THE DAYS might be getting longer down under, but there still don’t seem to be enough hours in the day!
This week has certainly given us a lot to talk about, particularly across the world’s major shipping waterways. Let's lock in.
There’s been growing movement through the Suez Canal, with 166 medium and ultra-large containerships transiting in the third quarter, compared with just 16 in the same period last year.
Meanwhile, the Strait of Hormuz has seen further attacks on commercial vessels, including the sinking of the containership GFS Pride this week. All 21 crew members were evacuated safely, but it really does show how dangerous the situation remains in the region.
The Drewry World Container Index rose 3% this week, driven by a rebound in Asia–Europe rates as cargo flows picked up after China’s Golden Week. On the flipside, the Drewry Intra-Asia Container Index fell 3%, as weaker demand and easing port congestion put downward pressure on rates. Is this simply a post Golden Week lull? Booking demand appears strong, judging by the PSS and GRI notices coming through.
On the reliability front, Xeneta’s latest data shows vessel delays are getting worse, with container ships averaging six days behind schedule in Q3. It’s particularly bad on Asia-Europe routes, where just 4% of vessels arrived on time in September, with delays averaging almost 10 days.
We know where not many ships are heading, and that’s the scrapyard. Strong freight markets are encouraging shipowners to keep older vessels in service, while weak steel demand is making life harder for ship recyclers.
So, what else is happening out there?
Today’s photo is of Olympic Bay alongside at DP World in Fremantle. The vessel regularly calls at Fremantle on OOCL’s AWX service, which connects Port Klang, Singapore and Fremantle.
Have a great weekend ahead everyone!