HMM will revamp its Intra-Asia Cross Network (ICN) service with the extension of the service to Indonesia, while splitting the exising Philippines connection to a separate Tianjin to Philippines (TTP) service. The ICN was first launched in May 2022 and replaced its former Korea Vietnam Thailand Express (KVX/KTX) that was jointly operated with KMTC and its standalone Tianjin to Philippines (TTP) service. The initial ICN operates on a two-wing butterfly pattern calling at Busan, Shanghai, Ho Chi
Global containership capacity is growing at an average rate of over 190,000 teu a month since April, after accounting for new ship deliveries and capacity upgrades and deducting scrapped capacity and other deletions. This pace of growth is the fastest rate ever recorded for the container markets and is set to continue for the next 2 years. Compared to the growth spurt in 2006-2008 and 2014-2015, when the average monthly growth rate was just 120,000 teu per month, the current growth burst will
Container volume data for August is still not available, with official Chinese port data delayed yet again. The data from the Ministry of Transport has been delayed by up to 2 weeks since August 2022 with no explanation provided for the late release. The official Chinese port volumes that have been published so far shows a significant divergence in container volume growth at Chinese ports compared to the rest of the world since August 2022. Average volume growth in the last 12 months reached 3.
Register Free Trial [https://www.linerlytica.com/register/?utm_source=W202339] The early end to the summer peak season has brought the container market back to reality, with the SCFI retesting fresh lows even before September is over. Further rate declines in October will follow despite the reduction in capacity next month with carriers unable to generate any significant cargo roll pools ahead of the Golden Week holidays in China. Severe rate discounting especially on the Asia-Europe route has
Transpacific freight rates have continued to drop, but latest SCFI rates have not fully reflected the current market rates that are already $200-300 lower than reported, with rates to the West Coast reaching $1,500 while the the East Coast market is even weaker with rates as low as $2,000 are being offered. Although THE Alliance have announced the withdrawal of the PN3 service in October, the impact is limited as it only accounts for 3% of total capacity on the West Coast. Carriers have not adj
CMA CGM will add a new Lekki Feeder service that connects Lekki and Cotonou with the 1,736 teu EM HYDRA that will be phased in at Lekki on 15 October 2023.
KMTC will add a new Korea-North China CNS2 service calling at Busan, Ulsan, Kwangyang, Lianyungang, Qingdao, Busan on 7-days round trip with the 1,009 teu SUNNY LILLY starting fom 18 October 2023 at Lianyungang. Namsung is taking slots on the service which it brands as the Busan Lianyungang Qingdao (BLQ). Namsung will add a Busan Shanghai Ningbo (BSN) service calling at Shanghai, Ningbo, Busan, Ulsan, Kwangyang, Shanghai on 7-days round trip with the 907 teu SHECAN from 18 October at Shanghai.
KMTC and Namsung will introduce a new service that connects Busan with the west coast of Japan and Hokkaido in October. The new service is called Japan Shuttle 1 (JPS1) by KMTC and Busan Japan Shuttle (BJS) by Namsung starting on 8 October 2023 at Busan with the 1,000 teu SUNNY VIOLET and 1,003 teu STAR VOYAGER to follow a week later. The service will run on 14-day rotation calling Busan, Hakata, Kanazawa, Kushiro, Tomakomai, Ishikari, Akita, Busan.
Tailwind Shipping Lines, the shipping subsidiary of German retailer Lidl, will revise its Panda Express (PAX) service between China and Europe with new calls at Colombo from October 2023 to cater for transhipment cargo from Bangladesh. The revamped service will deploy 5 ships of 4,900-5,700 teu on a fortnightly frequency connecting Qingdao, Ningbo, Da Chan Bay, Colombo, Koper, Barcelona, Rotterdam, Qingdao on a 70 day rotation. Tailwind will withdraw the direct connection between Chittagong and
One month in, the Container Freight Futures Index (CoFIF) were up 13-26% while the spot freight rates were down by 30%. For the trading interests in CoFIF, trading volumes has been down by 58% but open interests have been tripled, meaning less day-trading while more positions taken on longer term views. Last week, the prices of CoFIF continued to drip while suffered another big drop. However, the price for CoFIF is still surprisingly resilient, in our view, given uncertain economic outlook for