Services

SITC launch Malaysia-India-Myanmar (MIM) service

SITC has launched a new Malaysia-India-Myanmar (MIM) service calling at Port Klang, Haldia, Yangon, Port Klang from 5 June 2024. The MIM turns in 14 days and deploys 2 ships of 907 teu starting with the SITC NAGOYA at Haldia on 5 June and followed by the SITC TIANJIN.

Companies

Taiwanese Liners’ monthly revenue up 7% MoM

EMC, the Taiwan listed shipping arm of the Evergreen Group, released the week before its monthly revenue for May, which was up 1% MoM and 34% YoY. There was no dip in revenue despite of the spot freight rate correction between February and April. Last week, Yang Ming and Wan Hai reported stronger MoM increase in their monthly revenue in May than Evergreen. These monthly revenue levels in May were better than any single month in 2023 and comparable to the level at end of 2022 or 2020. Further up

Markets

CoFIF Edged Up After a Volatile Week

EC futures recovered essentially all of their losses after a volatile week with the longer dated contracts slumping to their 16% limit down levels on 11 June in reaction to the UN ceasefire resolution adopted on 10 June but rebounded over the next 3 trading days with little change to their pre-UN resolution levels. The main EC2408 contract was up 2% WoW, but could extend its gains this week following the SCFIS’ 10.8% WoW gain on 17 Jun. The new capacity additions on the Asia-North Europe route

Markets

Spot Rate Uptrend Continues

Fears over a container market correction sparked by the possible end to hostilities in the Middle East proved to be premature as Chinese freight futures regaining all of last Tuesday’s losses, with further gains still to come after the SCFIS recorded a 3rd straight week of double digit % gains. The introduction of 3 new North Europe strings by Hapag-Lloyd (CGX) in June, followed by MSC (Britannia) and CMA CGM (French Peak) in July has not dampened the rate momentum with the SCFI rising by 5.7%

Port Congestion

Port Congestion at 18-Month High

Global port congestion continues to rise over the past week, with over 2.4m teu of vessel capacity waiting at anchorages as at 16 June, of which 60% are in Asia (including East Asia, Southeast Asia, Indian subcontinent and the Middle East). Heavy congestion remains at Singapore, although average waiting times are down slightly if only because more vessels are omitting calls at the port with several services extending the omissions until July. Overall congestion is at an 18 month high, with a fu

Markets

Container volume growth forecast revised upwards

Global container port throughout is expected to reach a record high of 947m teu in 2024, with full year growth forecasts revised upwards to 4.7% following 2 consecutive years of lacklustre growth of 0.7% in 2022 and 2023. The sharp rise in cargo volumes in the first half of 2024 has propelled port congestion to a new 18 month year high, with notable gains at several key Asian hubs including Singapore (up 7.7% YTD), Tanjung Pelepas (up 20.1% YTD) and Colombo (up 20.4% YTD).

MarketPulse

Market Pulse 2024 Week 25

Register Free Trial [https://www.linerlytica.com/register/?utm_source=W202425] Fears over a container market correction sparked by the possible end to hostilities in the Middle East proved to be premature as Chinese freight futures regaining all of last Tuesday’s losses, with further gains still to come after the SCFIS recorded a 3rd straight week of double digit % gains. The introduction of 3 new Asia-North Europe strings in June and July has not dragged down freight rates with further hikes s

Services

MSC launch new EMUSA service

MSC will launch a new EMUSA service connecting Tekirdag, Gebze, Aliaga, Haifa, Fos, Barcelona, Valencia, Sines, Boston, New York, Philadelphia, Savannah, Tekirdag from 20 June 2024. The EMUSA will replace the existing Turkiye/West Med to USA service with new direct calls at Fos and Barcelona, while former calls at Gioia Tauro, Baltimore and Port Everglades are dropped in the new streamlined service. The EMUSA will turn in 7 weeks and will deploy ships of 4,000-6,700 teu starting with the 5,060

Seasonal demand pickup could last until August

The tight container market is expected to last for at least 3 more months, as monthly container cargo volumes could rise by a further 5% to 10% due to seasonal demand which historically peaks in August based on the analysis of cargo volumes at US ports over the last 15 years. The strong cargo volumes this year has caught the market by surprise, but the peak season cargo surge could bring further pain to the market already over-stretched by a shortage of vessel capacity and box equipment.

Services

Arkas/Turkon launch new Red Sea 1/Turkiye Red Sea Express (RS1/TRE)

Arkas and Turkon have jointly launched a new Red Sea 1 (RS1)/Turkiye Red Sea Express (TRE) service connecting Ambarli, Izmit, Aliaga, Jeddah, Aqaba, Ambarli from 15 June 2024. The RS1/TRE will operate weekly, turning in 14 days and deploys the 1,878 teu TURKON ISTANBUL from Turkon and 1,604 teu WANDA A from Arkas.

Services

SITC launch new VTX6 service

SITC has launched at new Vietnam Thailand Express 6 (VTX6) service connecting Shanghai, Ningbo, Sihanoukville, Laem Chabang, Ho Chi Minh City, Nansha, Tokyo, Yokohama, Nagoya, Shanghai The VTX6 will turn in 28 days and deploys 4 ships of 1,000 teu starting with the 1,043 teu SITC HOCHIMINH at Shanghai on 11 June 2024.

Services

COSCO/OOCL revise CPNW/PNW4 transpacific service

COSCO will replace the existing OCEAN Alliance CPNW/PNW4/PE2/Twin Peaks Express (TWPKS) service calling at Yantian, Hong Kong, Ningbo, Shanghai, Prince Rupert, Vancouver, Yantian with a revised rotation that omits the Vancouver call which is shifted to the new China-Pacific Northwest Coast/Vancouver (CPV) service calling at Ningbo, Shanghai, Vancouver, Seattle, Lianyungang, Ningbo starting from 12 June 2024. OOCL, Evergreen and CMA CGM will retain their slots on the 2 services. COSCO will also

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