Asia-US Gulf

More transpacific blank sailings as US ports watch import throughput plummet

The 2M alliance partners today announced two more blank sailings from Asia to the US Gulf, seeing “further reduction in demand” on the route.
The 5,048 teu MSC Nerissa deployed on the 2M’s TP88/Pelican Asia-USEC loop, on which Zim is also a vessel provider and which it dubs ZGX, will be held in China next week, as will the panamax 5,048 teu MSC Ans in week 20.
According to eeSea data, the …

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Zim – ‘a strong operational and financial performance’ in a difficult 2019

Despite a marginal decline in volumes, Israeli container carrier Zim has reported significant improvement in financial results last year.
In 2019, it earned revenue of $3.3bn, compared with $3.25bn in 2018, a 1.6% increase, which came on the back of a 3.7% increase in the average freight rate to $1,009 per teu compared with $973 per teu in 2018.
Total volumes were 2.8m teu compared with 2.9m teu in 2018.
Its adjusted ebitda …

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Zim reports ‘improved’ results in Q3 as VSA with 2M continues to pay dividends

Israeli container shipping carrier Zim today reported it overcame a marginal decrease in volumes in the third quarter to post a net profit of $5m.
This is a significant improvement over the $6.6m net loss recorded in the same period last year.
The line said it carried 725,000 teu in Q3, a 0.7% year-on-year decline on the third quarter of 2918, when it carried 730,000 teu.
However, revenues were up 0.2% year on …

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Spot rates in freefall, carriers now mull blanking voyages without notice

Container spot rates on the key Asia-to-Europe and transpacific tradelanes are in freefall, prompting carriers to consider cancelling voyages without notice.  
The Shanghai Containerized Freight Index (SCFI), published yesterday due to a holiday in China today, recorded further rate declines for Europe and the US, as market fundamentals continued to weaken.  
Asia-North Europe spot rates fell another 5.1%, to $674 per teu, which is a massive one-third below their level at the …

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Peak season, what peak season? ask worried Asia-Europe ocean carriers

There was a further slippage this week in container spot rates for the European components of the Shanghai Containerised Freight Index (SCFI).
Of concern for Asia-Europe ocean carriers is that rates have so far failed to improve in the first month of the traditional peak season – for North Europe, they have now slumped by over 30% since the beginning of the year.
The SCFI recorded North Europe rates down another 1.7%, …

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Port of Houston could lose box traffic unless its ship channel is widened

Forwarders, shippers and the management at Houston are hoping for a speedy decision on dredging to improve access to the port.
Container growth is hamstrung after the governor of Texas signed legislation that limits operations of large container vessels in the Houston Ship Channel, a 52-mile federal waterway that provides access to the port’s terminals.
The bill that Greg Abbott signed last month seeks to minimise potential disruption in the ship channel …

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April import boost for US ports may be the ‘quiet before the tariff storm’

Container imports last month at the 10 largest US box terminals increased by 6.6% year on year to 1.65m teu.
According to Blue Alpha Capital, this follows a 4.7% uplift in imports in March and a 2.3% increase over the past three months.
However, April was very much a tale of two coasts, as east coast and Gulf port imports soared 11.5%, to 779,711 teu, while west coast numbers were up a …

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There must be a ‘win-win’ element in container line service contracts

Container carriers and customers need to work together to develop annual contracts that ensure shippers are provided with adequate service levels and lines are protected from cost spikes.
Cosco vice president Howard Finkel told delegates at last week’s TOC Container Supply Chain event in Panama: “Service contracts are basically rate sheets, usually with a one-year time limit, whereas there ought to be a win-win element to contracts – lines get protection, volume and payment …

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