Weekly Ocean Operations Update: Asia to Europe, US and Australia 20/09/24

General overview: Port operations were impacted in Shanghai and Ningbo following Typhoon Bebinca which hit China earlier this week. A smaller typhoon, Typhoon Pulasan, made its second landfall in Shanghai's Fengxian district on Thursday night. These weather events have resulted in some port congestion, but operations are normal (see table below for details).

For North Europe, the normal weekly capacity is approximately 330,000 TEUs. On average, there has been an 18-20% reduction in capacity, with more significant reductions expected in weeks 40 and 41. For the Mediterranean trade, the normal weekly capacity is around 189,000 TEUs. There has been an average reduction of 17% in capacity, with further decreases anticipated in weeks 40 and 41.

FAK and SCFI rates are expected to continue to decline until the first half of October.  

In Bangladesh, port officials report that congestion is delaying import and export cargo handling at Chittagong Port. While vessel waiting times have improved from nine days to four or five, pressure on the port’s yards and depots remains high. Importers in Dhaka are still experiencing significant delays in receiving goods from the port. Ongoing congestion and logistical challenges are disrupting supply chains and affecting businesses across the region.

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 still slight congestion at Singapore (SIN) and Colombo (CMB) ports, with average berthing delays of two to three days in Singapore and one day in Colombo, potentially causing vessel misconnection. Additionally, rainfall in Mumbai and Gujarat is causing delays in cargo movement

Overview by trade lane

FEWB summary:

Rate and capacity update as of September 20, 2024:

Oceania summary:

Rate and capacity update as of September 20, 2024:

Transpacific summary:

Rate and capacity update as of September 20, 2024:

Equipment update by carrier

Correct at time of publication on September 20, 2024:

Click here to download equipment spreadsheet

Asia port updates

Market intel: Europe

Maersk and Hapag dip into charter market to boost Gemini fleet

Maersk and Hapag-Lloyd have become more active in the charter market as they gear up to launch their Gemini Cooperation arrangement in February.

Last week, Maersk chartered three 2004 7,847 teu ships, GSL Eleni, GSL Grania and GSL Kalliopi, from Global Ship Lease for three years at $34,000 a day. Maersk has also taken a feeder vessel, Rudolf Schepers’ Julius-S, for two years at $24,000 a day.

Meanwhile Hapag-Lloyd last week chartered the 2015-built 6,882 teu Jamaica Express from GSL, at $43,500 a day for five years, TB Marine’s 2013-built 3,884 teu Osaka, for $36,000 a day for three years, and the 2014-built 5,466 teu Euphrates from Danaos.

Source: The Loadstar

Alliance reshuffles could pave the way for new rate war on ex-India trades

For westbound container trades out of India, the potential effects of extra capacity coming from new container shipping alliances could reverberate with greater commercial impact on North/West India-North Europe routes, as competition heightens, local market pundits believe.

Source: The Loadstar

Market intel: Oceania

Terminal and port update (source: ANL)

Market intel: USA

USEC/GULF port strike

• The USEC/GULF port will have higher chance for the large labor strike starting from 1-OCT.
• Close to half (43%-49%) of all monthly U.S. imports would be impacted, representing billions of dollars in trade, and logistics firms are preparing contingency plans last used during Covid and 2018 tariffs.
• Both CMA CGM and Hapag-Lloyd have announced surcharges to and from US East Coast and Gulf ports as a dockworker strike threat draws closer.

Source: CNBC