Register Free Trial [https://www.linerlytica.com/register/?utm_source=W202331] Freight rates have rebounded sharply on the back of the 1 August rate increases, with the SCFI rising by 6.5% at the end of last week. High capacity utilisation on the transpacific routes, especially to the West Coast will ensure rates remain elevated to North America with the ILWU Canada contract negotiations still not resolved. Asia-Europe rates will be less resilient, with carriers already under-cutting rates as t
ONE reported a 58% QoQ drop in net profits in the 2nd quarter of 2023, with its higher exposure on the Transpacific routes dragging down its overall profitability by a larger margin compared to CMA CGM. EBIT margins dropped to 10%, its lowest level since 2020 but net profits were boosted by net interest income due to positive cash balances (ONE does not provide balance sheet details and interest income breakdown). ONE did not provide earnings guidance for FY2023, citing low visibility. However
CMA CGM recorded a 34% QoQ and 83% YoY decline in net profits to $1.3 Bn in the second quarter of 2023 on weaker freight rates despite improved liftings that saw sequential volume increases that confirmed the trend shown in our high frequency data on weekly capacity and utilization. But CMA CGM recorded a larger QoQ sequential drop in its average revenue per teu compared to the CCFI due to contract mix and Trans-Atlantic exposure relative to CCFI. Trans-Atlantic head haul freight rates have fall
CNAN Nord has restarted its Algeria-West Africa service to Nouakchott and Dakar with the return of 2 of its 7 ships that have been idle since 2021 and 2022. The 12,645 dwt/665 teu KHERRATA has been deployed on the Alger-Nouakchott line from 24 June 2023 while the 12,161 dwt/842 teu TIMGAD will be deployed on the Algeria-North Europe service with the first call at Antwerp scheduled on 8 August 2023. TIMGAD had been stranded in Belgium since September 2021 and was finally released from detention
CU Lines have made its last voyages on the Asia-Europe and Transpacific routes, ending its brief foray into the main East-West routes and will henceforth refocus on its core intra-Asia and Far East-India Subconinent & Middle East routes. The move will effectively terminate its planned Initial Public Offering (IPO) that was launched in Hong Kong on January 2022. The last Asia-Europe sailing was made by the 1,912 teu ZHONG GU NAN HAI on its Asia-East Mediterranean (AEM) service that called at Amb
Asyad Line has upgraded its Far East Express (FEX) line that connects Oman with India, Singapore and Malaysia with the addition of a new call at Jakarta in Indonesia together with the addition of a 4th ship with the service frequency upgraded to weekly. The upgraded FEX rotation calls at Singapore, Port Klang, Nhava Sheva, Mundra, Karachi, Sohar, Jebel Ali, Dammam, Jebel Ali, Nhava Sheva, Jakarta, Singapore. The first Jakarta call at made on 1 July 2023, marking Asyad's first direct call at Ind
Sealand Asia (Maersk) and TS Lines will add a northbound call at Qinzhou on their jointly operated NV2 service starting from 2 August 2023. The revised NV2 will retain a 14 day rotation and call at Ningbo, Shanghai, Hong Kong, Haiphong, Qinzhou (new), Hong Kong, Ningbo. The service currently deploys 2 ships of 1,000-1,200 teu with Sealand and TSL each contributing one ship.
ONE will launch a new Thai Hakata Express (THX) service from 10 August 2023 through slots on the existing SITC/Jinjiang Shipping (JJS) Vietnam Thailand Express 5 / China Thailand Express 2 (VTX5/CTX2) service. The service calls at Lianyungang, Qingdao, Laem Chabang, Bangkok, Laem Chabang, Ho Chi Minh City, Nansha, Hakata, Osaka, Kobe, Busan, Lianyungang but ONE's THX will be limited to the northbound connections calling at Bangkok, Laem Chabang, Ho Chi Minh City, Nansha, Hakata, Osaka, Kobe.
Charter rates continued to slide for the smaller sizes, with prompt tonnage readily available in the 1,100 and 1,800 teu segments with a number of newbuildings due in the next 3 months still uncommitted, while sublet candidates have increased. Zim in particular has been actively reducing its charter commitments, through both sublets and charter terminations. 2 ships have already left in July, with several more to be redelivered in the coming month. Activity in the larger sizes is still limited,
MSC has increased its exposure to the Russian market with a new China to St Petersburg relay service via Klaipeda and Antwerp. With a total capacity of over 8,000 teu per week, MSC has further solidified its position as the largest carrier in the Russia Baltic market that it has maintained despite the ongoing European Union sanctions against Russia. MSC has deployed the 4,112 teu MSC VAISHNAVI R. on the Klaipeda-St Petersburg feeder service since 27 May 2023 with the frequency improved in July