Global port congestion picked up last week with rising waiting times observed in Chinese ports ahead of the Chinese New Year, with the longest delays seen at Ningbo where waiting times have stretched to 3 days, with shorter delays seen in Qingdao, Shanghai and some of the main Pearl River Delta ports. Delays at Australian ports remain high at up to 10 days at Brisbane, with slightly shorter delays also seen at Melbourne and Sydney. Congestion at North American ports is limited with LA/LB and N
Transpacific rates eased after 10 consecutive weekly gains that saw spot rates surge by over 200%. Rates to the West Coast dropped below $5,000/feu but are still holding at healthy levels compared to the $1,200-1,300/feu rates that were prevalent in the same period last year. Rates to the East Coast also dropped below $6,500/feu bit is also well above the $2,400-2,600/feu rates from last year. Capacity to both West Coast and East Coast will remain tight in March, with only smaller carriers li
Register Free Trial [https://www.linerlytica.com/register/?utm_source=W202407] Despite Maersk’s best efforts at painting a pessimistic picture for the container shipping market, rates have retained most of their recent gains heading into the post Chinese New Year slack period. The SCFI and CCFI indices are 117% and 28% higher compared to the same period last year, which will help to reverse the carriers’ massive 4Q losses. Maersk’s underperformance compared to its liner peers has become more gl
Maersk reported negative group level EBIT at $520m for 4Q 2023, its worst quarterly EBIT loss on record. Operating cash flow was $166m but if its results were still using the pre-IFRS 16 account standards (prior to 2019) when chartering expenses were accounted as a cash outflow, Maersk would have reported negative operating cash flow for the first time. 4Q 2023 Liner EBIT dropped to $920m, a $893m reversal compared to the previous quarter due mainly to the fall in container freight rates which
CMA CGM has launched a new Spain Tunisia Express (STX) service connecting Vigo, Oran, Vigo using the 1,368 teu MARINA L from 9 February 2024. The service will turn in 11 days using a single ship. Spain Tunisia Express (STX)
CMA CGM has launched a new Red Sea Med Express (REDEX) to connect the Red Sea ports of Aqaba and Jeddah to 5 key transhipment hubs in the Med. The REDEX will call at Aqaba, Jeddah, Tanger Med, Algeciras, Malta, Alexandria, Damietta, Aqaba. The 4,404 teu CMA CGM PUGET made the inaugural call on the REDEX for an ad hoc trip from Alexandria, Malta to Aqaba and Jeddah before settling into the regular REDEX port rotation. The service will turn in 28 days using 4 ships of 3,000-4,400 teu. The new s
CMA CGM will upgrade its Mediterranean-Caribbean (MEDCARIBE) service with the addition of a new westbound call at Tanger from 5 March 2024 . The revised port rotation will call at Algeciras, Malta, Livorno, Genoa, Fos, Barcelona, Valencia, Tanger Med, Fort-de-France, Pointe-a-Pitre, Caucedo, Kingston, Cartagena (Col), Buenaventura, Paita, Posorja, Guayaquil, Moin, Cartagena (Col), Algeciras. The expanded service will deploy 9 ships of 6,800-6,900 teu with an extra week added to the rotation. Th
MSC has upgraded its Turkiye-UK West Coast service with the addition of new calls at Portbury and Greenock from 26 January 2024. The upgraded service will call at Piraeus, Izmir, Gebze, Gemlik, Tekirdag, Aliaga, Barcelona, Valencia, Sines, Le Havre, Liverpool, Greenock, Liverpool, Portbury, Le Havre, Valencia, Barcelona, Malta, Piraeus. The service turns in 7 weeks and deploys 7 ships of 4,200-5,100 teu.
Yang Ming and ONE have launched a new Intra-Black Sea Express (IBX)/Black Sea Turkey Service (BTS) from 29 January 2024. The service calls at Ambarli, Varna, Constanza, Ambarli using the 1,803 teu YM INVENTIVE on a 7 day rotation. Intra-Black Sea Express(IBX)/Black Sea Turkey Service (BTS) port rotation
Unifeeder has acquired MCL Feeder Services on 1 January 2024 and will combine MCL's feeder operations in the Mediterranean area into the Unifeeder/Unimed network. MCL is based in Cyprus and operates feeder services in the Mediterranean. It was part of the Metz Group that was established in 1982 in Beirut, Lebanon and had cooperated previously with various feeder operators with slot arrangements with Unimed(UFS), Sealand, Mahoney, Medkon and Bahari.