Malaysian carrier Harbour Link has added a new link connecting Qinzhou in Guangxi to its Hong Kong Malaysia Express (HMX) service from 11 July 2023. The Qingzhou call will initially be made monthly on the HMX that deploys the 735 teu HARBOUR STAR and HARBOUR HORIZON. The HMX service operates on a 14 day turnaround to call weekly at Hong Kong, Nansha, Kota Kinabalu, Muara, Bintulu, Qinzhou (monthly call), Hong Kong
EMC, the listed shipping arm of the Evergreen Group, reported June revenue on 7 July where its revenue (in USD) dropped 4% MoM. In contrast, Yang Ming’s June revenue rebounded from its May low while Wan Hai’s June revenue was flat MoM. Overall, the 3 main Taiwanese carriers’ 2Q revenue fell 3% QoQ and 66% YoY. EMC was only able to avoid a decline in revenue due to the consolidation of the Evergreen Group’s non listed entities held outside of EMC (see Week 26 Market Pulse).
Register Free Trial [https://www.linerlytica.com/register/?utm_source=W202328] Carriers’ bid to raise Transpacific rates mid-July has gained traction, supported by improved capacity utilisation levels and a 14% month on month reduction in capacity that has been bolstered by Zim’s withdrawal of the ZNP service and THE Alliance’s planned removal of one FE-USWC string from August. Despite the improved transpacific market sentiment, the SCFI slipped by 2.3% at the end of last week, dragged down by
Zim has withdrawn the Zim North Pacific (ZNP) service with the last sailing from Busan on 12 July 2023. The ZNP deployed up to 7-9 ships of 2,700-4,300 teu and called at Kaohsiung, Yantian, Ningbo, Shanghai, Busan, Vancouver (BC), Busan, Kaohsiung. The removal of the ZNP will remove 1% from the FE-USWC capacity. Zim will replace the ZNP with slots on MSC’s Chinook service with the first Zim sailing on the 6,400 teu MSC DAMLA at Yantian from 15 July. The full Chinook rotation will be Yantian,
THE Alliance carriers (Hapag-Lloyd, HMM, ONE and Yang Ming) will suspend the FE-US West Coast PS5 service from August 2023. The service calls at Shanghai, Ningbo, Los Angeles, Oakland, Tokyo, Shanghai using 6 ships of 8,000-9,000 teu from ONE with an average weekly capacity of 8,468 teu. The last sailing is scheduled to depart from Shanghai on 30 July 2023. The removal of this service will reduce the overall FE-USWC capacity by 3%. THE Alliance will adjust the rotation of 3 of its FE-USWC ser
Charter rates are easing across all sizes after their unexpected rally in the 1st half of the year, with activity slowing down noticeably in recent weeks due to weaker market demand, as well as the onset of the summer holidays. There were a number of charter extensions taking effect in July, featuring ships from Danaos, GSL and Seaspan in deals concluded several months earlier. Hapag-Lloyd exercised their extension options on the 10,114 teu EXPRESS ROME and EXPRESS ATHENS at $30,000 per day fo
The dockworkers strike at Canada’s west coast ports that started on 1 July 2023 has not resulted in any rise in congestion numbers so far although this could change if the strike persists. There are 9 ships scheduled to arrive at the 2 Canadian West Coast ports of Vancouver and Prince Rupert in the next 2 days. Overall port congestion across the Puget Sound ports including Seattle and Tacoma has not seen any significant change since the strike started over the weekend. Of the other ports in th
Bengal Tiger Line has added a new call at Jebel Ali on its India-Saudi-Iraq (ISI) service, replacing the Dammam call. The ISI service was first launched on 8 February 2023 to connect Mundra, Dammam, Umm Qasr, Mundra on a fortnightly basis using the 929 teu XO LUCKY. A new westbound call at Kandla was added on 13 April 2023 and the latest change will add a new eastbound call at Jebel Ali from 15 June 2023. The revised ISI service will call Mundra, Kandla, Umm Qasr, Jebel Ali, Mundra on a 14 da
OOIL reported 2023 Q1 top line breakdown overnight (5 July) where its revenue dropped 9% QoQ and 63% YoY. More importantly, overall average freight rates for OOIL fell 15% QoQ and 63% YoY, comparing to CCFI's 14% QoQ and 70% YoY drop. And all four routes registered decline in average freight rates both QoQ and YoY where Transatlantic route suffered bigger sequential fall. OOIL has earned $530mn in EBIT during 1Q23 as per our computation from COSCO's disclosure. The sequential drop in average fr
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