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Freight Rate Watch: More Blankings from 2M to Arrest Falling Rates

Transpacific rates to the US West Coast enjoyed a minor rebound last week, on the back of strong e-commerce cargo demand after the Chinese Golden Week holidays coinciding with reduced capacity availability due to blanked sailings with week 41 capacity more than 40% less than usual. East Coast rates remained under pressure but the rate of decline has slowed due to reduced capacity availability. But more space will return in November, with current projections showing a 22% increase to the West Co


Market Pulse – 2023 Week 42

Register Free Trial [] The EU’s withdrawal of the Consortia Block Exemption Regulation (CBER) for liner shipping will strengthen rather than weaken existing carrier alliances, with OCEAN and THE Alliance members now less likely to break up their current cooperation before the expiry of the current agreements in 2027. Carriers were able to reverse the decline in freight rates with the SCFI registering its first weekly rise since early Augu


Zim to launch maiden FE-WCSA ZIM Albatross (ZAT) service

Zim will launch its first FE-WCSA service branded as the ZIM Albatross (ZAT) starting from 13 November 2023. The new service will call initially at Ningbo, Shanghai, Qingdao, Lazaro Cardenas, Buenaventura, Guayaquil, San Antonio, Hong Kong for its first 3 sailings before switching to a full rotation calling at Xingang, Qingdao, Shanghai, Ningbo, Busan, Lazaro Cardenas, Buenaventura, Guayaquil, Callao, San Antonio, Busan, Xingang on a 77-days round trip. Zim will deploy up to eleven ships of 3,5


CoFIF staging a surprise rally

It should have come as a surprise to the liner managers in the container shipping industry is that the CoFIF has been rallying since China is back from its national holidays. As the liner managers are struggling to sell $1,000/FEU to their customers in current round of 2024 contract negotiation. There are buyers in CoFIF markets willing to pay something like $1,300-1,500/FEU for shipments embarking between April and December next year. But most of the liner managers do not know CoFIF. The two


Taiwanese Liner Monthly Revenue: No Peak in 3Q

Yang Ming and Wan Hai also reported their September revenue. Including Evergreen, all three Taiwanese container liners reported MoM decline in September. For the quarter, 3Q 2023, and three liners in aggregate, total revenue was up 2% QoQ where EMC's on going consolidation of unlisted assets may have played a factor. For the liners already reported, OOIL, Yang Ming and Wan Hai reported QoQ decline in revenue during 3Q 2023. For the second year in a row, the peak season has not brought about any


6 carriers to launch new China-East Africa service

ESL, GFS, IAL, KMTC, RCL and TSL will jointly launch a new China-East Africa service starting from November 2023. The service will call at Qingao, Shanghai, Ningbo, Nansha, Port Klang, Mombasa, Dar Es Salaam, Port Klang, Qingdao on a 56 day rotation using up to 8 ships of 2,400-3,000 teu. The service will be branded as the RCL East Africa (REA) service by RCL while the other partners to the service have not yet announced their assigned service names.


Glut of Deliveries Without Charter Put Pressure On the Market

Charters rates are falling steadily with further declines expected over the coming weeks with vessel availability rising faster than the market can absorb. There are more than a dozen newbuildings of up to 3,000 teu scheduled for delivery in the coming 3 months that remain open for charter, putting further pressure on an already over-supplied market. Charter rates have slipped across all sizes including the larger sectors of over 4,000 teu where there is an increasing build up of surplus ships.


OOIL 3Q revenue fell 11% QoQ while EMC 3Q revenue up 5% QoQ

OOIL’s top line breakdown for 3Q 2023 saw total revenue slip by 11% QoQ and 65% YoY driven primarily by the drop in average freight rates. The fall is larger than market forecasts with OOIL’s average freight rates falling by more than CCFI levels on a QoQ basis, even after excluding the impact of the sharp fall in Transatlantic rates which is outside of the CCFI scope. OOIL’s Transpacific freight rates fell by 2% despite the rate increases in July and August. OOIL’s 3Q23 EBIT is expected to rec


Operation at Israelis Ports Continued Amid Conflicts

Israeli ports have come under the spotlight following the outbreak of the Israel-Hamas war over the weekend. The 2 main Israeli ports of Ashdod and Haifa that handle over 3.1m teu of container cargo annually have continued cargo operations through the weekend despite the military operations at Gaza. The situation remains fluid after Israel formally declared war for the first time since 1973 but the impact on the container shipping market is limited for now. So far no major congestion hotspots


Sharp Fall Likely As SCFI Assessment Resumes this week

Transpacific rates were mostly unchanged during the week, with the Chinese holidays producing little rate movements. However, the SCFI assessment is still expected to register a sharp fall when publication resumes this week after the Golden Week holidays, as the actual market rates have already dropped by over $200/feu below the SCFI level. Although carriers have filed for a $1,000/feu rate increase on 15 October and 1 November, both of these increases are not expected to stick given the curre

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