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COSCO earnings up QoQ likely on provisions unwinding

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, PIL, CUL and RCL jointly launch China India service

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 launch Turkey-Algeria TURAF Express

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 Down

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


Market Pulse – 2023 Week 27

Register Free Trial [] 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


Safeen introduces UAE-Kuwait feeder service

Safeen Feeders has launched a new UAE-Kuwait feeder service connecting Abu Dhabi and Shuwaikh port with the 1,368 teu SAFEEN PRIDE from 12 April 2023.


Safeen upgrades UAE-India-Gulf UIG service

Safeen Feeders have upgraded its UAE-India-Gulf (UIG) service with the introduction of 3,500 teu ships to the service from July 2023 with the port rotation streamlined to call at Abu Dhabi, Mundra, Nhava Sheva, Abu Dhabi, Umm Qasr, Dammam, Abu Dhabi. Calls at Kandla, Hamad and Bahrain that were previously in the UIG rotation have been dropped. The service will turn in 3 weeks with the larger ships including the 3,534 teu SSF DREAM and SSF DYNAMIC that are chartered from Simatech joining the 3,


MSC amends Santana and Chinook service port rotations

MSC will change the port rotation of 2 of its standalone transpacific services in July 2023. The FE-USEC Santana service will call at Haiphong, Shanghai, Ningbo, Busan, Manzanillo (Mex), Cristobal, Caucedo, Port Everglades, Baltimore, Lazaro Cardenas, Haiphong from 2 July 2023. It replaces the current Santana rotation that calls at Singapore, Haiphong, Shanghai, Ningbo, Busan, Balboa, Caucedo, Port Everglades, Charleston, Baltimore, New York, Boston, Singapore that was itself just amended on 8


CMA CGM drops Containerships brand

CMA CGM will drop the Containerships brand from 1 July 2023, with all of the Containerships services coming under the unified CMA CGM brand. Containerships was founded in 1966 with operations based in Helsinki in Finland. CMA CGM had acquired Containerships from Finnish company Container Finance Ltd Oy on 31 October 2018, and retained the brand for its intra-European services. The acquisition was part of CMA CGM's strategy to densify its European regional network that began in 2002 with the acq


Charter Rates Falter as Cooling Demand and Resale Transactions Slow Down

Cooling demand and an increase in relet candidates have seen charter rates coming under fresh pressure. Rates are faltering across all size segments as the weakness in the feeder sizes is spreading to the panamax and larger sizes. Zim has sought the early termination of several sub-panamax and panamax ships with remaining charters of 2-3 years that has already started to put pressure on charter rates as these ships return to the charter market. Resale transactions are also cooling down althoug

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