Shipping
Port of Felixstowe welcomes The Premier Alliance
Port of Felixstowe welcomes The Premier Alliance
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DHL says tariff extension fuels more transpacific shipping volatility than help
Yang Ming adds LNG dual-fuel ships to advance fleet upgrade
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Chinese shipyards’ market share drops amid US port fee concerns
Emirates Courier Express expands to Australia
DP World, Asian Terminals deploy first fleet of electric internal transfer vehicles in the Philippines
Houthis cause 18M tons of added CO2 emissions – Sea Intelligence
DHL Express, Neste ink deal to use made-in-Singapore SAF for international flights
Container traffic up at Port of Antwerp-Bruges, total throughput drops
Port of Los Angeles logs busiest June for cargo on record
DaChan Bay Terminals adds India service, boosts China-India logistics corridor
DP World to develop Syria's Tartus port under 30-year deal
Port of Long Beach terminal expansion breaks ground
Singapore named top international maritime centre for 12th straight year
North Europe port congestion to persist through 2025 – Xeneta
US sets new tariff rates on 14 countries as it moved deadline to August 1
Hamburg invests €1.1B in port infrastructure expansion
Gemini switches up Asia service amid Europe's port congestion
Global schedule reliability climbed in May despite trade disruptions
Asia-NAWC capacity volatility more than triples
Containers lost at sea up more than double in 2024
Hong Kong launches up to HK$2M bunkering incentive for LNG, methanol
Sea-Intel finds top deep-sea ports among least reliable
Port of NY/NJ tops US cargo port rankings in May
Maersk to resume port calls in Haifa
Ningbo-Zhoushan Port sets H1 container record
Mawani privatizes cargo terminals at 8 Saudi Ports
BIMCO: Stable demand outlook despite market uncertainties
Hapag-Lloyd rebrands SAAM Terminals
Port of Savannah achieves third month of over half-million TEUs
CMA CGM names Esra Bora as new general manager in China
Maersk halts port calls at Haifa citing threat risks
First mega-boxship transits the Suez Canal in 15 months
ONE adds 13,900 TEU vessel to fleet
Freightos: Iran-Israel conflict not impacting freight yet
CMA CGM says shipping activities ‘proceeding as normal’ in the Middle East
Sea-Intel: Niche carriers seizing Transpacific opportunity again
Hong Kong marks first SIMOPS LNG bunkering at Modern Terminals
Tariffs put brake on cargo volume growth at Port of Los Angeles
MPA, NYK Group expand autonomous ship trials
PSA International joins Global Centre for Maritime Decarbonisation
Chengdu-Shenzhen-Hong Kong rail-sea service launches
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Sea-Intel: Major ocean carriers profitability around US$5.9B in Q1 2024
Gebrüder Weiss expands into Thailand
DP World, VIMC Lines launch domestic coastal logistics service
Singapore, France ink enhanced maritime partnership agreement
CMA CGM launches first fully-electric container barge in Vietnam
MSC container ship sinks off India coast
Port of Savannah container trade up 17% in April
DP World to launch US$2.5B logistics infrastructure investment in 2025
Port of Long Beach sees record April, warns of sharp May drop amid tariff impact
Suez Canal introduces rebates to regain containership traffic
CMA CGM warns extended China-US tariffs could disrupt global trade
U.S. slashes ‘de minimis’ tariff on small China parcels to 30%
LA, Long Beach ports warn of continued tariff uncertainty
China-US deescalation may spur early peak season
Yang Ming: US-China trade deal may spur demand, but uncertainty persists
US-China tariff pause offers temporary relief, could fuel another frontloading rush
Transpacific shipping faces capacity cuts as trade war escalates
Houthi ceasefire raises prospect of container traffic returning to Red Sea
Kale Logistics to develop Oman's national port community system
PSA BDP takes majority stake in Mexico’s ED Forwarding
Xeneta: ‘Ships for America Act’ adds more uncertainty to container shipping market
JAFZA marks 40 years with record US$190B in trade
Seafrigo expands multi-modal services to support global expansion
US port fees to have minimal impact on Transpacific niche carriers
Port fo NY/NJ is busiest US port in March
S&P: Liner shipping contributes US$1.1T to U.S. GDP
deugro Thailand delivers critical reactors for sustainable fuel production
Emirates Shipping Line joins World Shipping Council
Japanese shipyards may benefit from US port fees on Chinese vessels
MOL opens office in Washington, D.C.
FREIGHTOS: OCEAN RATES MAY HAVE REACHED NEW FLOOR
November 1, 2023

Transpacific ocean rates ticked up slightly last week, with prices level overall since early October, according to a new analysis by Freightos, and this "relative stability" shows that carriers are having some success creating a new price floor through capacity reductions even as volumes ease and fleet sizes grow. 

 

The booking and payments platform for international freight noted that West Coast rates of US$1,564/FEU are 15% higher than 2019 levels, while prices of US$2,213/FEU to the East Coast are 17% lower than in 2019.

 

Likewise, West Coast rates remain 17% above mid-July, pre-peak season, levels while East Coast prices are now lower than in July, possibly reflecting reports of some shift of volumes back to the West Coast now that labour issues there have been resolved. 

 

New Panama Canal restrictions on the way

 

In the same report, Judah Levine, head of research at Freightos, noted that new restrictions at the Panama Canal are underway — which could impact ocean carrier's route plans.

 

"And though, so far, low-water restrictions in the Panama Canal haven't seemed to impact container flows significantly, the Panama Canal Authority just announced that it will reduce daily transits from 34 — their level since July — to 24 in November, 20 in January and down to just 18 by February," he said.

 

"This significant reduction could increase the likelihood that more ex-Asia volumes will go to the West Coast or via the Suez Canal in the coming months," Levine added.

 

Asia - North Europe rates increased 8% last week and are just 5% below 2019 levels but remain in loss-making territory as carriers continue to struggle with overcapacity on the lane, as reflected in reports that carriers will push planned early-month GRUs to later in November.

 

Levine said carriers are facing similar difficulties on the transatlantic, where some daily rates dipped below US$1K/FEU last week.

 

"Some carriers announced planned GRIs for mid-November to push rates to US$1,600/FEU, but these increases will only stick if liners can finally bring capacity down to the level of demand," the Freightos head of research added.

 

"On the industry level, overcapacity is estimated to peak next year, after which some carriers expect the market to balance out, while some analysts expect the market to be in some state of oversupply through 2028."

 

In air cargo, the Freightos report said there are signs that global volumes are increasing with Freightos Air Index China - North America rates dipped by 2% last week, but at US$4.73/kg are 36% higher than in early August.

 

"Recent increases in e-commerce volumes and significantly fewer passenger flights than in 2019 are likely contributing to rising rates," the report added.

 

It further went on to note that Asia - N. Europe prices increased 11% last week to US$4.30/kg, a 40% increase since early September and their highest level since April.