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Market Pulse 2022 WEEK 6

Download full report here [] MARKET BRIEF – 2022 WEEK 6 Spot freight rates fell for the 5th consecutive week but the drop was relatively muted given the Chinese holiday lull. Rates to South America tumbled 6% due to the impact of new capacity introduced on the trade but the fall remains mild relative to previous years. Charter rates remain firm, with asking rates and periods continuing to rise due to the scarcity of available tonnage with


THE Alliance splits FP2 pendulum service

THE Alliance members (Hapag-Lloyd, HMM, ONE and Yang Ming) have unveiled their revised service network for 2022, with the only major change involving the split of the the FP2 pendulum service into 2 individual services that will cover the Southeast Asia-North Europe and Southeast Asia-US West Coast routes separately. The FP2 currently call at Singapore, Laem Chabang, Cai Mep, Hong Kong, Yantian, Long Beach, Oakland, Yokohama, Hong Kong, Laem Chabang, Cai Mep, Singapore, Colombo, Rotterdam, Hamb


2M terminates transpacific partnership with SM Line

The 2M/SM Line strategic cooperation agreement on the Far East-West Coast North America route will be terminated on 8 May 2022, one year earlier than scheduled. The 2M/SM Line cooperation started in April 2020 after HMM ended the 2M cooperation to join THE Alliance. The agreement was expected to run until March 2023, but has been prematurely terminated by the three parties. It will affect the TP-8/Orient/PS1 service jointly operated by the 2M and SM Line, with 6 ships of 10,600 teu to 11,290


Asyad Line launches new SE Asia-Oman link

Asyad Line has announced the launch of a new service between Singapore and Port Klang with Oman. The service was first introduced on 17 December 2021, with the first sailing initiated by the 4,250 teu WADI BANI KHALID. A second ship, the 4,398 teu GULF BARAKAH was introduced on 30 December 2021. The new service calls at Singapore, Port Klang, Nhava Sheva, Mundra, Karachi, Sohar, Dammam, Jebel Ali, Mundra, Nhava Sheva, Singapore. 2 sailings will be offered each month using the two 4,250-4,398 te


HMM drops planned Durban call on new Far East-India-Latin America Service (FIL)

HMM’s new Far East-India-Latin America Service (FIL) will skip the planned westbound Durban call and connect India directly with the East Coast of South America. The new service was launched on 7 December 2021 and was supposed to call at Busan, Shanghai, Ningbo, Shekou, Singapore, Kattupalli, Durban, Santos, Paranagua, Itapoa, Navegantes, Buenos Aires, Montevideo, Singapore, Hong Kong, and Busan. The service is supposed to turn in 12 weeks, but currently deploys only 6 ships of 4,700 teu to 6,8


CMA CGM and COSCO expands cooperation to the Brazil/Caribbean to US Gulf trade

CMA CGM and COSCO will revise its joint service on the trade between Brazil, the Caribbeans and the US Gulf Coast with the new Brazil Express (BZX) service that will deploy 9 ships of 3,000 teu to 3,600 teu on a 63 day round trip. CMA CGM will deploy 8 of the 9 ships in this new service that is scheduled to start from 22 February from Navegantes with the 3,091 teu CMA CGM PARANAGUA. The revised service will call at Navegantes, Paranagua, Santos, Rio de Janeiro/Salvador (alternative calls), Cart


Maersk eyes further FE-USEC expansion with TP28 launch and TP20 upgrade

Maersk will launch a new TP28 transpacific service connecting Cai Mep, Yantian, Ningbo, Shanghai, Houston, Norfolk, Cai Mep using 11 ships of 4,500 teu. The new service is scheduled to start on 23 March 2022 with the 4,530 teu MAERSK WALLIS. The service will take an eastbound round-the-world route, using the Panama Canal from Asia and returning via the Suez Canal. Maersk will also concurrently revise its current TP20 service with the Cai Mep call replaced by a new call at Jakarta, while the ves


Earning Report Preview: OOIL

OOIL is likely to report net profit over $5bn for 2H21 and $8.3bn for FY21, in our estimates, beating the average consensus estimates. OOIL reported $2.8bn as net profit for 1H21. In 2H21, revenue increased $2.7bn HoH, driven primarily by the increase in average freight rates...


CUL plans Hong Kong IPO

China United Lines (CUL) have launched a bid for an initial public offering (IPO) on the Hong Kong stock exchange. It filed an initial application on 31 January 2022, with proceeds from the IPO to be used to fund new ships and further overseas expansion. CUL was established in 2005 and is currently based in Shanghai. The company is controlled by Raymond Chen Hong Hui (through interests held by his spouse) and is currently 80% owned by Chen and 20% by Guangzhou Port. It reported total revenues


ZIM extends India-Med ZMI service to North Europe after current MSC partnership ends

ZIM will extend its new Zim Med ISC (ZMI) service to cover North Europe from March 2022. The serivce was first launched in December 2021 and calls at Mundra, Nhava Sheva, Colombo, Haifa, Mersin, Ambarli, Mundra using 4 panamax ships of 4,250-4,310 teu. The move follows the termination of ZIM's current cooperation with MSC on the North Europe-East Med trade in March 2022. The 2 carriers jointly operates the NE1/Israel Express service that calls at Felixstowe, Hamburg, Rotterdam, Antwerp, Le Havr

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