The International Longshoremen’s Association (ILA) and the United States Maritime Alliance (USMX) announced on 3 October a tentative agreement on wages and extended the Master Contract until 15 January 2025 to negotiate all other outstanding issues, ending the dockworkers’ strike that started at midnight on 1 October. Vessel congestion at US East Coast ports spiked to a high of 460,000 teu on 4 October but is clearing up quickly after all of the affected ports resumed vessel operations by the en
There is no SCFI assessment last week due to the Golden Week holidays in China. The SCFIS recorded a 15.9% drop on 7 October, marking its 11th consecutive weekly decline. 5 out of 18 regular sailings to North Europe were blanked last week, with a similar number of blank sailings expected in the next 2 weeks. However, the 15% reduction in overall capacity is insufficient address the lower market demand and the number of blanked sailings are also lower compared to the previous 2 years. Freight r
China’s onshore container freight futures market was closed for the Golden Week holidays from 1 to 7 October but is poised to trade weaker when it re-opens following the SCFIS’ 16% week-over-week drop on 7 October. The end of the USEC port strike also removes the last remaining hope for supply to remain tight for the remainder of the year, with a further correction in freight rates now inevitable. Carriers’ rate quotations remain largely unchanged over the past week at around $3,000/FEU with in
Carriers remain on track to report bumper 3Q earnings with COSCO Shipping setting the early pace after it issued a profit alert on 7 October showing 3Q 2024 net income improved by 286% YoY to RMB 21.3 Bn. COSCO subsidiary OOCL also released its 3rd quarter trading update with revenue rising by 74% compared to a year ago, and is also up 35% compared to the 2nd quarter led by increased rates on the Asia-Europe route (up 51%) and Transpacific (up 29%).
Register Free Trial [https://www.linerlytica.com/register/?utm_source=W202441] The US East Coast dockworkers’ strike ended after the ILA agreed a 61.5% wage hike over 6 years, far in excess of the 32% increase that the ILWU secured for their 2022-2028 US West Coast master contract. Although congestion at East Coast ports surged to their highest levels since 2022 at the end of the 3-day strike, the vessel queue is clearing up quickly after all the affected ports resumed operations on Friday. Wi
SeaLead will introduce a new Mediterranean Gulf Express (MGX) service connecting Jebel Ali, Djibouti, Aliaga, Damietta, Jebel Ali from 19 October 2024. The MGX will turn in 4 weeks and deploy 4 ships of 1,500-1,700 teu starting with the 1,725 teu SHUN LONG.
Global Feeder Shipping (GFS) and SeaLead have launched a new Spain Turkiye Morocco (STM) service connecting Ambarli, Gebze, Aliaga, Barcelona, Valencia, Algeciras, Casablanca, Tanger, Valencia, Barcelona, Ambarli. The service will turn in 3 weeks and deploys 3 ships of 1,100 to 1,400 teu starting with the 1,440 teu GFS SAPPHIRE at Ambarli on 20 September 2024, followed by the 1,440 teu CAPE FULMAR and 1,134 teu SSF LILY. Port rotation of the new STM service
Emirates Shipping Line (ESL), Global Feeder Shipping (GFS), KMTC and TS Lines (TSL) will launch a new South China-Middle East Express (SMX/Sirius/AIM3) service calling at Nansha, Dachan Bay, Port Klang, Jebel Ali, Hamad, Nansha from 8 November 2024. The SMX/Sirius/AIM3 will turn in 35 days and deplaus 5 ships of 3,000 to 4,400 teu, starting with the 4,395 teu REN JIAN 27 from KMTC at Nansha on 8 November 2024, following by the 4,395 teu REN JIAN 16 and REN JIAN 19 from ESL, 2,954 teu TS COLOMBO
Maersk will launch a new Northern Star service connecting Shanghai, Hong Kong, Brisbane, Auckland, Nelson, Timaru, Port Chalmers, Napier, Tauranga from 20 October 2024. The Northern Star service will turn in 8 weeks and deploys 8 ships of 2,700 to 3,500 teu starting with the 3,450 teu MAERSK INNOSHIMA at Shanghai on 20 October 2024. Maersk new Northern Star service port rotationFollowing the introduction of the new service, Maersk will revise the rotation of the Southern Star service from 2 No
SeaLead has launched a new Mediterranean Express Service (MES) connecting Turkey and Libya from 4 September 2024. The MES service calls at Ambarli, Izmit, Aliaga, Misurata, Benghazi, Ambarli and turns in 2 weeks using the 1,134 teu MEDKON PERLA and 1,723 teu GREEN HOPE.