IT HAS been a week of highs, lows and a few unexpected moments, including a stranger honking beside me on the freeway to tell me my dress was hanging out of the car door. Ah, not all heroes wear capes!
So, while there’s been plenty happening in my world, there’s been no shortage of action across the industry either.
Touching first on Drewry’s World Container Index, which edged up 1% this week. The overall movement was small, but there was a clear split across the major trades.
Transpacific rates continued to rise, supported by pre Golden Week demand and carriers managing capacity through blank sailings. Meanwhile, Asia-Europe rates fell, with weaker demand and the gradual return of services via the Suez Canal putting downward pressure on rates.
And that return is gathering pace. The 24,188 TEU OOCL Portugal transited the Suez Canal this week, marking COSCO Shipping Lines’ first southbound passage since the Red Sea security crisis began. The vessel operates on Ocean Alliance’s NEU2 service.
Closer to home, the Intra-Asia Container Index jumped 6% and has now reached a record high for the fourth consecutive week. Typhoon disruption, congestion, geopolitical issues and the approaching Golden Week holiday are all contributing to tighter capacity and higher rates across the region.
We’re also seeing the impact on the ground, with departure dates changing and vessels being pushed back. Maersk has delayed its Qilin service by a week, another indication that schedules are coming under pressure as we head towards Golden Week.
There’s also potential disruption brewing in Germany, with wage talks covering around 11,000 port workers breaking down. Union ver.di has begun a strike ballot, with an indefinite strike possible if members vote in favour. Hamburg, Bremen/Bremerhaven, Emden, Brake and Wilhelmshaven could be affected.
And finally, there’s speculation around Maersk, with shipbroking rumours suggesting a major newbuilding programme could be coming, potentially including 24,000, 19,000 and 18,600 TEU vessels. Nothing has been confirmed by Maersk, but Linerlytica says the carrier has been active in the charter market as it looks to secure additional tonnage.
What else is happening out there?
Today’s photo is of the absolute mammoth MSC Sindy, arriving in Fremantle’s Inner Harbour. At 337m long, she’s one of the biggest container ships to call at Fremantle, and I was lucky enough to get a tour on board this week. It was an incredible experience, and I’ll share more soon.
Have a great weekend everyone!