a day. After 55 trading days since launch, the CoFIF has been a surprising success in the liquidity front, which are sustained primarily by the onshore retail traders. As per the exchange, 80% of the trading volume come from qualified retail traders and nearly all trading volume come from onshore pools

Services

Admiral Container Lines add intra-Med service

Admiral Container Lines (ACOL) has launched a new intra-Med Adriatic Express (AEX) service from 2 November 2023 connecting Haifa, Ashdod, Alexandria, Istanbul, Mersin, Koper, Venice, Haifa using the 801 teu ADMIRAL MARS and 868 teu MOVEON on a 14 day rotation.

Services

Seaboard Marine add Wilmington-North Central America service

Seaboard Marine will launch a new Philadelphia/Wilmington-North Central America service from 26 November 2023 calling at Santo Tomas de Castilla, San Salvador, Puerto Cortes, Managua, Philadelphia, Wilmington, Santo Tomas de Castilla using 2 ships of 1,800 teu.

Services

CMA CGM/CNC upgrades KCS service to the 6,000-7,000 teu scale

CMA CGM'S intra-Asia arm CNC has upgraded the Korea China Southeast Asia (KCS) service to the 6,000-7,000 teu scale, making it the largest dedicated intra-Asia service alongside Maersk/Sealand Asia's IA-8 service that deploys ships in the 6,000 teu size. These 2 intra-Asia services are the largest services in the North Asia-Southeast Asia corridor that commonly employs ships in the 1,700-4,200 teu scale. The KCS calls at Xingang, Dalian, Lianyungang, Qingdao, Singapore, Jakarta, Surabaya, Man

Services

Samskip initiates Finland/Latvia service

Samskip has launched a new Baltic Sea - Finland/Latvia service from 7 November 2023 to connect Helsinki, Riga, Hull, Rotterdam, Helsinki. The service turns n 2 weeks using 2 ships of 500 teu. The service was initiated at Helsinki on 7 November with the 366 teu ORION for a single trip before being replaced by the 509 teu BF CARTAGENA and 508 teu DORNBUSCH.

Services

Zim relaunch ZIM eCommerce Xpress (ZEX) service to US West Coast

Zim will relaunch the ZIM eCommerce Xpress (ZEX) service from 19 November 2023 to provide an expedited service from South China to Los Angeles. The service will see Zim's ships return to the US West Coast after it withdrew the ZEX in February 2023 and the ZNP in June 2023. The new ZEX will connect Xiamen, Yantian, Los Angeles, Xiamen using 6 ships of 4,200 starting with the 4,252 teu FELIXSTOWE and followed by SEASPAN LONCONMILLA (4,256 teu), ZIM CARMEL (4,360 teu), SEASPAN CHIBA (4,520 teu), S

Markets

Freight Rate Watch: More GRIs Busier With Rate Cuts Until Capacity Adjusted

The SCFI transpacific rate assessments surged for a second straight week to pass $2,100/feu to the West Coast and $2,400/feu to the East Coast but these rates cannot be sustained in the traditional slack season in November, with spot rates settling into the usual routine of early month hikes followed by mid-month declines. The same pattern will be repeated through November, with capacity rising sharply this month on both WC and EC routes. Forward capacity forecasts for November currently shows a

Markets

CoFIF steady despite November rate hike

Asia-North Europe forward freight prices on CoFIF were mostly unchanged last week, with the SCFI spot rate assessment slipping by 1.7% after surging by 32% the week before, while the latest SCFIS recorded a 1.7% increase following the 7.7% gain a week before. The CoFIF is settled on the SCFIS (Shanghai Export Containerized Freight Index based on Settled Rates) which is based on the blended average settled rates determined by the Shanghai Shipping Exchange with a base index of 1,000 as at May 20

Companies

Maersk pays heavy price for rate slashing strategy to regain market share

Maersk swung to a -$27m EBIT loss in 3Q 2023 but instead of shedding excess capacity, Maersk has been actively adding new capacity while slashing rates to recover market share. Maersk’s aggressive price cutting was one of the main reasons behind the dramatic drop in market rates in the 3rd quarter. Maersk’s average freight rates dropped by 14% QoQ despite having 68% of its total volumes on fixed contracts, highlighting just how aggressive its pricing actions have been as its total liftings rec

MarketPulse

Market Pulse – 2023 Week 45

Register Free Trial [https://www.linerlytica.com/register/?utm_source=W202345] The SCFI rally is coming to an end after 4 consecutive weekly gains, with spot freight rates already starting to slip even as carriers eye a new round of rate hikes in December. Carriers have not withdrawn sufficient capacity for the higher rates to stick despite the rapidly eroding earnings with Maersk becoming the latest casualty following Zim and Wan Hai to have reported quarterly EBIT losses this year. Carriers c

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