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Asia Europe Trade News

08 Jun 2023

OOCL Adds Third 24,188 TEU Containership

OOCL Turkiye (Photo: OOCL Turkiye)

Hong Kong-based Orient Overseas Container Line Ltd. (OOCL) announced it has taken delivery of another 24,188 TEU mega ship.The OOCL Turkiye, recently named during a ceremony at Nantong COSCO KHI Ship Engineering Co., Ltd. (NACKS) shipyard, is the third 24,188TEU vessel to be received by OOCL in a series of12.Being a part of OOCL’s strategic plan for further growth in Asia -Europe trade, OOCL Turkiye will join her sister vessels OOCL Spain and OOCL Piraeus in serving OOCL’s Asia-Europe LL3 service loop.

26 Mar 2021

Suez Canal Blockage Adds Strain to Global Supply Chains

(Photo: Suez Canal Authority)

A stuck container vessel in the Suez Canal, which has blocked the flow of goods through the narrow channel, will add strain to global supply chains already stretched by rebounding economic activity and tight shipping container supplies, analysts said on Friday.The 400-metres long Ever Given container vessel has been stuck in the canal since Tuesday, suspending traffic of containers transporting goods, parts and equipment through the shortest sea link between Europe and Asia.The…

14 Dec 2020

CMA CGM Ramps Up Asia-Europe Capacity Amid 'Unprecedented Demand'

(Photo: CMA CGM)

One of the world's top container shipping companies said it is ramping up its capacity between Asia and Europe in response to unprecedented demand.The French-based CMA CGM Group said Monday it has accelerated the redeployment of its capacity, increasing tonnage assigned to lines between Asia and Europe by 6% for the fourth quarter of 2020 compared to the same period of 2019. It will also make further additions in the first quarter of 2021, when capacity will be 10% higher than in the current quarter.The Asia-Europe trade will be serviced by CMA CGM's new class of nine 9 23…

16 Jun 2020

Suez Canal Ship Transits Rise Amid COVID-19

Š Igor Yu. Groshev / Adobe Stock

Transits through the Suez Canal, the beating heart of the Egyptian economy, have stayed remarkably resilient to the fallout of the COVID-19 pandemic if judging by total transits of the three commercial shipping sectors which are up 8% year-on-year. This is despite bleak economic growth prospects world-wide following the pandemic, and highlights that shipping remains the backbone of the global economy.It is often said that a picture says more than 1,000 words, but 6,166 ship transits in the Suez Canal can certainly also tell an interesting tale.

10 Nov 2019

MSC Isabella, Largest Boxship to Call in Singapore Port

The 23,656 teu MSC Isabella became the largest containership to call the Port of Singapore when it berthed on 10 November 2019.The MSC’s Gülsün-Class of container vessels is currently the world’s largest series of container ships.To date, MSC Isabella is the biggest container ship to call at Singapore, the world’s top transshipment hub. Measuring around 400 meters long and 61 meters wide, the ship can carry up to 24 rows of containers, with a height of 13 tiers on deck. Its total capacity is 23,656 TEU (Twenty-foot Equivalent Units). Its length exceeds that of the Eiffel Tower and it can transport the equivalent of about 384 million pairs of shoes.Singapore is the ship’s first port-of-call in Asia after sailing back from Europe. The ship was delivered to MSC in August 2019.

02 May 2018

OOCL Reports Higher Revenues for 1Q

Hong Kong-based container shipping and logistics service company Orient Overseas Container Line (OOCL) reported revenues for the first quarter of 2018 at $1.38 billion, up 16.3 percent from the first quarter of 2017. OOCL carried 1,579,578 TEUs in the same period 7.5 percent more than in the same 2017 period. A press briefing said that the loadable capacity increased by 16.0% and the overall load factor was 6.4% lower than the same period in 2017. Overall average revenue per teu increased by 8.3% compared to the first quarter of last year. OOCL’s volumes were up 16.3 in the transpacific, up 20.5 percent in the Asia-Europe trade lane and up 2.2 percent in the transatlantic but down 1.1 percent in the intraAsia/Australasia trade lanes.

