Interasia Lines (IAL), Pacific International Lines (PIL) and SeaLead will jointly launch a new China-Bangladesh service calling at Ningbo, Shanghai, Shekou, Chittagong, Ningbo from 31 August 2024. The service is branded respectively as the IAL Bangladesh Express (IBX) by IAL, China Chittagong Express (CCE) by PIL and CTG service by SeaLead. The IBX will turn in 4 weeks, with using 3 ships initially with 1 blank sailing in each cycle. The ships deployed are the 1,510 teu KOTA ANGGUN from PIL, 1,
Market attention has shifted to newbuilding orders, with MSC confirming a new order for 12 ships of 19,000 teu at Zhoushan Changhong while Seaspan has announced a 23 ship order made earlier in June comprising of 9,000 teu, 16,000 teu and 17,000 teu units with charters to ONE and Maersk. A further order for 4 units of 9,000 teu ships were novated to an undisclosed carrier. Charter rates have stabilized in the past week, ending an 8-month run that has seen average rates rising by over 150% since
Bangladesh port congestion continues to build up over the past week with the number of ships waiting to dock increasing sharply while port operations remains disrupted in the aftermath of the collapse of the government. Although an interim government was formed on 8 August, there has been no improvements in the port situation with more than 20 containerships currently waiting to berth at Chittagong and average delays rising to 7-10 days. Ships operated by Bangladesh’s sole local container carri
Container carriers’ total revenue rose by more than 100% in July compared to a year ago, with the 3 main publicly listed Taiwanese carriers providing a glimpse of the bumper earnings that carriers are projected to earn in the 3rd quarter. Evergreen Marine, Yang Ming and Wan Hai’s July revenue figures increased by 132%, 122% and 144% respectively YoY, mirroring the average CCFI increase of 142% over the same period. Despite the recent spot freight rate correction with the SCFI dropping by 12.9%
Rates to the Med have finally dropped below that to North Europe after maintaining a healthy premium for the past 2 years. The closing of the rate gap has more to do with supply side drivers rather than a drop in demand as vessel capacity to the Med has increased faster than that to North Europe, causing rates to be eroded as the supply-demand balance tilts back in favour of the shippers. Effective capacity to the Med has increased by 6.9% compared to last year, while effective capacity to Nor
Freight futures to North Europe dropped across the board last week, with US recession concerns weighing negatively on market sentiment. The emergence of some sub-$8,000/feu quotations for shipments departing in second half of August for Asia-North Europe route triggered a fresh round of sell-offs for the EC2410 contracts last Thursday, as the rate erosion appears to be accelerating even though capacity to North Europe remains tight. Preliminary vessel utilization for the Asia-North Europe route
Register Free Trial [https://www.linerlytica.com/register/?utm_source=W202433] Although spot freight rates have peaked in July, container carriers are still on track to record bumper 3rd quarter earnings with the July revenue figures more than 100% higher than a year ago. Carriers have managed to retain most of their recent rate gains into August despite the eroding market sentiment with EC freight futures for October trading at a 46% discount to current spot rates. There is some positive rate
COSCO's intra-European feeder operator Diamond Line has launched a new Piraeus-Algiers-El Dekheila (PAE) service in cooperation with Tarros from 28 June 2024 The PAE calls at Piraeus, Algiers, Alexandria, Piraeus, turning in 14 days using 2 ships of 900 teu, with each partner operating 1 ship each. The service was launched on 28 June 2024 from Alexandria with the 925 teu CONTSHIP IVY from COSCO and was followed by the 990 teu BF TROUT from Tarros on 5 July 2024.
SITC has revised its recently launch Malaysia-India-Myanmar (MIM) service with an extended rotation to China to call at Qingdao, Shanghai, Ningbo, Shekou, Chennai, Haldia, Port Klang, Kuantan, Qingdao. The extension of the service to China will allow SITC to omit the westbound Port Klang call that has been affected by congestion. The Malaysia-India-Myanmar (MIM) service will retain its old name even though it will no longer serve Myanmar directly. The previous call at Yangon is dropped in favou
SITC has launched a new Yangon Chennai Service (YCS) calling at Yangon, Chennai, Yangon from 12 August 2024. The service turns in around 8 to 10 days amd deploys the 1,032 teu SITC HAIPHONG that joined the service at Chennai on 12 August 2024.