Weekly Ocean Operations Update: Asia to Europe, US and Australia 24/05/24

General overview: The market remains full, with all sailings in the first half of June very full. There is high demand for exports, particularly electric vehicles and solar panels, in May and June. Carriers are tightening space for all customers based on their original commitments, which is causing an overflow in volume from BCO / direct customers who can’t secure space.

Blank sailings continue at around a 20% reduction, with more coming in Weeks 23 and 26. Equipment availability continues to be tight, particularly in North China and Southeast Asia.

Overview by trade lane

FEWB summary:

Rate and capacity update as of May 24, 2024:

Oceania summary:

Rate and capacity update as of May 24, 2024:

Transpacific summary:

Rate and capacity update as of May 24, 2024:

Equipment update by carrier

Correct at time of publication on 24 May 2024.

Asia port updates

Shanghai

• Vessel waiting time is 3-7 days due to port congestion
• Across almost all carriers we are seeing schedule delays
• Almost all carriers are lacking empties, especially CMA / ANL

Yantian

• Vessel waiting time is 0-1 day
• MSK and CMA have a shortage of all types of dry units
• HPL has a shortage of 40’GP
• The weather is currently unstable with brief thunderstorms and strong winds

Ningbo

• Vessel waiting time is 2-4 days
• COSCO has a shortage of 40’HQ
• CMA, EMC and HMM are lacking all types of equipment
• HPL has a shortage of 40’GP
• For MSC, HQ is tight

Tianjin

• Vessel waiting time is 2-3 days
• Most carriers have a shortage of 20’GP
• HPL has a shortage of 40’GP
• MSK has a shortage of 40’HC

Qingdao

• Vessel waiting time is 2-7 days
• COSCO and OOCL have a shortage of 40’HC
• CMA, ANL and CNC have shortage of 20’ and 40’

Xiamen

• Vessel waiting time is 1-2 days
• Shortages of all types of equipment

Vietnam

• Vessel waiting time is 0-3 days
• Equipment availability is normal
• Capacity is normal

Market intel: EU

• EU blank sailing ex Far East
• EU blank sailing ex ISC
• MSC is revising the rotation of its Swan service. The first vessel on this revised rotation will be MV MSC DARIA, voyage number 423, due to arrive in Ningbo on 3 June 2024. (Source: eeSea)
• Shippers and box lines expect Asia-North Europe freight rates to stay elevated until at least October, as traditional Q3 peak season approaches, indicated by high trading volume of China’s container shipping futures (CoFIF). (Source: The Loadstar)

Market intel: Oceania

• Oceania blank sailings
• Terminal and port update
  
  (Source: ANL)

Market intel: USA

• TPEB blank sailings
• MSC announced their Empire service will resume calling at Baltimore from YM Trust 422E (YTN ETD: 28 May 2024). (Source: MSC)