The International Longshore and Warehouse Union (ILWU) have reached a tentative agreement with the PMA on 14 May 2023 on a new 6 year contract covering all 29 ports along the US West Coast, ending 13 months of negotiations that was marked by sporadic work actions by the port workers. The deal will still need to be ratified by the members in a process that would stretch over several months but it has helped to avert a catastrophic shutdown of port facilities in the US West Coast. The ILWU fai
Transpacific rates have fallen to fresh lows with rates dropping to $1,100 to $1,150/feu to the West Coast which is below the SCFI assessment of $1,207/feu. Rates to the US East Coast rates took a larger tumble with rates set to drop below $2,000/feu compared to the current SCFI rate of $2,103. The resolution of the ILWU negotiations will put further pressure on transpacific freight rates as the threat of a peak season disruption to cargo flows into the US has been removed and with no pick up c
Register Free Trial [https://www.linerlytica.com/register/?utm_source=W202325] Freight rates slumped for the 2nd successive week, with the SCFI losing over 9% in the last 2 weeks as carriers continued to slash rates on the transpacific routes. The resolution of the ILWU contract negotiations will further weaken the transpacific rate outlook as the risk of any peak season disruption to cargo flows to the US is materially reduced. Carriers need to reduce their capacity deployed to stop the rate
Pasha has ended its involvement on the transpacific service operated exclusively for Costco with the last voyage made by the 2,756 teu CAPE ALTIUS that ended at Yantian on 1 June 2023. The ship has been re-let to Hapag-Lloyd for the remainder of its 40-44 month lease that started in March 2023. It is the last of the 11 ships that were chartered by Pasha on behalf of Costco for the Asia to US trade. Costco recorded a $93m charge in the fiscal quarter that ended on 20 November 2022 for the termin
China United Lines (CUL) will suspend its Transpacific Express II/South China-West US (TPC) service connecting Nansha, Yantian, Los Angeles, Nansha from June 2023 The TPC service is currently operated with 5 ships of 1,700-2,500 teu, and is currently the smallest service on the transpacific trade. It follows the earlier departure of micro carriers from the transpacific trade including CIMC, Jinjiang Shipping, BAL, TS Lines, Transfar, SeaLead and Pasha. The only remaining micro carrier on the Fa
Swire Shipping will upgrade its participation on the US West Coast to Pacific Islands service by taking over Hamburg Sud's share of the joint service from June 2023. The geared 1,730 teu MOUNT CAMERON will make the first independent voyage for Swire from 16 June 2023 at Long Beach. The US West Coast to Pacific Islands service connects Long Beach, Oakland, Papeete, Apia, Pago Pago, Long Beach on a 35-40 day rotation using 2 ships, with sailings every 19 days with relay connections at Apia by tr
The number of containerships currently undergoing scrubber and LNG retrofits stand at 15 units for 122,150 teu with 6 units below 5,100 teu class. The retrofit fleet is currently at the lowest level since March 2022 and continue to fall with the bulk of the retrofit candidates already completed. Pasha’s HORIZON RELIANCE (to be renamed GEORGE II) is nearing completion of its LNG engine retrofit in China. The 43 year old US flagged ship has been docked since August 2022.
CMA CGM will launch a new Turkey Libya Express (TLX) service connecting Asia with the Red Sea, Turkey and Libya. The new weekly service will start on 1 July 2023 with the 2,468 teu BUXLINK and will deploy 9 ships of 2,500-4,400 teu. The service will call at Shanghai, Ningbo, Nansha, Singapore, Jeddah, Iskenderun, Malta, Misurata, Jeddah, Port Klang, Shanghai.
HMM has added a new call at Jakarta on the Far East-India-Latin America (FIL) service to provide a direct link between Indonesia and Latin America. The enhanced FIL service will call at Busan, Shanghai, Ningbo, Shekou, Jakarta, Singapore, Kattupalli, Santos, Paranagua, Itapoa, Itajai, Buenos Aires, Montevideo, Santos, Singapore, Hong Kong, Busan. The first call at Jakarta was made on 8 June 2023 with the 6.765 teu HYUNDAI SHANGHAI. 12 ships of 4,700-6,800 teu are deployed on the service that i
TS Lines has introduced a new North Vietnam 2 (NV2) service in a partnership with Maersk/Sealand Asia. The service calls at Ningbo, Shanghai, Hong Kong, Haiphong, Hong Kong, Ningbo using 2 ships of 1,000 teu. TS Lines's chartered 987 teu ORTOLAN EPSILON made its maiden call at Ningbo on 30 May 2023 for one voyage, joining Maersk's 1,049 teu ASIATIC SUN on the service. TS Line will replace the ship with the TS HAIPHONG and TS KOBE subsequently in June.