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COSCO 4Q liner EBIT dropped 32% YoY and 45% QoQ

COSCO reported after Hong Kong market close last Thursday (30 Mar). COSCO’s liner EBIT dropped only 32% YoY, which is much better most of the liner peers except for Maersk and Hapag Lloyd which have more favorable mix e.g. 2022-2023 contracts and exposure to Trans-Atlantic trade.  Part of the reason that COSCO outperform probably was due to the large provision made during 4Q 2021, which raised COSCO’s non-cash slot costs and hence the payables as reflected in the work capital balance.


China PMI export order dropped to 50.4 in March

China's March PMI New Export Order came out as 50.4 in the morning session of 31 March, suggesting Chinese export order may have seen marginal sequential growth in March comparing to February. But March's 50.4 comparing to February's 52.4 means growth decelerated over the past month. Softness of exports from China could be a combination of the market share losses and overall soft demand in the western hemisphere. In terms of container shipment volume, China has been losing market share to the


MSC adds Jacksonville call on ScanBaltic to USA service

MSC will add a new fortnightly call at Jacksonville to its ScanBaltic to USA service starting from 25 April 2023. The revised rotation of the ScanBaltic to USA service will be Klaipeda, Gdynia, Gothenburg, Bremerhaven, Felixstowe, Antwerp, Le Havre, New York, Philadelphia, Norfolk, Jacksonville (alternate weeks), Klaipeda. The service currently deploys 5 ships of 2,700 to 5,000 teu, with the new rotation expected to add 1 more week to the rotation.


MSC adds Thailand call on KIWI service

MSC has extended the KIWI Express service with a new call at Laem Chabang added on 28 March 2023. The revised KIWI Express rotation will call at Tanjung Pelepas, Singapore, Laem Chabang, Singapore, Jakarta, Brisbane, Sydney, Auckland, Nelson, Wellington, Lyttelton, Port Chalmers, Brisbane, Tanjung Pelepas. The revised rotation will add 1 more week to the rotation and will henceforth turn in 10 weeks using up to 10 ships of 2,700 to 4,400 teu.


Zim/GSL extends Thailand Fremantle Express service with new calls at China and Australia

Zim/GSL's Thailand Fremantle Express (TFX) service will be extended with 3 new port calls added at Nansha, Yantian and Brisbane. The revised TFX will call Port Klang, Laem Chabang, Ho Chi Minh City, Nansha, Yantian, Sydney, Brisbane, Melbourne, Fremantle, Port Klang from April 2023 with the first call at Yantian made on 3 April with the 2,554 teu ALS VESTA. The TFX was first launched at the end of December 2022 and originally deployed 5 ships of 1,700-2,700 teu on a 6 week rotation. The extend


Zim repositions 6 Bangkokmax ships from Asia/Australia for new LTAM service

Zim is shifting out 6 Bangkok-max ship from its intra-Asia and Australia services for redeployment in the North America-South America ZIM Colibri XPress service. All 6 ships are being repositioned from Asia/Australia to South America and will begin their new employment at San Antonio in Chile. The ZIM Colibri Xpress (ZCX) service connecting San Antonio, Callao, Guayaquil, Cartagena, Kingston, Philadelphia, Miami, Kingston, Buenaventura, Guayaqui, Callao, San Antonio The 6 ships are as follows:


MTT Shipping and VIMC launch Port Klang-Kolkata service

MTT Shipping has joined VIMC to launch a new Port Klang-Kolkata service. The 653 teu MTT SINGAPORE has phased into the service on 21 March 2023 at Port Klang, joining the 610 teu BIENDONG FORTUNE from VIMC that had phased in earlier on 16 March 2023.


Hapag-Lloyd and Feedertech launch Vietnam Indonesia Service (VIS)

Hapag-Lloyd and Feedertech (Unifeeder) have teamed up to introduce a new Vietnam Indonesia Service (VIS) connecting Singapore, Ho Chi Minh City, Singapore, Port Klang, Belawan, Penang, Port Klang, Singapore. The service will start from 6 April 2023 and turns in 2 weeks with the 1,781 teu CAT LAI EXPRESS from Hapag-Lloyd and 1,577 teu CELSIUS NEW ORLEANS from Feedertech. Vietnam Indonesia Service (VIS)


X-Press Feeders launch Intra Adriatic X-Press (IAX) service

X-Press Feeders has launched a new Intra Adriatic X-Press (IAX) service on 1 April 2023 calling at Venice, Koper, Venice with the 698 teu SUNAID X.


Preliminary Week 14 Utilization Data Jumped II

Additional data for 30 departures returned today by our algo and there was little change, i.e the utilization level for vessels departed this week so far has been very high. Spot freight rates as represented by Shanghai Container Shipping Index (SCFI) has the first up move in a year.  SCFI is usually trend sensitive in the way that if it moves up in one week, the chance of it moving up in the next week is over 50%. SCFI has published 720 editions since its inception in March 2009. Of these 720

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