Global schedule reliability drops to a four year low as port delays grow

IT HAS been a bit of a stop-start week, with a short week for some states, a long weekend coming up for others, and a few lingering Grand Final hangovers thrown into the mix. There have also been holidays in other parts of the world, but that certainly hasn’t stopped the disruption.

Sea Intelligence reported global schedule reliability falling to 49.9% in August, its lowest level since September 2022, while the average delay for late vessels increased to 6.81 days. Ouch.

And it’s not just one or two ports. Congestion and delays are being reported across major hubs including Manila, Singapore, Port Klang, Rotterdam and Mumbai, with the knock on effect being felt in both capacity and rates.

Intra-Asia continues to be particularly interesting, with Drewry’s index rising another 2% this week, its sixth consecutive week of record highs and now 212% higher than a year ago. With Golden Week underway, Drewry expects a drop in volumes to help clear some backlogs and ease pressure on rates. Let’s wait and see.

Globally, however, rates fell 1%, with continued weakness on the Asia-Europe trade. Rates on that trade have now declined for 12 consecutive weeks, while increasing Suez Canal transits are adding capacity.

So what else has been happening this week?

• DP World signs deal to develop new deep-sea port in Nigeria
• Ethiopian Airlines orders 10 Boeing 777 freighters
• Protected industrial action looms at Flinders Ports
• Evergreen ship forced to return to Asia
• Mumbai Airports hit by congestion as freighter services switch hubs
• JNPA secures US$70 million IFC financing for shore power project
• US-China trade truce extended to January 2027
• COSCO completes first Supramax-to-containership conversion
• Hapag-Lloyd suspends bookings to three Philippine ports amid congestion
• China PMI returns to growth as manufacturing activity picks up
• Premier Alliance joins accelerating return to Suez
• Delays reported in car processing at Port of Melbourne
• Aurizon opens $60 million Kewdale Freight Terminal

A little different for this week’s photo .. this is Seven Arctic, a pipe-lay and construction vessel that’s here for a project. At 162 metres long, she can operate in water depths of up to 3000 metres and accommodate 132 people. She also has a pretty impressive 1000 tonne offshore crane.

And a big thank you to everyone who messaged me to let me know she was alongside in Fremantle’s inner harbour. This is why I love our industry .. someone spots something interesting, someone else knows what it is, and before you know it, we’ve all learned something! It really does take a village.

Have a great weekend everyone and let’s not forget, day light savings starts this weekend!