Folk Maritime will team up with CMA CGM to launch a new North Red Sea (NRS)/North Red Sea Express (NRX) service from 9 April 2024. The NRS/NRX will call at Jeddah, Neom, Sokhna, Aqaba, Yanbu, Jeddah using 2 ships of 1,600-2,000 teu, starting with the Folk Maritime chartered 2,045 teu JIN SHUN HE, followed a week later by the 1,641 teu APL SAIPAN from CMA CGM. Folk Maritime is a new carrier established on 26 February 2024 in Riyadh to operate feeder and short sea services connecting ports in S
Medkon Lines have launched a new Espana Express (ESX) service connecting Tunisia and Spain from 11 March 2024. The ESX will call at Sfax, Rades, Valencia, Barcelona, Sfax using the 698 teu MEDKON CANAKKALE on a 10 day frequency.
Global port congestion deteriorated last week, with a rise in European congestion around Southern Spain and UK ports. The increased number of vessels calling at Valencia and Barcelona as well as bunching of ship arrivals have resulted in berthing delays of 2-3 days. The hub ports in the western Med, including Algeciras, Tanger and Las Palmas have also seen more vessel calls as relay ports for cargo to the rest of the Med and Upper Red Sea areas. This situation is expected to continue with Red Se
Zim has confirmed the purchase of 5 ships of 8,400-10,000 teu ships in February that were previously chartered from NSC Schiffahrt by exercising a purchase option for a total consideration of $129m. It brings Zim’s total owned fleet to 14 units, compared to just one ship in 2020. Zim’s owned fleet comprises just 11% of its current operated fleet – still the lowest ratio of owned ships amongst the Top 12 carriers. The charter market continue to trend upwards with demand still strong across all s
Hapag Lloyd reported EBIT losses of $251m for the 4th quarter of 2023, with a muted earnings guidance for 2024 despite the expected earnings upside after the rebound in freight rates following the Red Sea crisis. Historically, Hapag-Lloyd’s earnings guidance have been overly conservative as out of the 9 previous guidance provided since 2015, Hapag Lloyd delivered better-than-expected results 6 times and was in-line 2 times.
Spot freight rates tumbled for the 6th consecutive week as the SCFI shed a further 6% last week with more cuts still to come. Carriers failed to push through a mid-March rate increase, with hopes for an April rate hike also fading quickly. Transpacific rates continue to fall sharply, with both the West Coast and East Coast rates tumbling by more than 6% last week. There is still room for rates to fall, with spot rates still 10-20% lower than the current SCFI assessments. Contract rate negotia
Asia-Europe futures CoFIF prices stayed broadly unchanged for the past week on flat trading volumes with spot SCFIS rates dropping further on 18 March to 2,437 points to close the gap with current EC2404 futures which closed at 1,826 points. International Energy Exchange (INE), the exchange where CoFIF contracts are being traded, announced new measures to spur trading volumes after market close on 18 March for EC2406-EC2412: (1) drop the margin requirement from 22% to 18%, meaning for every dol
Register Free Trial [https://www.linerlytica.com/register/?utm_source=W202412] Spot freight rates tumbled for the 6th consecutive week as the SCFI shed a further 6% last week with more cuts still to come. Carriers failed to push through a mid-March rate increase, with hopes for an April rate hike also fading quickly. Intra-Alliance rivalry remains in play, with THE Alliance to re-introduce 2 transpacific strings to the PNW and USEC in April, while ONE and Wan Hai forge a new partnership on the
THE Alliance will reinstate the Asia-US East Coast 4 (EC4/SUEZ1) service from 15 April 2024 after a 6 month suspension. The EC4 was withdrawn in November 2024 for the winter slack season and will return with a new rotation calling at Kaohsiung, Xiamen, Yantian, Cai Mep, Singapore, Norfolk, Savannah, Charleston, New York, Singapore, Kaohsiung with the former call at Hong Kong omitted and divert from the Suez to the Cape route on both its eastbound and westbound voyages. The new EC4 service wil
THE Alliance will reinstate the FE-US West Coast Pacific North 3 (PN3) service from 19 April 2024. The service was withdrawn in October 2023 for the slack winter season but will return after a 7 month break. The new PN3 will call at Hong Kong, Haiphong, Yantian, Shanghai, Busan, Vancouver, Tacoma, Busan, Kaohsiung, Hong Kong retaking the rotation of the former PN3 service with the addition of a new call at Haiphong. The first sailing is scheduled at Hong Kong on 19 April 2024 with the 13,788 t