THE Alliance carriers (Hapag-Lloyd, HMM, ONE and Yang Ming) will suspend the FE-US West Coast PS5 service from August 2023. The service calls at Shanghai, Ningbo, Los Angeles, Oakland, Tokyo, Shanghai using 6 ships of 8,000-9,000 teu from ONE with an average weekly capacity of 8,468 teu. The last sailing is scheduled to depart from Shanghai on 30 July 2023. The removal of this service will reduce the overall FE-USWC capacity by 3%. THE Alliance will adjust the rotation of 3 of its FE-USWC ser
Charter rates are easing across all sizes after their unexpected rally in the 1st half of the year, with activity slowing down noticeably in recent weeks due to weaker market demand, as well as the onset of the summer holidays. There were a number of charter extensions taking effect in July, featuring ships from Danaos, GSL and Seaspan in deals concluded several months earlier. Hapag-Lloyd exercised their extension options on the 10,114 teu EXPRESS ROME and EXPRESS ATHENS at $30,000 per day fo
The dockworkers strike at Canada’s west coast ports that started on 1 July 2023 has not resulted in any rise in congestion numbers so far although this could change if the strike persists. There are 9 ships scheduled to arrive at the 2 Canadian West Coast ports of Vancouver and Prince Rupert in the next 2 days. Overall port congestion across the Puget Sound ports including Seattle and Tacoma has not seen any significant change since the strike started over the weekend. Of the other ports in th
Bengal Tiger Line has added a new call at Jebel Ali on its India-Saudi-Iraq (ISI) service, replacing the Dammam call. The ISI service was first launched on 8 February 2023 to connect Mundra, Dammam, Umm Qasr, Mundra on a fortnightly basis using the 929 teu XO LUCKY. A new westbound call at Kandla was added on 13 April 2023 and the latest change will add a new eastbound call at Jebel Ali from 15 June 2023. The revised ISI service will call Mundra, Kandla, Umm Qasr, Jebel Ali, Mundra on a 14 da
OOIL reported 2023 Q1 top line breakdown overnight (5 July) where its revenue dropped 9% QoQ and 63% YoY. More importantly, overall average freight rates for OOIL fell 15% QoQ and 63% YoY, comparing to CCFI's 14% QoQ and 70% YoY drop. And all four routes registered decline in average freight rates both QoQ and YoY where Transatlantic route suffered bigger sequential fall. OOIL has earned $530mn in EBIT during 1Q23 as per our computation from COSCO's disclosure. The sequential drop in average fr
COSCO provided earnings alert after market close on 4 July where COSCO expects its EBIT and profit attributable to shareholders for 1H23 to be Rmb24.5bn and Rmb16.6bn respectively. Since COSCO's EBIT and profit attributable to shareholders for 1Q23 were Rmb10.7bn and Rmb7.1b respectively, this COSCO's earning alert implies 2Q23 earnings to be higher QoQ. The sequential growth in earnings as reported by COSCO is exceptional and could not be used as read-through to the other liners earnings to be
Evergreen has teamed up with PIL, CUL and RCL to launch a new China-India service that will call Shanghai, Ningbo, Shekou, Singapore, Port Klang Westport, Nhava Sheva, Mundra, Karachi, Port Klang Westport, Singapore, Haiphong, Shanghai using 6 ships of 2,700-5,400 teu on a 42-days round trip. The service will be branded as the China-India Express 4 (CIX4) by Evergreen, China-Subcontinent Express (CSE) by PIL, China India III (CIS) by CUL and RCL China West Asia (RWA) by RCL. The service will
CMA CGM will launch a new Turkey-Algeria TURAF Express service connecting Aliaga, Gemlik, Izmit, Ambarli, Malta, Alger, Aliaga from 17 July 2023 using 3 ships of 800-1,000 teu. The first voyage will be made by the 868 teu ATLANTIC GREEN with 2 additional ships that are yet to be named.
China PMI Export Order in June slipped to 46.4, denting hopes of a restocking led rebound in export cargo volumes with deeper declines expected. US retail data remains weak especially for home improvement retailers with inventory levels remaining elevated (Home Depot and Lowe’s). The main US grocery/department stores still struggle with high inventory levels, especially for Walmart whose inventory to sales ratio remain above its historical levels. Nike’s sales grew 5% YoY for the 3-month ended
Register Free Trial [https://www.linerlytica.com/register/?utm_source=W202326] Supply side pressure continues with June vessel deliveries charting a new high, while limited delivery slippage and subdued scrapping numbers dent hopes that the unbridled capacity growth can be contained. Although the SCFI bucked its recent downward trend on the back of Transpacific rate increases on 1 July, the rate revival will be short lived as capacity is still growing faster than demand despite encouraging port