More signs of Asia Europe freight rates being peaked has emerged: 5 out of the 7 departures from Far East to North Europe over the last few days were below trend and the latest trend (on 2-week moving average) has been below the average of the past year. AE10 MAYVIEW MAERSK Departed Tanjung Pelepas on 17 July was only 79.41% full comparing to the 2-week moving average of 94.9%. FE4 HMM GARAM departed Singapore on 16 July was only 90.7% full, comparing to the 2-week moving average of 94.3%. T
CMA CGM and Hapag-Lloyd will terminate their jointly operated India-US East Coast Indamex and Indamex 2 services from August 2024 and replace them with separate services that will be operated independently by the two carriers. Hapag-Lloyd has announced a new TPI (Indamex) service that will call at Port Qasim, Nhava Sheva, Mundra, New York, Norfolk, Savannah, Charleston, Port Qasim from 8 August 2024 with the 9,274 teu TORRENTE. The service will turn in 11 weeks and will be operated independentl
MSC has taken 2 more secondhand purchases last week, as its total capacity operated edges closer to the 6m teu mark. The vintage 25 year old 5,364 teu EVER UNITY has joined MSC last week as the MSC UNITY VI for deployment on its South Africa Ingwe service while the 2,867 teu AS CLARITA will join MSC after its current drydocking as the MSC CLARITA III for deployment on the Upper Gulf Express service in the Middle East. MSC’s aggressive vessel acquisition drive has allowed it to avoid the charter
Global port congestion dropped slightly last week, with capacity at anchorages ending the week at 1.97m teu or 6.5% of the global fleet. The situation at Southeast Asian ports is gradually improving with waiting times at Singapore and Port Klang dropping to less than 2 days although there remains sporadic delays at these ports. Singapore has paid a heavy price for the recent congestion with its latest container throughput volumes in June dropping by 5.2% compared to May as carriers omitted calls
The Far East to the Indian Subcontinent, Latin America and US West Coast routes have seen a significant increase in new capacity injections in the last month, with capacity rising by 9.0%, 6.0% and 4.7% respectively with a slew new services and extra loaders added since June. These capacity additions will continue through August, keeping the charter market tight as carriers are still short of tonnage needed on these routes. However, the incremental capacity added has put a cap to recent freigh
Register Free Trial [https://www.linerlytica.com/register/?utm_source=W202429] The SCFI retreated last week by 1.6% after 14 consecutive weekly gains in a further sign that the market has peaked. While demand remains firm, supply has also risen with capacity injections most notably in the Indian subcontinent, Latin America and US West Coast routes where freight rates are the most lucrative currently. This has capped freight rate increases on those routes, but overall capacity utilisation remain
The SCFI retreated last week by 1.6% after 14 consecutive weekly gains in a further sign that the market has peaked. While demand remains firm, supply has also risen with capacity injections most notably in the Indian subcontinent, Latin America and US West Coast routes where freight rates are the most lucrative currently. This has capped freight rate increases on those routes, but overall capacity utilisation remains tight, with rates still rising on the Asia-North Europe route as schedule disr
Maersk’s high spot rate quotes helped to boost short term market sentiment, but skepticism over the sustainability of the current high rate levels heading into 2025 continues to prevail in the CoFiF futures market. The EC freight futures traders were spooked by reports of a Gaza ceasefire as the longer dated container freight futures for 1H 2025 contracts corrected by 20-30% WoW. Near term contracts for 2H 2024 remain firm, with EC2408 and EC2410 recording marginal gains backed by the 4.0% gai
OOCL reported its 2Q operational update on 15 July. OOIL 2Q 2024 total revenue recorded 14% YoY and QoQ gains compared to the Taiwanese’s 47% YoY and 20% QoQ growth. Relative to the Taiwanese liners, OOIL has much higher mix in short haul Intra-Asia, Oceania and Transatlantic trades, which have not seen the same quantum of freight rates hike compared to the long-haul trades during 2Q 2024.
Milaha has announced the launch of a new Milaha Gulf Express 2 (MGX 2) service connecting Shanghai, Ningbo. Shekou, Nhava Sheva, Mundra, Sohar, Hamad, Dammam, Shanghai from 2 August 2024. The MGX 2 will turn in 42 days using 3 ships of 3,000 teu with a fortnightly frequency.