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Services

GFS launches Spain-Turkey Service (STS)

Global Feeder Shipping (GFS) will launch a new Spain-Turkey Service (STS) starting from 9 November 2022 calling at Ambarli, Gebze, Valencia, Barcelona, Ambarli. The service will turn in 2 weeks with the 1,440 teu GFS SAPPHIRE and the 679 teu SEADRAGON. GFS will partner with ONE on this intra-Med service. Spain-Turkey Service (STS) port rotation

Companies

COSCO 3Q earning details

COSCO reported full 3Q results after Friday (28 Oct) close, being the first top ten liner to report. The 16% sequential drop in earnings were already disclosed on 10 Oct's earning alert. Drivers to the sequential drop in earnings during 3Q were 11% QoQ increase in operating costs and 4% QoQ drop in volume. In other words, unit costs increased by 16% QoQ. Surprisingly, COSCO's average freight rates were up 1% QoQ during 3Q. Most of the impact from the collapse in spot freight rates since summer w

Services

Unitrans Group makes Taicang-Lianyungang-St Petersburg trip via Arctic route

The Unitrans Group has made an unique China-Russia trip connect Taicang, Lianyungang, Nakhodka, St Petersburg via the Arctic route using the 650 teu icebreaking containership MONCHEGORSK. The 650 teu MONCHEGORSK left Taicang on 21 Oct and Lianyungang on 25 OctThe MONCHEGORSK is one of 5 'Arctic Express' series containerships built by Norilsk Nickel in 2006-2009 that normally operate on the Murmansk-Dudinka-Archangel route in the Arctic Ocean. The ship is making a return trip to Russia after dry

CMA CGM

CMA CGM starting Manaus Shuttle

CMA CGM is launching Manaus Shuttle that will call  Cartagena (Col), Manzanillo (Pan), Macapa, Manaus, Macapa, Vila do Conde, Cartagena (Col) on 28 days round trip. The service will start with 2,564 teu CMA CGM PEMBA at Cartagena on Dec 2. These five ships currently deployed to Brazil Express and Brazil Express 2 have been assigned to this new service: 2,564 teu CMA CGM PEMBA, 2,556 teu CMA CGM PUERTO ANTIOQUIA, 2,546 teu BALLENITA, 3,534 teu BOMAR PRAIA, 3,091 teu LUTETIA.

Services

Aladin launch Gulf-Pakistan Express (GPX)

Aladin Express will launch a new Gulf-Pakistan Express (GPX) service linking Karachi to Sohar and Hamad. GPX will focus on the Pakistan exports of agricultural commodities to the Middle East Gulf. The veseel deployed and start date have not been announced.

SITC

SITC container revenue down 20% QoQ in 3Q

SITC provided 3Q operation update at noon on Monday (24 Oct). SITC's container shipping and logistics revenue  up 41% YoY but dropped 20% QoQ.

Companies

European forwarders delivered in line 3Q results

K&N reported CHF688mn net profit for 22Q3, up 19% YoY but down 14% QoQ, accelerating sequential fall in earnings. We have expected the earning cycle of seafreight forwarders to move earlier than the container liners in this down cycle on the premises that spot rates, which the forwarders may rely on for the income, have declined faster than the the contract rates, which represent the bulk of forwarders' cost base. So far, K&N seafreight earnings have started to come down sequentially since 22Q2,

Companies

BAL parent company plans Hong Kong IPO

LC Logistics, the parent  company of BAL Container Line, has filed for an initial public offering (IPO) in Hong Kong on 24 October 2022. The company was founded by Xu Xin in 2004 in Qingdao as Shandong Lcang to provide freight forwarding services and is a related company of Qingdao Boan that is engaged in container sales and leasing. BAL Container Line was established as the liner operating arm of the Shandong Lcang Group in August 2012 in Hong Kong to provide SOC container transportation se

Services

CU Lines commits to new TPC transpacific service

CU Lines has committed to continue  operating the Transpacific Express II (TPC) service through 2023 with a new cooperation with Trapac in the port of Los Angeles that will ensure a more reliable schedule to the US West Coast. From October 2022, the revised TPC will call at Qingdao, Shanghai, Ningbo, Nansha, Yantian, Los Angeles, Qingdao with the additional calls at Qingdao and Shanghai that are shifted from the TPX service that was suspended in September. The service will deploy 7 ships, com

MarketPulse

Market Pulse – 2022 Week42

Register Free Trial [https://www.linerlytica.com/register/?utm_source=W202242] The container market has continued to weaken with demand softening at a faster pace than carriers are able to adjust capacity to match. Port congestion is easing across all main regions, with the recent build up of ships at Chinese ports already starting to clear, partly from reduced congestion but also due to ships returning to service after anchoring temporarily for blanked sailings during the Golden Week holidays.

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