Evergreen and Yang Ming reported their August revenue after the market closed on 9 September with further gains of 1-4% MoM, outperforming the CCFI's 2% MoM drop. More importantly, the combined revenue for July and August has already exceeded the total revenue for the full quarter of 2Q 2024, with carriers still on track to record strong 3Q earnings despite the recent freight rate corrections.

Severe weather across East Asian ports last week have resulted in increased congestion at ports across China and sailing cancellations. Delays remain extensive across all main Chinese ports with waiting times at Shanghai, Ningbo, Qingdao and Yantian reaching up to 3 days with vessel bunching continuing to cause bottlenecks. US congestion remains concentrated on the US East Coast with berth utilization still high especially for larger ships with delays of up to 3 days reported at New York, Norfo

The new Asia-Europe network announced by MSC and Premier Alliance along with the planned Gemini Cooperation will result in one additional Med string in 2025 while the number of services to North Europe remain unchanged. Carriers continue to jostle for market share  amidst a rapidly declining rate environment with the SCFI slipping by a further 10.8% last week, while Med rates dropped by 6.4%. The pace of the declines is quickening with carriers keen to cut rates ahead of the Golden Week holida

The main EC freight futures contracts for December 2024 (EC2412) tumbled by 23% over the past week on high trading volumes. Carriers continued to slash FAK rates to North Europe, with market sentiment remaining bearish. Contrarian views are providing support for EC2410 on the belief that October contracts have been oversold at its current 52% discount to the SCFIS. Open interests increased by 11% WoW, indicating the high conviction that traders have on their positions.

MSC and the Premier Alliance (the new name that ONE, HMM and Yang Ming have chosen to replace the current THE Alliance) have announced a new partnership on the Far East-Europe trade that will involve slot swaps covering 5 services to North Europe and 4 services to the Mediterranean commencing from February 2025. In addition to these, MSC will independently operate 2 additional services to North Europe and 2 services to the Med, ensuring that it remains the largest carrier on the Far East-Europ

Register Free Trial [https://www.linerlytica.com/register/?utm_source=W202437] MSC and the Premier Alliance have announced a new partnership covering 9 Asia-Europe services commencing in February 2025 which will set the stage for a fresh alliance competition next year with the newly formed Gemini Cooperation and existing OCEAN Alliance. These carriers remain locked in their current price war as the SCFI tumbled by a further 8% last week with the Asia-North Europe and Asia-USEC seeing the sharp

CMA CGM's intra-Asia arm CNC will launch a new Luzon Visayas Mindanao Express (LVMX) service connecting Manila (N), Cagayan de Oro, Cebu, Manila (N) from 22 September 2024. The service will operate on a weekly basis with the geared 1,037 teu SOFRANA TOURVILLE.

Sinokor and TS Lines will launch a new China-Middle East service branded respectively as the Sinokor Gulf Service 2 (SGX2) and Central China Middle East Express (CMX) that will call at Qingdao, Shanghai, Ningbo, Shekou, Port Klang, Jebel Ali, Colombo, Qingdao. The service will turn in 6 weeks and will deploy 6 ships of 7,000 to 8,000 teu starting with the 8,030 teu MUMBAI BRIDGE at Qingdao on 23 September 2024. The service will also involve other parners apart from the 2 carriers with full de

Bengal Tiger Lines will introduce a new Colombo-Mangalore (GMT) service from 24 September 2024. The service will deploy the 1,368 teu TAKUTAI CHIEF that will connect Colombo's SAGT with Mangalore on a weekly basis.

Swire Shipping's New Zealand coastal operator Pacifica Shipping has withdrawn the 1,368 teu TAKUTAI CHIEF from its New Zealand coastal service from 30 August 2024. The ship was first introduced on the service in September 2022 to connect Auckland, Lyttelton, Marsden Point, Tauranga, Auckland. The New Zealand intra-island domestic service will continue to be offered by the 1,732 teu MOANA CHIEF. The TAKUTAI CHIEF will be chartered out by Swire Shipping after completing its drydock on 24 Septemb

Carriers are rushing to secure ship contracts despite rising newbuilding prices and growing concerns over over-capacity by the time these ships hit the water in 2027-2029. COSCO is the latest carrier to join in the new order frenzy with a fresh order revealed last week for 12 units of 13,700 teu at its COSCO Yangzhou shipyard for delivery over 2027-2029 bringing the total capacity contracted in August to a record high of over 1.4m teu, including several Letters of Intent (LOIs) that are expect

COSCO concluded the 1H 2024 interim reports for the publicly listed carriers with its EBIT earnings of $566m for its container shipping business for a margin of 25%, down from the 32% margin in the same quarter last year due mainly to higher unit costs during 2Q 2023. Average freight rates were 13% higher for COSCO against the CCFI’s 53% gain, while container volumes increased marginally by just 1%. Aggregated revenues of the 12 main listed carriers increased by 10% YoY while volume increased 8