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MSC adds Mex Gulf to Central America service with slots on Zim

MSC has added a Mex Gulf to Central America service through slots on Zim's Central America Gulf Xpress (CGX) that calls at Kingston, Houston, Altamira, Kingston, Moin, Santo Tomas de Castilla, Puerto Cortes, Kingston using 3 ships of 900-1,100 teu. The move follows the announcement of Zim's new operational collaboration agreement with MSC on trades connecting the Indian subcontinent with the East Mediterranean, the East Mediterranean with Northern Europe, and services connecting East Asia with


TS Lines partners Maersk on new IA-10 service

TS Lines will join Maersk/Sealand Asia on the new IA-10 service that calls at Taichung, Xiamen, Hong Kong, Shekou, Sihanoukville, Bangkok, Laem Chabang, Ho Chi Minh City, Batangas, Manila (North), Taichung. The service turns in 21 days using 3 ships with TS Lines adding the 1,808 teu TS BANGKOK to the service from 20 August 2023, joining the 1,774 teu NORDMAAS and 1,781 teu HELGOLAND from Maersk.


Evergreen to launch Thailand-Vietnam-Philippine (TVP) service

Evergreen will launch a new Thailand-Vietnam-Philippine (TVP) service from 25 September 2023. The service will turn in 28 days using 4 ships of 1,900 teu and call at Hong Kong, Shekou, Nansha, Ho Chi Minh City, Laem Chabang, Haiphong, Kaohsiung, Manila (North Port), Subic Bay, Hong Kong. The 4 ships to be deployed on the initial cycle are the 1,930 teu KANWAY LUCKY and the 1,984 teu trio EVER CLEAR, EVER COPE and EVER CORE. Evergreen TVP service


ONE launch Florida Latin Express (FLX)

ONE will launch a new Florida Latin Express (FLX) service from 4 October 2023. The service will turn in 28 days using 4 ships of 1,400-1,700 teu and call at Callao, Paita, Guayaquil, Cartagena, Port Everglades, Puerto Cortes, Cartagena, Callao. The 4 ships will be positioning from Europe and Asia to join the new service, including the 1,436 teu ESSENCE, 1,740 teu HANSA SIEGBURG and the 1,781 teu newbuilding LANGENESS. Florida Latin Express (FLX) service


CoFIF saw little change in price despite of liquidity influx

CoFIF closed another week up only 1-3% across its 5 contracts while average daily turnover was up 46% WoW back to $1.9bn a day. Although the spot SCFIS reported 8% WoW drop after market on 4 Sep, the CoFIF market saw a huge boost of liquidity the next day (5 Sep) where total trading volume jumped to 400,000 lots, the highest since the launch of CoFIF, while the price of most traded contracts, EC2404, went up 7% for the day. Though, the market quickly gave up most of those 7% gains in the follo


Rate Cut Started Soon After 1 Sep GRI

Transpacific freight rates rose by $100 after the 1 September GRI but the rates gains were lower than expected and carriers have already started to cut rates with the outlook turning negative. Several carriers have already withdrawn their transpacific peak season surcharges (PSS), signifying the early end of the peak season even before the Golden Week holidays in China in October. East Coast and PNW rates are under pressure with capacity still in excess supply on these 2 routes compared to the


COSCO, OOCL and Wan Hai reverse earnings decline

Carriers reported a mixed 2nd quarter 2023 performance, with 3 carriers able to reverse their earnings decline despite the weak market conditions. OOCL and COSCO jumped to the top of the carriers earnings table with their outsized 2Q earnings despite weaker revenue and freight rates. OOCL and COSCO’s EBIT margins at 31.8% and 24.8% are more than 3 times higher than the average of the next 8 carriers which stands at just 6.7%. COSCO reported at the group level a $5.7 Bn improvement in its equ


Container freight futures closed mix in second week on lower trading volumes

The CoFIF container freight futures closed mixed at the end of its 2nd trading week on 1 September with short dated contracts holding relatively better than the longer dated contracts, after taking a dip on 28 Aug. The North Europe EC2408 contract remain in contango at 1,010 relative to the SCFIS spot level of 975 last week, and the latest SCFIS reading of 897 as at 4 September. Although average trading volume dropped 30% WoW to $1.3bn, it remains highly liquid compared to other container freig


COSCO outperformed on provisions write-back

COSCO reported full set of interim results in Asian evening of 29th Aug. Since bottom line has already been given in the alert published on 3rd July, the new news were in the top line and the costs, which give some clues as to how Cosco outperformed the industry in EBIT margin development in this down cycle: Cosco’s 2Q EBIT margin was 25% against the average of the next 8 carriers which stands at just 6.7%. Cosco’s 2Q revenue (-61% YoY) has dropped more than the average among the major liners.


Market Pulse – 2023 Week 36

Register Free Trial [] Freight rates have rebounded slightly following the 1 September rate increase that were applied on trades out of Asia to the US, Australia and India/Middle East but the gains are reversing as quickly as they are applied with carriers offering rate discounts. Asia Europe rates were severely battered due to continued capacity pressure with 3 ULCS units delivered over the past week alone as the pace of newbuilding deliv

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