As anticipated, container spot rates softened across the major deepsea trades following the Chinese New Year factory holiday.
The Shanghai Containerized Freight Index (SCFI) this week recorded spot rates from Asia to North Europe down 5.6%, to $906 per teu, as carriers scrambled to fill their ships following the break.
But the rate erosion could have been much worse without the 2M’s last-minute decision to blank the sailing of the 19,437 teu …
Asia-North Europe
HMM ends 2018 $720m in the red, but has high hopes for new ships and alliances
Subsidised South Korean ocean carrier Hyundai Merchant Marine (HMM) continued to bleed money in the final quarter of 2018, to end the year some Won808bn ($720m) in the red.
It attributed the loss, which follows a $1.1bn deficit the previous year, to increased fuel costs, the Iran sanctions and “delay in rate recovery”.
HMM transported 4.46m teu in the 12 months, which was 10.6% higher than the year before, as it stepped …
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Transpacific spot rates soften early as carriers prepare for post-CNY slump
The last Shanghai Containerized Freight Index (SCFI) before the Chinese New Year holiday has recorded a modest softening of spot rates on the transpacific, while carriers were able to hold rates steady between Asia and Europe.
Spot rates between Asia and the US west coast fell by 2.3% to $1,993 per 40ft and by 2.6% for east coast ports to $3,054 per 40ft.
Historically, freight rates on the transpacific usually drop sharply …
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Carriers still aiming to add capacity on Asia-North Europe, despite softer demand
Despite warnings of uncertain times ahead for demand, ocean carriers plan to add around 10% more capacity to the Asia-North Europe route this year.
According to the latest Alphaliner analysis, with the addition of one new loop and the upsizing of other vessels, weekly capacity on the tradelane will surge by 28,000 teu to a weekly average of 300,000 teu from March.
This will add downward pressure on freight rates at the …
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Ocean Alliance revamps network, adding a seventh Asia-North Europe loop
The Ocean Alliance, the largest of the three east-west trade vessel sharing agreements, has published its network revamp, which includes the addition of a seventh Asia-North Europe loop.
Alliance members CMA CGM, COSCO, Evergreen and COSCO-owned OOCL announced their Day 3 Product, to be launched in April, deploying 330 container vessels with an estimated carrying capacity of 3.8m teu across 38 service lanes.
Rodolphe Saade, chairman and chief executive of CMA CGM, said: …
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https://theloadstar.co.uk/ocean-alliance-revamps-network-adding-a-seventh-asia-north-europe-loop/
Container spot rates hold steady as carriers adjust capacity for CNY holiday
After a strong finish to 2018, container spot rates on the major east-west routes, as recorded by the Shanghai Containerized Freight Index (SCFI), nudged down slightly this week – but they remain notably higher than a year ago.
And with carriers announcing significant blank sailing programmes across their east-west networks around the Chinese new year holiday next month, rates look likely to hold reasonably steady in the coming weeks.
The European components …
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2M announces blank Asia-Europe and transpacific sailings for Chinese New Year
2M partners Maersk Line and MSC have advised their Asia-Europe and transpacific customers of a number of blanked headhaul sailings next month, during the traditional Chinese New Year soft demand period.
The Chinese Year of the Pig commences on 5 February and the 2M will cancel two sailings to North Europe in weeks six, seven and eight, along with one voyage to the Mediterranean.
Between Asia and the US, Maersk and MSC …
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Customer trust restored, claims HMM chief – now we need to work better together
In his traditional new year message to staff, HMM president and chief executive Chang Keun Yoo has called on employees to help “put an end to this difficult period” by improving communication between departments.
The South Korean carrier lost over $500m in the first nine months of last year, but has gambled its future on a $2.6bn order of 12 23,000 teu and eight 14,000 teu vessels stemmed for delivery from …
The post Customer trust restored, claims HMM chief – now we need to work better together
Strong demand keeping spot rates firm as new bunker adjustment fees come aboard
Asia-Europe ocean carriers from have announced further hikes in their FAK rates this month after successfully pushing through 1 January spot rate increases.
Alphaliner said rates on the route “remained firm in December, despite the resumption of the 2M’s AE2/Swan service”.
Hapag-Lloyd said that on 16 January, “due to strong demand”, it was increasing its FAK rates from Asia to North Europe and the west Mediterranean to $2,200 per 40ft.
Maersk Line has …
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IMO 2020 fuel rule will be a ‘game-changer’ for ‘top-heavy’ container charter market
With 1.15m teu of newbuild capacity, including 46 ULCVs, expected to be delivered, 2019 is set to be another “interesting year” in container shipping, according to Alphaliner.
Due to the “top-heavy” orderbook, the consultant is predicting a tighter outlook for tonnage in the 10,000 teu and under sector and a more modest global fleet expansion of around 3.5% than the 5.7% growth of last year.
At the end of the year, the world’s …