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Container freight futures in China – 2024 vs 2012

The Containerized Freight Index Futures (CoFIF) traded on the Shanghai International Energy Exchange (INE) is the second attempt by China to build its container freight futures market. Unlike its predecessor, called the Container Freight Derivatives (CFD) that was launched in June 2011 by the Shanghai Shipping Freight Exchange Co., Ltd. (SSEFC) and only available to domestic on-shore traders, CoFIF is accessible to off-shore traders outside of China. Initial CFD trading saw high daily turnover


Carriers missing opportunity to lock in Asia-Europe rates on CoFIF market

The longer dated CoFIF contracts rallied last week with traders building long positions after several carriers pushed for another Asia-Europe FAK rate hike in mid-April. Despite continued liquidation, prices for EC2404 contracts that will expire in 2 weeks were unchanged at 2,120 and remains slightly lower than the SCFIS rate at 2,174 last week (before settling slightly lower at 2,172 based on the latest assessment on 8 April). The latest CoFIF rates implies April-August rates that are equivale


Market Pulse 2024 Week 15

Register Free Trial [] Freight rates to Middle East and Latin America were the main bright spots for carriers, as SCFI recorded its first weekly increase in 2 months. However, the marginal 0.8% rise last week masked weakening market sentiment where both Asia-Europe and Transpacific rates are still under pressure, with some carriers planning another series of FAK rate hikes mid-April to stem the decline. Charter rates remain buoyant with s


MSC adds Ingonyama feeder

MSC has launched the Ingonyama service connecting Coega, East London, Coega on 2 April 2024 with the 1,118 teu MSC TOKATA F. The new service will provide connections at Coega to MSC's global network as an alternative to trucking to East London which is located some 270km away by road.


Unifeeder adds Venezuela service

Unifeeder has added 2 new Venezuela services that will call alternately at Guanta/Guaranao and Maracaibo using 2 ships of 1,100 teu on separate 14 day rotations. The Unifeeder Venezuela service 1 (Guanta/Guaranao) will deploy the 1,118 teu SC PHILLY from 16 April 2024 to call at Cartagena, Manzanillo (Pan), Oranjestad, Willemstad, Guanta/Guaranao (alternate calls), Cartagena. The Unifeeder Venezuela service 2 (Maracaibo) will deploy the 1,118 teu NOAH from 23 April 2024 to call at Cartagena,


Hede Shipping completes HDS transpacific service line-up

Hede Shipping's new transpacific Hede Direct Service (HDS) has completed its 4 ship vessel line-up in order to provide weekly departures from Shanghai to Los Angeles offering an 13-day express transit time. The service started on 21 March 2024 with the 3,426 teu BFAD ATLANTIC, followed 3 more chartered ships joining in succession - the 4,298 teu REN JIAN 10, 1,809 teu ANDROKLIS and 2,782 teu ADONIS.

Port Congestion

Port Congestion Worsened

Global port congestion worsened over the past week with a sharp increase in berthing delays at ports in North Asia and Southeast Asia. Waiting times have increased across all key main port in the Far East including Busan, Ningbo, Shanghai, Singapore and Port Klang where waiting times of up to 3 days have been recorded. There has been no increase in port congestion in the US, with East Coast ports largely unaffected by the shutdown at the port of Baltimore. Cargo has been diverted mostly to Norf


Baltimore port shutdown has limited impact on container volumes to US

The closure of the port of Baltimore after the 9,962 teu Maersk operated containership DALI struck the Francis Scott Key Bridge on 26 Match 2024 will not have a significant impact on container supply chain in the US. The port of Baltimore handled 1.12m teu of container cargo in 2023,  accounting for only 4.5% of the total containers handled at the main ports at the US East Coast. There is sufficient container handling capacity at the neighbouring ports of Norfolk and New York where the cargo aff


China port throughput gap expanded in 2023

China’s Ministry of Transportation (MOT) has stopped the publication of the country’s container port statistics and has replaced it with summary container volume data by provinces only. The publication of full year data has also been delayed, with the latest available data for 2023 provided to November only. The MOT only provided provincial level container handling volumes data for January and February 2024 on 29 March 2024, with overall container volumes rising by 12.1% in the first 2 months o


COSCO continues to benefit from the provisions unwinding

COSCO reported full report for 4Q 2023 after market on 28 March, which provided further details to the earnings alert already disclosed in January. The unwinding of provisions booked in 2021 and 2022 have continued to help lift COSCO’s earnings in 2023, as COSCO’s unit costs are falling faster than the industry average.

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