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Market Pulse – 2023 Week08

Register Free Trial [] The sharp drop in transpacific capacity utilisation has weighed down market sentiment as carriers continue to drop rates in response even on routes where utilisation remain relatively healthy. Capacity management measures have been completely ineffective in halting the rate decline, as the expectation of a demand rebound is keeping capacity in the market for longer than required. The SCFI slipped by 2.1% last week, w

HMM group level profit dropped 47% QoQ in 4Q 2022

Hyundai Merchant Marine (HMM) reported preliminary group level results last Monday (13 Feb) after Market close. Group level net profit dropped 47% QoQ and 55% YoY. Comparing to the current cycle peak earnings, net profit has come down by 61%.  Though these results include the dry bulk and tanker operation of HMM, 93-95% of revenue and nearly 100% of earnings of HMM over the past 3 quarters came from container liner and  their related operation. Drop in the provide is primarily top line driven i.


Unifeeder expands to the Americas

Unifeeder has launched its first feeder service in the Americas with a new Dominican Feeder Service (DFS) connecting Caucedo, Port-au-Prince, San Juan, Caucedo. The DFS service will provide weekly connections between the Dominican Republic, Puerto Rico and Haiti starting from 12 March 2023 using the 974 teu ELBRUNNER (ex SEABOARD ATLANTIC). The Unifeeder group also includes Unimed, Feedertech, Perma, Transworld Feeders, Avana Logistek, and Avana Global networks that were acquired by DP World


PIL adds Zanzibar Shuttle (ZNS)

PIL will resume calls at Zanzibar in Tanzania with the launch of the new Zanzibar Shuttle (ZNS) that will call at Mombasa, Zanzibar, Mombasa starting from 16 March 2023. The ship to be deployed has not yet been named. The feeder service will tranship at Mombasa in Kenya to PIL's EAS service that connects Mombasa, Port Klang, Singapore, Nansha, Qingdao, Shanghai, Ningbo, Nansha, Singapore, Port Klang, Mombasa.


Global Feeder Shipping launch new Colombo-Kolkata service

Global Feeder Shipping (GFS) will launch a new Colombo-Kolkata service from 1 March 2023. The service calls weekly at Colombo, Kolkata, Colombo and turns in 14 days with the 1,440 teu AS RAFAELA and the 818 teu PREMIER.


Tailwind Shipping Lines introduces TEX Service

Tailwind Shipping Lines has launched a new service from Bangladesh to Europe called the Tiger Express (TEX) service. The service is named after the Bengal tiger and will connect Chittagong, Barcelona, Moerdijk, Chittagong, with a transit time of less than 20 days between Chittagong and Barcelona. The TEX is scheduled to start from 11 March 2023 with the 917 teu FAITH. The service will operate on an irregular frequency with 3 ships of 800-900 teu on a 17 day frequency. Tailwind had already opera


FE-WCNA utilization dropped below 70%

This week's preliminary FE-WCNA utilization data dropped below 70% for the first since we started tracking this data series in Q4 2020. These preliminary data only covered 3-days of this week, i.e. 13-15 Feb, where 11 vessels have left Far East to head to West Coast North America. Among the 11 vessels, the utilization level ranges from 44% to 88% but all except one were at or below 80%. The average utilization in this route have been around 83% over the last two years. Resumption of services


CMA CGM and OOCL to launch Bangladesh India Gulf Express (BIGEX)

CMA CGM and OOCL/COSCO are jointly launching a new Bangladesh India Gulf Express (BIGEX) service that connects Chittagong, Colombo, Mangalore, Nhava Sheva, Mundra, Jebel Ali, Abu Dhabi, Chittagong. The service is scheduled to start from 5 April 2023 and will turn in 28 days with 4 ships of 1,700 teu, of which 3 are from CMA CGM and 1 ship from OOCL.


Wan Hai introduce new CI8 service

Wan Hai will start a new China West India Service VIII (CI8) connecting Nansha, Haiphong, Ho Chi Minh City, Surabaya, Singapore, Port Klang Northport, Colombo, Mundra, Nhava Sheva, Port Klang Northport, Ho Chi Minh City, Danang, Haiphong, Qinzhou, Nansha in February 2023. The service will start from 26 Feb 2023 with the 3,013 teu WAN HAI 353 at Nansha. The services is expected to turn in 6 weeks and will initially operate on an irregular schedule.


Focus Container Line in liquidation

Focus Container Line has become the second casualty of the container market downturn after liquidators were appointed on 14 February 2023 to wind up the company that is based in Brendale in Queensland, Australia. It follows the insolvency of the UK based Allseas Global Project Logistics in October 2022. Both companies suffered from their ill-timed entry into the container shipping markets that have been hit by a collapse in freight rates. Focus Container Line was established in March 2022 but o

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