Transpacific rates continued their decline over the past week, with carriers forced to undercut rates on both the West Coast and East Coast as capacity utilization levels are still dropping. There will be some capacity reductions over the coming weeks, with carriers expected to obtain a $200-300/feu rate increase in early July but the sustainability of the rate increase remains in doubt after the failure of the last 4 transpacific GRI attempts. Asia-Europe rates continued to slip despite relat
Evergreen Marine Corp. (‘EMC’), the Taiwan listed arm of the Evergreen Group, has announced the acquisition of the privately owned Evergreen Marine (Singapore) (’EMS’) for $780m on 19 June 2023, in a landmark deal that will pave the way for the eventual consolidation of the Evergreen Group’s container shipping assets into EMC. The acquisition is part of the Chang family’s moves to dissolve the Evergreen Group as the 4 sons of the late YF Chang battle for control of the group’s assets. The publi
PIL will launch a new Intra-Red Sea Feeder 2 (IR2) service connecting Djibouti, Hodeidah, Djibouti from 29 June 2023 using the 938 teu KOTA RAHMAT. The service complement the Intra-Red Sea Feeder 3 (IR3) service that calls at Djibout, Aden, Djibouti using the 1,802 KOTA HASRAT as part of PIL's moves to broaden its presence in Yemen.
Wan Hai's Japan Korea Haiphong (JKH) service will be withdrawn with the last sailing by the 1,510 teu WAN HAI 281 that will end at Shekou on 2 July 2023. The service deployed 3 ships of 1,500-1,800 teu on a 21 days round trip that called at Moji, Hakata, Ulsan, Busan, Kwangyang, Keelung, Kaohsiung, Nansha, Haiphong, Qinzhou, Hong Kong, Shekou, Xiamen, Moji.
Register Free Trial [https://www.linerlytica.com/register/?utm_source=W202326] Market sentiment remains bearish with freight rates still slipping. The SCFI declined further in the holiday-shortened week in China, led by the rapid drop in Transpacific rates. Although carriers are pushing for another transpacific GRI on 1 July, the failure of the last 4 attempts will hurt their credibility with lines putting little effort to remove capacity while utilisation rates remain well below the level requ
Grimaldi has introduced a new container/roro service connecting Europe and ANZ with an irregular monthly frequency. The maiden voyage was made by the 31,340 dwt GRANDE COTONOU (1,800 teu/5,770 lane meters) from 3 April 2023 that called at Southampton, Bremerhaven, Antwerp, Gioia Tauro, Jeddah, Melbourne, Auckland. After the Auckland call on 4 June 2023, the ship will make a return trip to Europe via Busan, Shanghai, Laem Chabang.
X-Press Feeders have introduced a new Colombo West Coast India (CWC) service through slots on CMA CGM/OOCL's Bangladesh India Gulf Express that is operated with 4 ships of 1,700 teu. The full service rotation calls at Chittagong, Colombo, New Mangalore, Nhava Sheva, Mundra, Jebel Ali, Abu Dhabi, Chittagong, with X-Press' CWC offering only the Colombo, New Mangalore, Nhava Sheva leg of the service.
Charter rates are starting to falter with carriers forced to reconsider their peak season deployment plans especially on the transpacific where demand has remained very weak while the risk of an escalation in port congestion has been substantially lowered following the ILWU agreement reached last week. The sharp decline in transpacific rates has already forced all the new carriers apart from Swire/UWL out from the trade, with Pasha and CU Lines the latest micro-carriers to withdraw. The increas
Namsung, ONE, PIL and TS Lines are coming together to launch a new Korea-China-Straits service starting from 6 July 2023. The new service will call at Busan, Kwangyang, Shanghai, Shekou, Singapore, Port Klang, Penang, Singapore, Ho Chi Minh City, Nansha, Busan using 4 ships of 2,000-2,900 teu, with each partner to deploy one ship each. The service will be branded respectively as the New Far East Straits (NFS) by Namsung, Korea China Straits 2 (KC2) by ONE, Korea-China-Straits (KCS) by PIL and
Sidra Line will introduce a new Turkey-Egypt Express Service (EXS) connecting Izmit, Ambarli, Aliaga, Alexandria, Izmit from 7 July 2023 with the 707 teu FATMA. The service will provide connections between Turkey and Eqypt with a 4-5 day transit time, with sailings every 10 days. It will also connect at Izmit and Ambarli to Sidra's Libya Express (LYX) and Novorossiysk Express (NVX) to provide relay connections between Egypt with Libya and Russia respectively.