Weekly Ocean Operations Update: Asia to Europe, US and Australia 13/09/24

General overview: As communicated last week, we are expecting a significant reduction in shipping capacity for the FEWB trade lane. The normal weekly capacity is around 330,000 TEUs. For Week 40, capacity will decrease by 32% (coinciding with Golden Week 1-7 October), Week 41 by 19%, Week 42 by 8%, and Week 43 by 9%.

As September progresses, FEWB freight rates (FAK / SCFI) have continued to decline. Carriers are releasing additional NAC space to support BCOs and NVOs.

In Bangladesh at Chittagong Port, the backlog has started to show signs of improvement, with waiting times for vessels at outer anchorage reducing to around five days. There has been a rise in export volume, which has led to issues across off-dock facilities that have reduced productivity and increased truck dwell times.

Out of India, space is easing and carriers have been accepting bookings to the USA and Europe with a minimum of 4-5 days’ notice. Equipment shortages continue, with Hapag, CMA and Cosco facing major challenges.

There is slight congestion at Singapore and Columbo ports. The average berthing delay is close to 2-3 days in Singapore and 1 day in Columbo.

Rainfall in Mumbai / Gujarat has resulted in delays to cargo movements. Further to this, heavy rainfall has also now hit Delhi and is expected to continue for the coming days and weeks. 

Overview by trade lane

FEWB summary:

Rate and capacity update as of September 13, 2024:

Oceania summary:

Rate and capacity update as of September 13, 2024:

Transpacific summary:

Rate and capacity update as of September 13, 2024:

Equipment update by carrier

Correct at time of publication on September 13, 2024:

Click here to download equipment spreadsheet

Asia port updates

Market intel: Europe

Maersk and Hapag Lloyd provide an update on the Gemini Cooperation

The Gemini Cooperation is set to commence in February 2024.  The key highlights from the latest update are:

• Given the ongoing disruptions in the Red Sea, Hapag-Lloyd has presented two network options showcasing a Suez Network and an alternative Cape Network. They intend to make further announcements in October regarding which of these two network options will go into operation in February.
• There will be 57- 59 services, including efficient mainliners and an extensive shuttle network accompanied by a fleet of 300-340 vessels.
• The network options have been designed to ensure resilience and adaptability.

MSC network update

As from February 2025, MSC will provide an independent, competitive and complete network for East/West trades including 5 trades with 34 loops incorporating 7 loops for Asia North Europe, 6 loops for Asia Mediterranean. (Source: MSC)

Market intel: Oceania

Terminal and port update (source: ANL)

Market intel: USA

ZIM renews ties with MSC on the transpacific

ZIM has renewed ties with Mediterranean Shipping Co (MSC), signing a three-year cooperation agreement on voyages from Asia to the US east and Gulf coasts. The three-year agreement between ZIM and MSC includes slot swap and vessel sharing agreements. The cooperation scope includes six services with extensive connection between Asia to the US East Coast, West Coast of Mexico, Caribbean ports and US Gulf ports. (Source: ZIM)