Market Pulse 2024 Week 08

Services

Sidra Line adds Turkey Red Sea (TRS) service

Sidra Line has launched a new Turkey Red Sea (TRS) service from 10 February 2024 connecting Izmit, Ambarli, Iskenderun, Sokhna, Jeddah, Aden, Jeddah, Izmit. The service turns in 23 days and will deploy the 1,471 teu SIDRA AHLAM.

Services

SeaLead adds Far East India Express 2 (FIX2) service

SeaLead will launch a new Far East India Express 2 (FIX2) service from 2 March 2024 connecting Ningbo, Xiamen, Shekou, Mundra, Port Klang, Ningbo. The service will turn in 5 weeks using 5 ships of 1,700-2,500 teu starting with the 1,930 teu BALTRUM. The FIX2 service to the India West Coast will complement SeaLead's existing FIX1 service to the India East Coast calling at Qingdao, Shanghai, Ningbo, Shekou, Chennai, Visakhapatnam, Port Klang, Shekou, Qingdao that is operated in partnership with S

Services

Unifeeder adds 3rd Americas feeder service to connect Aruba and Curacao

Unifeeder will add a new Aruba and Curacao feeder service connecting Cartagena, Oranjestad, Willemstad, Cartagena from 1 March 2024. The new service is Unifeeder's third Americas service, adding to the Panama-Colombia service launched in January 2024 connecting Manzanillo, Turbo, Cartagena, Barranquilla,Santa Marta, Cartagena, Manzanillo and the Hispaniola-Puerto Rico service launched in March 2023 connecting Caucedo, Port au Prince, San Juan, Caucedo.

Services

SeaLead joins Blue Water Lines on Gulf India Express (GIX) service

SeaLead will join Blue Water Lines on the Gulf India Express (GIX) service calling at Mundra, Nhava Sheva, Sohar, Jebel Ali, Dammam, Mundra from 22 February 2024. The GIX was first launched in November 2023 by Blue Water Lines, owned by India's Abrao Group, using the 1,662 teu ABRAO COCHIN on a fortnightly frequency calling at Mundra, Nhava Sheva, Sohar, Dammam, Khalifa bin Salman, Jebel Ali, Mundra. The GIX will be upgraded to a weekly service with SeaLead adding the 1,560 teu TAICHUNG from 2

Markets

Spot Rates Mostly Held Up During CNY Holidays

There were no SCFI and CCFI publication last week due to the Chinese holidays but the WCI, Platts and FBX showed transpacific rates are largely holding to their pre-holiday gains. Smaller carriers such as Zim and Yang Ming have carried over their lower rates on offer, along with Maersk who has continued to push out preferential rates on selected sailings but the majority of the carriers have not slashed their spot rates knowing it will not generate additional bookings during the post-holiday sl

Markets

CoFIF a tick higher first day post Chinese New Year holidays

The CoFIF end April forward contracts (EC2404) closed 4% higher on 19 February 2024 on lower trading volumes after the 11 day break for the Chinese New Year holidays. Although the latest SCFIS Asia-North Europe index dropped 3.5% compared to their pre-holiday levels to 3,246, it remains at a significant premium of current forward levels with EC2404 closing at 2,190. Traders are still digesting the impact of continued tensions in the Red Sea and the freight rates development over the last two we

Ports

Transpacific trade growth rebound

Transpacific eastbound container volumes have rebounded by 16.9% in January 2024 and full year volumes are expected to record positive growth again after falling by 15.1% last year. Transpacific carriers have been able to take advantage of the strong cargo rebound with freight rates more than 200% higher compared to last year. The Top 3 carriers (COSCO, CMA CGM and Evergreen) have managed to retain their positions in January, and all 3 are members of the OCEAN Alliance who are poised  to stren

MarketPulse

Market Pulse 2024 Week 08

Register Free Trial [https://www.linerlytica.com/register/?utm_source=W202408] The bullish market sentiment has not been dampened by the Lunar New Year break with carriers still retaining most of their recent rates gains, defying the predictions of a post-holiday correction. Capacity is expected to remain tight in March due to the extended Red Sea diversions, with charter rates continuing to firm due to limited vessel availability. Unlike previous years when the idle fleet rises due to the post

Companies

SeaLead to continue growth path under new ownership

Singapore-based SeaLead has come under the ownership of a new group of investors on 16 February 2024 with plans to continue the company's ambitious growth path. The new owners comprise of a group of 4 financial investors - Eurosia Capital, HCP Invesments, Access Capital Funds and Saral Incorp. VCC SubFund. SeaLead also announced a change in its management with CEO Henry Schmidl leaving the company in conjunction with the change of ownership, with executive advisor SC Chan taking over as interim

Companies

TWN Liners Revenue Up 20% MoM in Jan

Monthly revenue for Taiwanese liners went up 20% or $278mn MoM in aggregate in January 2024 as the rally in freight rates started to show. To put the increase in revenue in context, these three liners together made $201mn EBIT during 3Q 2023. Their 4Q earnings are not out yet but their 4Q revenue were down about $202mn QoQ comparing to 3Q 2023. Meanwhile, CCFI composite index went up 36% MoM in January and 22% MTD 9 Feb. Further upside to the liners revenue likely to come in February. Liners' r

Services

ONE joins Wan Hai on revised Asia America III/Asia Pacific 1 (AA3/AP1) transpacific service

ONE will add 2 ships to Wan Hai's existing Asia America III (AA3) service from April and brand the service as the Asia Pacific 1 (AP1). The revised AA3/AP1 service will call at Haiphong, Cai Mep, Shekou, Xiamen, Taipei, Ningbo, Shanghai, Los Angeles, Oakland, Shekou, Haiphong from the end of April 2024, turning in 7 weeks using 7 ships of 5,000-14,000 teu with 5 ships operated by Wan Hai and 2 ships by ONE. The service is currently operated independently by Wan Hai using 5 ships of 3,000-13,0

No Signs of More Idling

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