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Going up! The Drewry World Container Index has ended its decrease due to a surge in transpacific spot rates by 3.8% The trade lane between Shanghai and Los Angeles, which had seen a notable decrease in prices, experienced an 11% increase in prices during the week. They rose from $1,674 to $1,856, marking a significant recovery. Industry experts have started to express the view that the container shipping sector has turned the corner after the supply chain disruptions more confidently. Blank sailings are believed to have contributed the most to the improvement since carriers have been trying to prop up the General Rate Increases (in some cases, not so successfully).
However, industries like the US trucking can hardly feel the positive changes. Following the "freight recession," with weak demand and oversupply leading to a prolonged period of low rates and low profits, many smaller trucking companies have been forced out of business, while larger firms have struggled to maintain profitability. Despite the challenges, some analysts believe that the industry is likely to rebound in the coming months.
The upward trend also affects charter rates and is making ship owners hold back their plans for vessel scaping. Companies are reluctant to dispose of vessels that could still command high charter rates that, in their opinion, were boosted by stronger demand for shipping services.
Yet again, as companies hurry to reinstate previously canceled sailings on the transpacific and Asia-Europe trade routes, in anticipation of a rebound in demand for shipping services, it may be too early to do so. Some industry experts have expressed doubts over whether the carriers' optimism is justified, noting that the market remains highly volatile. Carriers who ramp up capacity too quickly could end up exacerbating the supply-demand imbalance.
Hot topic
- Longshore and Warehouse Union and the Pacific Maritime Association are on the way to a consensus about a new labor contract for West Coast dockworkers. Some blocking points still remain in regard to the use of temporary workers and the scope of work for union members.
- CMA CGM is in talks with the Bolloré Group to acquire its stake in logistics and transportation operations. The acquisition would give CMA CGM greater access to the logistics and transport market in Africa, where Bolloré currently has a significant presence.
Routes & services
- Vietnam is emerging as a significant destination for US-bound container exports, with a growing number of US shippers choosing to route their goods through Vietnamese ports instead of Chinese ports due to a variety of factors, including lower costs, fewer delays, and the ongoing trade tensions between the US and China. Overall, Vietnam saw a growth rate of 156% in containerized trade into the US between 2017 and 2022.
- Hupac is launching a new direct rail freight service between Warsaw, Poland, and Rotterdam, the Netherlands. The service, which will start operating on May 1, 2023, will run five times a week.
- On April 19, 2023, Russia, Kazakhstan, and Turkmenistan formed a joint venture to increase freight transport along the International North-South Transport Corridor to develop a more efficient and cost-effective transport route linking the Indian Ocean with the Caspian Sea and beyond.
- ÖBB Rail Cargo Group has announced the launch of two new intermodal connections between Italy and Austria. The first service, which started operating on April 11, 2023, connects the Italian city of Bologna with the Austrian town of Wels, while the second service, which will start on May 8, 2023, links the Italian city of Padua with the Austrian town of Wolfurt.
- The rail border between Poland and Belarus is still experiencing delays, causing disruptions to freight transport along the China-Europe rail corridor. The delays are due to stricter border controls implemented by Belarus in response to security concerns.
- CMA CGM has imposed discharge restrictions on the Port of Douala in Cameroon due to concerns about the safety and security of its crews and vessels. The restrictions, apply to all cargoes destined for Douala and will remain in place until further notice.
- ONE has announced changes to the port rotation of its Philippines Express (PHX) service. The new rotation will be Singapore – Manila (North) – Cebu – Singapore, with a bi-weekly frequency starting from M/V CONTSHIP ERA 081N/S.
Other
- Schneider National and Canadian Pacific Kansas City, a joint venture between Canadian Pacific and Kansas City Southern (CPKC), have announced a new intermodal partnership to connect Mexico with the Midwest region of the US combining Schneider National's trucking expertise with CPKC's rail network. The service will run from the Port of Lazaro Cardenas in Mexico to Chicago.
- The European Commission has proposed a new Carbon Border Adjustment Mechanism (CBAM), which would impose a carbon price on imports of certain goods from outside the European Union.
- The ongoing disputes in France are not expected to have a significant impact on the cargo backlog on the River Rhine. Despite the disruption caused by the protests against the French government's policies, the flow of goods on the river has remained relatively stable.
- Taiwanese TS Lines has sold two more feeder vessels as part of its ongoing fleet streamlining efforts.
These are only several changes that occurred in more than 250 bn freight rates across 25 million routes with more than 1 million market players. Want to share some news about your company, services, and routes? Just post them on MAXMODAL, a multimodal network that digitally connects routes and rates worldwide to automate sales and operations across container transportation & logistics industry. Join to innovate.
A new China-Europe logistic and trade exchange center, spanning 100,000 square meters, is set to arrive in Budapest. Koeman, owned by China’s Tonglinada logistic supply chain company, will develop the project on land leased from Nonfungo, a Hungarian firm. The parties signed a land grant contract towards this end on Monday 17 April.
