Weekly Ocean Operations Update: Asia to Europe, US and Australia 08/11/24

General overview: The FEWB trade lane is currently experiencing several shifts in capacity and market conditions for North Europe and the Mediterranean regions.

For North Europe, the usual weekly capacity stands at approximately 330,000 TEUs. However, there will be planned capacity reductions in the coming weeks:

• In the first half of November, a 28% cut in weekly capacity is anticipated.
• The second half of November will see a slightly smaller reduction, with capacity cut by 13%.
• For the first half of December, a 10% reduction in weekly capacity is expected.

In the Mediterranean region, the typical weekly capacity is around 189,000 TEUs. Across November, general capacity reductions are projected to range from 15% to 18%.

Port operations at Chittagong Port in Bangladesh are currently stable, with no congestion either within the port itself or at off-dock facilities. Export volumes at the CFS have decreased compared to previous weeks, reflecting a drop in activity.

In India, port operations and capacity are stable across Chennai, Tuticorin, and Nhava Sheva ports.

Vessel space remains extremely tight on the Pacific Southwest (PSW) and Atlantic West (AW) routes. Due to the Canada port strike, carriers are diverting cargo to Tacoma/Seattle, leading to terminal delays and expected blank sailings in the coming weeks on the Pacific Northwest (PNW) route.

Overview by trade lane

FEWB summary:

Rate and capacity update as of November 8, 2024:

Oceania summary:

Rate and capacity update as of November 8, 2024:

Transpacific summary:

Rate and capacity update as of November 8, 2024:

Equipment update by carrier

Correct at time of publication on November 8, 2024:

Click here to download equipment spreadsheet

Asia port updates

Market intel: Europe

Hapag-Lloyd has taken delivery of the GDANSK EXPRESS, a vessel with a capacity of 23,664 TEU. The ship departed from the Okpo shipyard on November 4th, heading to Ningbo, where it joined the Asia - North Europe ‘FE3’ loop. This service is operated jointly by Hapag-Lloyd, ONE, HMM, and Yang Ming under the THEA alliance. Another ship of the same type, the BANGKOK EXPRESS, is expected to be delivered before the end of the year, with three additional units scheduled for delivery in 2025. (Source: Alphaliner)

Market intel: Oceania

In September 2024, the Port of Melbourne handled a total container throughput of 284,000 TEUs. Full container imports saw an 11.1% increase compared to the previous year, driven by higher volumes of furniture, domestic appliances, and paperboard. Full container exports also rose by 5.5% year-over-year, with significant growth in commodities such as cotton, timber, hay, chaff & fodder, and wheat. The Bass Strait trade experienced a 2.8% increase, while empty container movements declined by 2.6% compared to the same month last year. (Source: Container News)

Market intel: Americas

Canada Port Strike - Vancouver and Prince Rupert

• A strike began on November 4th at 8:00 a.m. PST, affecting the ports of Vancouver and Prince Rupert. The work stoppage has no confirmed end date and impacts all container terminals at these ports, halting vessel, rail, and truck operations.
• In Montreal, the strike affects container terminals operated by Termont (Maisonneuve and VIAU), resulting in a complete shutdown of terminal, rail, and truck gate activities. There is no current timeline for when this strike may conclude.
• On the carrier side, booking acceptance continues as normal for the time being.
• Vessels are anchoring near Canadian ports until a resolution is reached, maintaining their positions in the berthing lineup.
• The overall impact will depend on how the strike progresses.

(Sources: Reuters/Maersk/HPL)

Canada Port Operations Update

Vancouver/Prince Rupert Terminal Operations:

As of November 4, 2024, at 8:00 a.m. PST, all terminal operations at the Vancouver and Prince Rupert ports are fully closed due to strike action by ILWU Local 514. This shutdown affects all vessel, yard, and rail activities. Additionally, a coastwide lockout by BCMEA is set to begin at 4:30 p.m. PST and will remain in effect until further notice.

Rail Operations:

Effective immediately, all export loads and pre-billed empty containers destined for the Port of Vancouver will no longer be accepted at inland rail ramps.

Montreal Operations:

Starting Tuesday, November 5th, at 7:00 a.m., rail operations at Montreal Gateway Terminal (MGT) facilities, including both Cast and Racine, will be suspended until further notice. This suspension is due to operational challenges and uncertainties related to the ongoing renewal of the Montreal Longshoremen's collective agreement. Consequently, CN will withdraw all capacity at its inland terminals for exports heading to Cast and Racine until further notice.

(Sources: Hapag-Lloyd)