Posts tagged “Freight Rates”

Maersk announce rate hike on Asia-North Europe 
Maersk is attempting to undo weeks of heavy discounting on the Asia-North Europe tradelane with a substantial increase in its FAK rates at the end of the month. 
And it warned that other routes “may also be subject to increases” as it reassess rate structures across its network. 
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2M 'go-slow' and massive capacity injection lights Asia-Europe touchpaper 
Next month, 2M partners MSC and Maersk will deploy nine extra vessels on their Asia-Europe services, an injection of capacity in a period of weak demand that may unleash a ferocious race-to-the-bottom freight war on the tradelane. 
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Vietnam to boost domestic box fleet as more shippers shift from China 
Vietnam’s state-controlled shipping group, Vietnam Maritime Corp (VIMC), plans to acquire more containerships and build more inland box depots in a bid to boost its competitiveness. 
VIMC is hoping to work with investors to develop the inland container depots and distribution and logistics centres in areas such as Haiphong, Hanoi, Danang, Quy Nhon and Ho Chi Minh City. 
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Shippers brace for freight rate and BAF increase onslaught 
A definite end to rock-bottom freight rates could be in sight, as carriers take advantage of tight capacity management to launch rate restoration programmes across their networks in the next few weeks. 
Moreover, shippers can expect an increase in bunker surcharges, as the shipping lines ramp up BAFs to mitigate the impact of higher fuel costs. 
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Positive ocean freight sentiment keeps the charter market bullish 
More optimistic demand forecasts and the prospect of a better peak season this year are driving a containership charter market rally, with aggressive carriers still snapping-up tonnage as it becomes open. 
According to a recent survey of supply chain professionals by logistics platform Container xChange, 48% of respondents believe this year’s peak season will be better than last year’s. 
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Containerised cargo volumes moved in the deep-sea container shipping market fell a further 2.5% during the final quarter of 2022, marking the traditionally busiest period of the year as the ‘peak season without a peak’. 
Volumes have fallen steadily in the early weeks of 2023 and world trade continues to stumble as economies grapple with persistent inflation and high energy prices, suppressing consumer demand for goods across nearly all economic sectors. 
On the demand side, many carriers and service providers are anticipating a recovery in demand in the second half of the year 
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2M axes Asia-North Europe loop, as carriers shop for more tonnage 
After successive weeks of blanking its AE1/Shogun Asia-North Europe loop, the 2M Alliance has finally confirmed that the service is to be suspended. 
It is the first alliance service on the trade lane to be officially culled and is likely to be followed by the removal of more in the weeks to come as ocean carriers try to mitigate the impact of significantly reduced demand. 
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Rate erosion may be easing, but rock-bottom prices are 'not good for anybody' 
There may be signs that rate erosion is easing as reductions look to have slowed significantly. On the key transpacific and Asia to Europe trade lanes, the indices are clearly showing that the rate erosion from the stellar highs of a year ago is beginning to ease. 
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Charter and equipment demand offers some hope for carriers in H2 
Maersk says “there may be reasons for optimism”, as it hopes for a “surge in demand from the second half of 2023” onwards. 
Although the carrier added that there was “little sign of any short-term improvement”, there were some positive signs emerging from the container industry services sectors. 
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On the basis of preliminary and unaudited figures, Hapag-Lloyd has concluded the 2022 financial year – in which it celebrated its 175th anniversary – with an EBITDA of USD 20.5 billion (EUR 19.4 billion). The EBIT rose to USD 18.5 billion (EUR 17.5 billion), which can primarily be attributed to higher freight rates. At the same time, disruptions in global supply chains and inflation have led to a significant increase in costs. 
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