The center will be located in Pest County, an area surrounding Budapest. According to Chinese media reports, the project will receive over 30 million US dollars in investments. It aims to build a logistic center that will provide functions such as warehousing, distribution, consolidation, bundling and re-export trade.
The project has received support from Hubei (Wuhan) and Heilongjiang provinces in China, as well as Pest County in Hungary. The first phase of the project will involve constructing the main warehouse structure, supporting facilities, and railway lines. It is planned to be operational at the beginning of 2024, facilitating the storage and transportation of over four million tons of goods per year. This new logistic center could further strengthen Budapest’s function as a rail freight hub on the New Silk Road.
Budapest and its potential
As a rail freight center, Budapest shows its advantages. It has good infrastructure, good connections and there are a lot of industrial companies settled here, a lot of them from China. However, that is not to say that the city does not know of any challenges. The popularity of the city also has its consequences, namely the heavily congested network. This congestion is not to be resolved until the freight-only V0 railway line is constructed.
Chinese operator Andy Luo from Dimerco explained the reason behind such popularity. “The transit time of this route is about seven days faster than the traditional route via Malaszewicze; at fastest, Budapest can be reached within fourteen days. In addition, Budapest has a complete railway distribution network. After the goods arrive in Budapest, they can be delivered to Bucharest/Constanza, the port of Koper, Duisburg and Hamburg within 2-3 days.”
Budapest has its potential, and the new China-Europe logistics center could help expand that potential by directing traffic and ultimately, give shippers and forwarders some ease.
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The Kazakh railway company KTZ and the new rising star on the BRI Shandong Port will work together in developing multimodal transport services and electronic services on the New Silk Road. In doing so, it will not only consider the traditional route through Russia but also the Middle corridor via the Black Sea Caspian Sea.
This was formalised in a recently signed memorandum of understanding. The two parties are willing to share regular transit routes on both the northern and the middle corridor. It is also looking at developing new services, such as a maritime link across the mentioned seas.
Shandong port
Shandong Port was formally established in 2019, integrating Qingdao Port, Rizhao Port, Yantai Port and Bohai Bay Port. The merger of the four ports has made the Shandong Provincial Port Group the largest port group in China, with the group’s cargo throughput exceeding 1.6 billion tons in 2022.
Ever since, it has been a successful hub for rail-sea transportation. It has successively opened a number of railway lines starting from Qingdao and Rizhao and passing through Alashankou and Korgos. At present, trains can reach Almaty within 10-15 days from the port, saving nearly 30 days compared with sea transportation.
Qingdao and the BRI
That there should be an increased focus on Qingdao has been agreed upon by several countries in the region. Qingdao should be used as a bridgehead to build an Asian rail-sea intermodal transport center, is the general consensus. In this way, it should also be a hub on the Belt and Road.
At present, the multimodal transportation center of Qingdao Port connects Japan and South Korea to the Asia-Pacific region in the east, the SCO countries in the west, ASEAN countries in the south, and Mongolia and Russia in the north. After signing the memorandum with KTZ, it will further strengthen the relationship with Central Asia.
Led by MSC and CMA CGM, ocean carriers are again scouring the charter and sales and purchase markets for tonnage to boost capacity and increase their market share.
With demand prospects improving, especially for the second half of the year, and freight indices showing weekly gains, some carriers are using the huge cash reserves accumulated over the past two years to bolster their networks and gain a commercial advantage over more conservative lines.
According to Maersk Broker’s weekly report, in the past two weeks the second-hand containership market has experienced “probably the highest level of activity seen in almost a year”.
“The main driver seems to be the race for market share for some of the biggest liners, with MSC still leading the charge with continued purchases,” it says.
“Where we, at the start of the year, only saw MSC and various Chinese companies as buyers, they have now been joined by a large group of other liner operators.”
MSC’s latest swoop on the S&P market, to add to its armada of more than 300 second-hand ships acquired since August 2020, is the 20-year-old 6,078 teu Lisbon, reportedly purchased for $22.5m.
Meanwhile, London shipbroker Braemar’s list of 13 representative containership charter fixtures finalised in the past week includes seven vessels taken on hire by French carrier CMA CGM.
“The buzz in the container chartering market continued,” says Braemar’s report today. It says only the dearth of supply of open tonnage is preventing more fixtures, “with the scarce supply side not providing many options for operators to cover their requirements”.
A broker contact told they had “a long line of charterers” requiring tonnage, adding: “They don’t seem to be put off by the age of the ship, or that they may have unexpired charters.”
Among the charters concluded by CMA CGM was the 2015-built, 2,339 teu geared Minerva, leased for 42 months for trading in the Caribbean at a daily hire rate of $15,000. It also managed to secure the 2,202 teu 2017-built Cape Quest for 11-13 months at $20,500 a day for delivery in North Asia.
