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Markets

OCEAN Alliance extension leaves THE Alliance stranded

The OCEAN Alliance partners (CMA CGM, COSCO, OOCL and Evergreen) have extended their 10 year cooperation agreement that started in April 2017 for 5 more years until 31 March 2032. The move will cement the group’s dominant position as the largest global carrier alliance, with a significant lead over their rival alliances on both the Transpacific and Asia-Europe routes. The move also leaves the remaining members of THE Alliance partners stranded as they will not be able to draw one of the OCEAN A

Services

Medkon and Turkon launched Red Sea Express Service/Türkiye Red Sea Service (RSX/TRS)

Medkon and Turkon have launched a new service connecting Turkey with the Red Sea from 3 March 2024. The new service is branded as Red Sea Express Service/Türkiye Red Sea Service (RSX/TRS) respectively by Medkon and Turkon to call at Iskenderun, Mersin, Jeddah, Aqaba, Iskenderun. The service will turn in 2 weeks using 2 ships of 1,100 teu starting with the 1,131 teu LEYLA KALKAVAN on 3 March 2024 followed by the 1,134 teu MEDKON PERLA will start on 13 March 2024.

Markets

9% Drop In Spot For Both NEUR and WCNA Last Week

The freight rate correction gathered pace after carriers failed to defend their pre-Chinese New Year gains with the SCFI shedding 6.2% last week. Although the Red Sea dividend remain in play with spot rates still 96% higher compared to December last year, cargo demand has not rebounded sufficiently after the Chinese New Year holidays to provide rate support with carriers unable to mount a serious 1 March GRI attempt on the transpacific route ahead of the crucial annual contract negotiations. Tr

Markets

Forward rates largely unchanged on low volumes

The CoFiF market shrugged off the 9% drop in the SCFI Asia-North Europe rates last week as the drop was already widely anticipated with forward rates still trading at a discount to spot. The latest SCFIS (Europe) index on 4 March dropped by 3.0% after the previous week’s 9.5% fall with the smaller decline helping to curb further selling in the CoFiF market. With the EC2404 expiration date drawing closer, trading volumes have dropped amidst uncertainty over the extent and speed of further rate

MarketPulse

Market Pulse 2024 Week 10

Register Free Trial [https://www.linerlytica.com/register/?utm_source=W202410] The freight rate correction gathered pace after carriers failed to defend their pre-Chinese New Year gains with the SCFI shedding 6.2% last week. Although the Red Sea dividend remain in play with spot rates still 96% higher compared to December last year, cargo demand has not rebounded sufficiently after the Chinese New Year holidays to provide rate support with carriers unable to mount a serious 1 March GRI attempt

Services

COSCO/OOCL add Mediterranean Feeder/Israel West Med (MFS/IWM) service

COSCO and OOCL have added a new Mediterranean Feeder Service (MFS) / Israel West Med (IWM) service with the injection of a ship to Zim's Tyrrhenian Container Line (TYR) service. COSCO has been taking slots on the Zim service since November 2023. The TYR/MFS/IWM calls at Ashdod, Haifa, Fos, Genoa, Salerno, Ashdod and turns in 3 week with 3 ships of 1,100-1,400 teu. COSCO will deploy the 1,223 teu FREDERIK on the service from 13 March 2024 to join Zim's 1,134 teu ASIATIC KING and 1,421 teu NAVI B

Services

Maersk replaces PA1 with new HP3 and revised IA88 intra-Asia services

Maersk has launched a new HP2 intra-Asia service calling at Busan, Hakata, Shanghai, Ningbo, Kaohsiung, Hong Kong, Haiphong, Danang, Yantian, Hong Kong, Nansha, Kaohsiung, Busan from 29 February 2024. The HP3 service will turn in 3 weeks and deploys 3 ships of 1,757-1,781 teu - the NORDTIGER, CELANDINE and HELGOLAND. Maersk HP2 service rotationThe HP2 service replaces the current PA1 services where the 3 ships were previously deployed. The PA1 called at Busan, Hakata, Moji, Hibiki, Busan, Sha

Services

Evergreen to launch North China-Indonesia (NCI) service

Evergreen will launch a new North China-Indonesia (NCI) service calling at Xingang, Dalian, Qingdao, Gunsan, Ningbo, Nansha, Ho Chi Minh City, Tanjung Pelepas, Jakarta, Surabaya, Manila (S), Batangas, Hakata, Xingang. The NCI service will start from 29 March 2024 at Nansha with the 1,904 teu EVER CHART. It will turn in 5 weeks using 5 ships of 1,900-2,600 teu to cover 7 different countries in the North Asia to Southeast Asia corridor.

Markets

Comparing Existing Container Freight Futures Products

There are basically two freight futures products one being Freightos Baltic's CFFA(container freight forward agreement) being traded at SGX (Singapore Exchange) and CME (Chicago Mercantile Exchange), and INE's CoFIF (container freight index futures). INE (International Energy Exchange) is the exchange that faces offshore traders/users under Shanghai Futures Exchange. Key findings: 1. CoFIF has liquidity while CFFA doesn't. Liquidity is probably 99.9% of the determining factors about whet

Port Congestion

Port Congestion Eased Further Last Week

Global port congestion continues to ease with a notable fall in congestion at Chinese ports. Overall congestion at North Asia’s ports have dropped to their lowest levels since June 2021, with no serious congestion reported apart from Ningbo and Shanghai but average waiting times have fallen to less than 1 day. North American port congestion is limited at Oakland (up to 6 days), Tacoma (up to 4 days) and Savannah (up to 3 days) with no congestion reported at the main terminals at LA/LB and NY/NJ

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