Rates to the Med have finally dropped below that to North Europe after maintaining a healthy premium for the past 2 years. The closing of the rate gap has more to do with supply side drivers rather than a drop in demand as vessel capacity to the Med has increased faster than that to North Europe, causing rates to be eroded as the supply-demand balance tilts back in favour of the shippers. Effective capacity to the Med has increased by 6.9% compared to last year, while effective capacity to Nor
Freight futures to North Europe dropped across the board last week, with US recession concerns weighing negatively on market sentiment. The emergence of some sub-$8,000/feu quotations for shipments departing in second half of August for Asia-North Europe route triggered a fresh round of sell-offs for the EC2410 contracts last Thursday, as the rate erosion appears to be accelerating even though capacity to North Europe remains tight. Preliminary vessel utilization for the Asia-North Europe route
Register Free Trial [https://www.linerlytica.com/register/?utm_source=W202433] Although spot freight rates have peaked in July, container carriers are still on track to record bumper 3rd quarter earnings with the July revenue figures more than 100% higher than a year ago. Carriers have managed to retain most of their recent rate gains into August despite the eroding market sentiment with EC freight futures for October trading at a 46% discount to current spot rates. There is some positive rate
COSCO's intra-European feeder operator Diamond Line has launched a new Piraeus-Algiers-El Dekheila (PAE) service in cooperation with Tarros from 28 June 2024 The PAE calls at Piraeus, Algiers, Alexandria, Piraeus, turning in 14 days using 2 ships of 900 teu, with each partner operating 1 ship each. The service was launched on 28 June 2024 from Alexandria with the 925 teu CONTSHIP IVY from COSCO and was followed by the 990 teu BF TROUT from Tarros on 5 July 2024.
SITC has revised its recently launch Malaysia-India-Myanmar (MIM) service with an extended rotation to China to call at Qingdao, Shanghai, Ningbo, Shekou, Chennai, Haldia, Port Klang, Kuantan, Qingdao. The extension of the service to China will allow SITC to omit the westbound Port Klang call that has been affected by congestion. The Malaysia-India-Myanmar (MIM) service will retain its old name even though it will no longer serve Myanmar directly. The previous call at Yangon is dropped in favou
SITC has launched a new Yangon Chennai Service (YCS) calling at Yangon, Chennai, Yangon from 12 August 2024. The service turns in around 8 to 10 days amd deploys the 1,032 teu SITC HAIPHONG that joined the service at Chennai on 12 August 2024.
CMA CGM will launch a new Helsingborg Express (HLX) service connecting Antwerp, Tilbury, Helsingborg, Antwerp. The HLX service will turn in 7 days and will deploy the 508 teu RAGNA from 14 August 2024. Port rotation of the new Helsingborg Express (HLX) feeder service
MSC will relaunch the North Asia-ANZ Wallaby service connecting Hong Kong, Yantian, Xiamen, Shanghai, Ningbo, Sydney, Melbourne, Auckland, Bluff, Lyttelton, Wellington, Napier, Tauranga, Melbourne, Brisbane, Hong Kong. The service will start from 19 August with the 2,732 teu MSC TANIA at Hong Kong. The service is expected to turn in 10 weeks and will deploy 10 ships of 2,700 to 5,000 teu. Port rotation of the new Wallaby service operated by MSCMSC will withdraw the Capricorn and Kiwi service
MSC will launch a new China-Middle East Gulf Clanga service calling at Shanghai, Ningbo, Shekou, Singapore, Dammam, Shanghai from the end of August 2024. The service will turn in 6 weeks using 6 ships of 2,500 to 5,000 teu starting with the 4,713 teu ZHONG AN XIN HUA YUAN at Shanghai on 30 August 2024. Port rotation of the new MSC Clanga serviceFollowing the launch of the Clanga service, MSC will omit the Dammam call on their existing New Falcon service with a new call at Nansha added. The rev
Maersk's liner business turned around in 2Q 2024 after three quarters of negative EBIT but barely got much benefits from the soaring spot freight rates during the 2Q 2024. Average freight rates earned by Maersk up only 1% YoY and 7% QoQ against CCFI's 53% YoY and 12% QoQ. Maersk's liner EBITDA margin at 16.8%, much lower than CMA CGM's 23.9% and ONE's 28.9% in 2Q 2024. So despite of the Maersk's larger fleet, Maersk's EBITDA is 35% below that of CMA CGM's in 2Q 2024. All these three liners that