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Services

SITC adds Kuantan call on CBX2 service

SITC has added a new call at Kuantan on its China Bengal Express 2 (CBX2) service from 5 December 2022. The revised service will call at Qingdao, Shanghai, Ningbo, Chittagong, Penang, Port Klang, Kuantan, Qingdao. SITC full service network in 2022

Services

CMA CGM introduces Turkey Express (TUX) service to USEC replacing Yang Ming as partner in EMA service with COSCO, OOCL & ONE

CMA CGM has joined COSCO, OOCL and ONE on the East Mediterranean America (EMA) service, replacing Yang Ming as the 4th partner on the Med-USEC service. CMA CGM sells the service as the Turkey Express (TUX), with its participation commencing from 25 November 2022 with the introduction of the 4,360 teu CMA CGM LAPIS to the service. It will join 5 other ships of 4,200-5,00 teu, of which 2 are operated by COSCO and ONE, and 1 by OOCL. The service currently calls at Iskenderun, Aliaga, Ambarli, Pir

Service cancellations

COSCO withdraws CENX and SEAX transpacific services from 2023 OCEAN Alliance Day 7 product

COSCO will withdraw its CENX "Prince Port Express Line" transpacific service that connects Qingdao, Shanghai, Prince Rupert, Qingdao. The last sailing was made by the 4,250 teu XIN YING KOU that departed from Qingdao on 12 November 2022. The CENX was first launched on 26 October 2021 by COSCO using 5 ships of 4,200-5,000 teu. In April 2022, OCEAN Alliance partners OOCL and CMA CGM began to participate on the service, branding it as the Pacific China North 2 (PCN2) and Great Lakes Express (GLX)

Services

X-Press Feeders to launch Sohar Qatar X-Press (SQX)

X-Press feeders will launch a new Sohar Qatar X-Press (SQX) service connecting Jebel Ali, Sohar, Jebel Ali, Mesaieed, Hamad, Jebel Ali on a butterfly rotation that will turn weekly in 7 days using a single 1,700 teu ship. The SQX is scheduled to start from Sohar on 1 January 2023.

Financials

Costco take $93m charge for early termination of containership charters and equipment leases

US retailer Costco has recorded a $93m charge in the fiscal quarter that ended on 20 November 2022 for the termination of charters for 7 containerships as well as related equipment leases that it had operated on the Asia to US routes. The one-off charge will more than erase all the savings that Costco enjoyed since the company started operating their own ships through an exclusive charter arrangement with US operator Pasha that started in August 2021. Costco said that it had shipped nearly 50,

MarketPulse

Market Pulse – 2022 Week49

Register Free Trial [https://www.linerlytica.com/register/?utm_source=W202249] Freight rates have continued to weaken with carriers unable to push through their mid-December GRI efforts as capacity utilisation remaining soft across all key tradelanes. Carriers remain reluctant to remove capacity in any meaningful manner apart from ad hoc blank sailings. Charter rates have found support with carriers still chasing for tonnage despite the collapse in freight rates. Today’s announcement of the ch

Services

CUL downgrades Transpacific service with smaller ships

China United Lines (CUL) will continue to operate the Transpacific Express II/South China-West US (TPC) service connecting Nansha, Yantian, Los Angeles, Nansha following the termination of the charter arrangement for the 12 panamax ships from Antong. The 4,130 teu REN JIAN 19 is expected to make the last trip for CUL using Antong’s ships, departing from Nansha on 14 December 2022. CUL will deploy smaller ships on the service from 20 December, starting with the freshly chartered 1,708 teu SUNRIS

Companies

CUL pays $67m penalty for early termination of Antong cooperation agreement

China United Lines (CUL) has reached a settlement with Antong Holdings for the early termination of its Long Term Cooperation Agreement on 8 December 2022, subject to the approval of Antong shareholders. CUL had given notice to Antong on 28 November 2022 for the termination of the agreement that involves the charter of 12 panamax ships of 4,132 teu to 4,713 teu from Antong for $52,000 per day and the lease of Antong containers for operations on the Asia-Europe and Transpacific routes under a p

Companies

Liner Top Liner Drop Accelerated in November

The aggregate November monthly revenue for the 3 Taiwanese liners amounted to $2,2bn, down 18% MoM and 44% YoY. The 18% sequential drop was faster than the CCFI's 14% sequential drop in November.

Services

Evergreen launching VMI

Evergreen is launching a new Intra-SEA service called Vietnam-Malaysia-Indonesia Service(VMI), which will rotate through Haiphong, Ho Chi Minh City, Port Klang Westport, Tanjung Pelepas, Jakarta, Semarang, Surabaya, Singapore, Tanjung Pelepas, Haiphong on 21-days round trip. 1,844 teu EVER CHASTE, 1,809 teu EVER CHARM and 1,984 teu GREEN CELESTE will phase in respectively on Jan 10, Jan 17 and Jan 24 at Haiphong. 1,844 teu EVER CHASTE and 1,809 teu EVER CHARM have until recently been deploye

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