Carriers are holding firmly to the transpacific rate increases, with the West Coast rates staying above the $2,000/feu level to the US West Coast and $3,000/feu to the East Coast. Bookings remain strong on lower capacity available through August, but weakness is starting to show with the mid-August gains smaller than initially expected. Transpacific rates will receive another boost from the 1 September rate increase but further increases will be limited unless trade demand rebounds significant
Register Free Trial [https://www.linerlytica.com/register/?utm_source=W202333] The SCFI extended its gains for the 3rd consecutive weak but there are signs that peak season volumes are already starting to fade and the recent rate rebound could soon run out of steam. Transpacific freight rates have led the recent gains on the back of rising demand and capacity cutbacks, with Asia-Europe rates also managing to retain most of their recent gains despite more shaky market conditions. However, Linerl
Two new entrants to the liner trades CStar Line and Uniglobal Shipping have jointly launched a new China-Turkey service aimed at the Russian market. The service calls at Qingdao, Shanghai, Ningbo, Nansha, Ambarli, Shanghai, Qingdao using 4 ships of 1,700-2,700 teu that will provide sailings on alternate weeks. The first sailing started from 26 July 2023 with the 1,714 teu BOX ENDEAVOUR that is operated by CStar Line and followed on 9 Aug 2023 by the 1,930 teu CUL LAEMCHABANG operated by Uniglo
COSCO Shipping's intra-European arm, Diamond Line has teamed up with OOCL to launch a new Turkey Spain Morocco Express (TSM) service starting from 1 September 2023. The service will call at Piraeus, Thessaloniki, Derince, Gemlik, Aliaga, Piraeus, Valencia, Casablanca, Algeciras, Barcelona, Piraeus on a 28 day rotation using 4 ships of 1,900 teu. Port rotation of the new Turkey Spain Morocco (TSM)
The three main Taiwanese carriers' July revenue came out flat MoM but remained down 67% YoY. The three liners' aggregate revenue held steady at $1.4 Bn a month which is 70% lower than the cycle peak in January 2022 but remain 40% above the average level before 2020. Long haul trade volumes have rebounded in July based on Linerlytica's capacity and utilization data, but the average freight rates based on the CCFI was down 5% MoM in July. EMC, the Taiwan listed arm of the Evergreen Group, was t
Port congestion is clearing up gradually across all main regions, with North American ports recording the biggest improvements although the severe weather conditions in Northeast China in the wake of typhoon Doksuri will have a negative impact on congestion in China in the coming week. The port labour dispute in Canada has officially ended on 4 August after workers in British Columbia accepted the new labour contract ending more than a month of uncertainty that had affected all cargo handled at
China United Lines (CUL) Chairman and CEO Raymond Chen Honghui has appeared in public for the first time since June at an internal meeting on 8 August 2023 in Shanghai. However, former co-CEO Lar Christiansen has left the post earlier this year, less than 18 months after he was appointed on 18 November 2021. The company confirmed the suspension of its European and North American services in 2023, and have shifted its focus on its China-Taiwan, South East Asia and Indian Subcontinent/Middle East
FESCO has launched a new FESCO Indian Service that connects Novorossiysk, Nhava Sheva, Mundra, Novorossiysk with the 1,118 teu FESCO ASKOLD from 28 July 2023. The service will turn in about 40 days using a single ship at the moment.
Maersk net profits slipped 47% QoQ in the 2nd quarter of 2023, with the dismal performance of the logistics segment continuing to pull down the Group’s results. Liner EBIT dropped by a lower 39% QoQ in 2Q to $1.97Bn which is higher than earnings in any quarter prior to 2020. Management lifted the lower end of the full year EBIT earnings guidance from $2 Bn to $3.5 Bn but kept the upper end unchanged at $5 Bn. As 1H 2023 EBIT has already reached $4 Bn, the revised FY guidance implies 2H EBIT to
SCFI rates breached the $2,000/feu level to the US West Coast and $3,000/feu to the East Coast for the first time since October 2022 and December 2022 respectively. Transpacific carriers will further extend their rate gains with the mid August rate increase almost certain to be pushed through successfully with bookings remaining very strong on lower capacity available through August. Capacity availability will pick up in September on both the WC and EC routes, which will test the carriers abi