COSCO has launched a new Oman-UAE X-Press (OUX) service connecting Abu Dhabi, Sohar, Ajman, Abu Dhabi from 18 October 2024. The weekly service turns in 7 days and deploys the 1,049 teu OKEE AURELIA.
Reel Shipping has transferred all of its Russia related shipping business to their former Chinese agent, Vuxx Shipping from August 2024. Reel started to provide services to and from Russia in 2022 in partnership with its Russian agent Hub Shipping. The new Vuxx Shipping services will cover the following routes from August 2024:- * China/South Korea-Vladivostok service * Damietta/Casablanca-St Petersburg service * Damietta/Casablanca-Kaliningrad service * Damietta/Istanbul-Novorossiysk ser
EC2412 is up 3.5% at intermission in the morning session, reaching 3262 and edging closer to yesterday's high of 3320, which also marks the peak of the recent rebound since mid-September. TS Lines, primarily involved in intra-Asia trade, is set to be listed on the Hong Kong Stock Exchange on November 1. Three additional ships departed between October 24 and 23, maintaining utilization above the trend line. Though, jury is out on whether the pick up in utilization is due to the shippers advancin
TS Lines will raise between $113m to $145m from its initial public offering (IPO) in Hong Kong, with trading of its shares to start on 1 November 2024. The company will offer 250.94m shares or 15.2% of its total shares to be priced at between HK$3.50 to HK$4.50 per share. Following the IPO, the company's founder Chen Teh Sheng (TS Chen) will retain 37.49% of the company's shares along with a further 37.49% owned by General Sharafuddin Alsayed Mohd Yousif Sharaf who has been a controlling shareho
Charter rates have picked up in the past week with the smaller sizes also enjoying a revival as larger ships are mostly all sold out. Availability of the larger sizes above 3,000 teu are scarce, with open candidates snapped up quickly and periods extended to 2-3 years, while charterers seeking shorter periods will need to pay higher premiums. Forward fixtures have extended beyond the first half of 2025, with several charters done for 2nd half 2025 positions. The strong gains have extended to t
From Weekly Market Pulse published on 22 Oct: Global port congestion rebounded after the sharp retreat a week ago, with rising volumes after the Golden Week holidays in China pushing up the workload at Chinese terminals. Most of the backlog has been cleared at Chinese main ports with delays at Qingdao, Ningbo and Shenzhen down to within 1 day but Shanghai still faces berthing delays of up to 2 days although that is also down from a peak of up to 5-6 days in September. US East Coast ports still
From Weekly Market Pulse published no 22 Oct: Asia-Europe carriers are pushing ahead with the 1 Nov rate hike, with higher spot rates offers already spreading through the market. Volumes are recovering after the Chinese holidays helped by pre-GRI bookings to avoid the higher tariffs in November. Average utilization for vessels in the Far East-North Europe service that departed last week reached 97%, the highest level since 2Q 2024 with capacity still constrained due to post-Golden Week blank sa
From Weekly Market Pulse published on 22 October: Shanghai-North Europe freight futures continued to rally on 21 October with long-dated EC contracts from December 2024 through August 2025 rising by 7-15% on November rate hike expectations. Carriers have raised their online freight quotations in anticipation of the 1 November 2024 rate hike with CMA CGM advancing the date for the higher spot rates from November 1 to October 25 as it seeks to take advantage of the strong pre-GRI bookings. The b
From Weekly Market Pulse published on 22 Oct: Year to date new containership deliveries have already surpassed last year’s record of 2.3m teu with 2.5m teu already handed over this year and a further 0.5m teu is still due to be delivered before the year is over. Full year fleet growth is expected to reach 10.1% with limited scrapping and delivery slippage. Just 78,200 teu have been scrapped so far this year, with the current run rate at less than 5,000 teu deleted each month as the strong dema
Market is going see-saw debating whether the higher freight rates post 1 November will be sustainable. Yesterday, the main contract i.e. EC2412 was down 9% to its lowest, still reacting to HMM's undercutting, before recovering half of the loss in the last 30 minutes. Today, the main contract continued to rebound to get back to the level on par with Monday close. Utilization has been getting better since Golden Week holidays but the doubt among traders is whether such improved loading is just b