Weekly Ocean Operations Update: Asia to Europe, US and Australia 01/03/24

Overview by trade lane

FEWB summary:

Rate and capacity update as of March 1, 2024:

*Rate trend is based on this week’s rates in comparison to the previous week

Oceania summary:

Rate and capacity update as of March 1, 2024:

*Rate trend is based on this week’s rates in comparison to the previous week

Transpacific summary:

Rate and capacity update as of March 1, 2024:

*Rate trend is based on this week’s rates in comparison to the previous week

Asia port updates

Shanghai

• Port operations are currently normal
• Vessel waiting time is 0-3 days
• Equipment availability is normal
• Capacity is normal

Yantian

• Port operations are currently normal
• Vessel waiting time is 1 day
• Equipment availability is normal
• Capacity is returning to normal, although due to the traditional quieter period after CNY, some blank sailings are in place over the next couple of weeks

Ningbo

• Port operations are currently normal
• Vessel waiting time is 2-4 days
• Equipment availability is normal
• Capacity is returning to normal

Tianjin

• Port operations are currently normal
• Vessel waiting time is 2-3 days
• Most carriers are lacking 20’GP
• HPL is lacking 40’GP
• MSK is lacking 40’HC
• Capacity is normal

Qingdao

• Port operations are currently normal
• Vessel waiting time is 2-3 days
• Equipment availability is normal
• Capacity is normal

Xiamen

• Port operations are currently normal
• Vessel waiting time is 1-2 days
• Equipment availability is sufficient
• Space is open
• OA AUE1 week 10 blank sailing

Vietnam

• Port operations are currently normal
• Vessel waiting time is 0-3 days
• Equipment availability is normal
• Capacity is normal

Market intel: EU

• OCEAN Alliance extends partnership to at least 2032 (Source: The Loadstar)
• MSC adjust free demurrage time for cargoes export from Chinese Mainland & Hong Kong (including inland cargoes) to 11 days for general dry container (20’/40’/40’HC/45’HC) with effect from 01 March, 2024. (Source: MSC)
• CMA announce overweight surcharge update applicable to shipments from Asia to North Europe as USD 250 per 20’ dry with container gross weight equal or over 20 tons , with effect from 01 March, 2024 loading date. (Source: CMA CGM)

Market intel: Oceania

OOCL and COSCO upgraded their “AWX” and “ASAX” service effective from 28 Feb 2024.

They’re adding a third ship and upsizing the fleet from the current 1,700 teu – 2,200 teu to about 3,300 teu; it’s expected this will extend the service turnaround time from two to three weeks.

New Rotation:

Port Klang – Singapore – Fremantle - Port Klang

Transit Time:

Por Klang – Fremantle : 9 days

Singapore – Fremantle : 7 days

(Source: Alphaliner)

Market intel: USA

Evergreen Chairman Warns of Prolonged Red Sea Crisis :

Evergreen chairman Chang Yen-yi has projected that the ongoing Red Sea crisis, which has boosted container freight revenues, may persist until Q3 2024.

(Source: The Loadstar)