12 Feb 2018

Evergreen Charters Twelve 11,000 TEU Newbuilds

The charter parties were signed by EMC Chairman Mr. Anchor Chang and President of Shoei Kisen Kaisha Mr. Yukito Higaki. (Photo: Evergreen)

Evergreen Marine Corp. (EMC) entered into an agreement with Shoei Kisen Kaisha to charter twelve 11,000 TEU class containerships. The charter parties were signed by EMC Chairman Anchor Chang and President of Shoei Kisen Kaisha Yukito Higaki. The plans to charter these vessels were approved early last month at the board meetings of Greencompass Marine S.A. and Evergreen Marine (Hong Kong) Ltd. respectively. The two subsidiaries of EMC will each charter six vessels. All twelve ships…

08 Feb 2018

Evergreen Orders Eight 11,000 TEU Containerships

From left to right:  EMC President  Lawrence Lee; EMC Chairman  Anchor Chang; SHI CEO  J.O. Nam; SHI CMO  K.H. Kim (Photo: EMC)

Evergreen Marine Corp. (EMC) said it has entered into an agreement with South Korean shipbuilder Samsung Heavy Industries (SHI) to order eight 11,000 TEU containerships. Four ships will be owned by EMC’s subsidiary, Greencompass Marine S.A. and a further four by Evergreen Marine (Hong Kong) Ltd. The newbuildings are planned to be delivered from the first quarter of 2020 through the second quarter of 2021. EMC said the newbuilding program will help it meet future market demand as the carrier continues its ongoing fleet renewal.

19 Dec 2017

THE Alliance Goes Strengthened Into 2018

After its first year of cooperation, the members of THE Alliance announced the details for their enhanced product effective from April 2018. THE Alliance plans to deploy a fleet of more than 250 modern ships in the Asia /Europe, North Atlantic and Trans-Pacific trade lanes including the Middle East and the Arabian Gulf/Red Sea. “After one year of cooperation we are proud to say that our services and the network improved significantly“, said the member carriers Hapag-Lloyd, Ocean Network Express and Yang Ming in a statement. The comprehensive network of 33 services would connect more than 81 major ports throughout Asia, North Europe, the Mediterranean…

22 Nov 2017

OOCL Scandinavia Unveiled

In Orient Overseas (International) Ltd (OOCL)’s series of six ‘G Class’ containerships on order at the Samsung Heavy Industry (SHI) shipyard, we are pleased to introduce the newest and fifth 21,413 TEU containership, named the OOCL Scandinavia, into our fleet of world trade ambassadors. The OOCL Scandinavia will be joining her sister vessels on our LL1 service, linking major markets in China and Northern Europe together. In commemoration of this milestone at OOCL, we are very honored that Mr. Yue Yi, Vice Chairman, Executive Director and Chief Executive of the Bank of China (Hong Kong) Ltd, was able to join us as our Guest of Honor and witness the christening of the vessel.

16 Mar 2017

Mega 20,150 TEU Containership Named MOL Triumph

The 20,150 TEU, 400m-long MOL Triumph is scheduled to be delivered March 27. (Photo: Samsung Heavy Industries)

A new 20,150 TEU containership has captured the “world’s largest” title: MOL Triumph, the first in a series of new mega containerships for Japan’s Mitsui O.S.K. Lines, Ltd., (MOL) was named at Samsung Heavy Industries, Ltd.’s (SHI) Geoje, South Korea shipyard. MOL Triumph is the first of four 20,000 TEU class ultra-large container carriers ordered by MOL in February 2015 to be built by SHI for 2017 delivery. Each surpasses the record setting 19,000+ TEU vessels built by Daewoo Shipbuilding & Marine Engineering (DSME) for Mediterranean Shipping Company (MSC)…

20 Dec 2016

The Shipping Markets In 2016

In 2016, market conditions in most shipping sectors have been highly challenging, says a report by Clyde & Co, global law firm. The ClarkSea Index, an average of earnings for the main commercial vessel types, reached a record monthly low in August. In the first ten months of 2016, the index dropped 37% y-o-y to average $9,129/day. Tanker market conditions weakened considerably in the first ten months of 2016 from very firm levels at the start of the year and in 2015. Average tanker spot earnings fell from $28,483/day in January 2016 to $9,922/day in August, but have risen since. Meanwhile, conditions in the dry bulk market have remained depressed throughout much of 2016 as existing vessel oversupply has been coupled with muted trade growth.

08 Nov 2016

THE Alliance Sets Out Service Plans

The members of THE Alliance announced the details of the plan for their product starting from April 2017. THE Alliance plans to deploy a fleet of more than 240 modern ships in the Asia /Europe, North Atlantic and Trans-Pacific trade lanes including the Middle East and the Arabian Gulf/Red Sea. The start of THE Alliance as the most integrated liner shipping consortia is scheduled for April 2017 (subject to completion of all relevant regulatory requirements). “The product of THE Alliance is a milestone which will significantly improve the service offering for all shippers on the East West trade lanes“, said the member carriers Hapag-Lloyd, “K”Line, Mitsui O.S.K. Lines, Nippon Yusen Kaisha and Yang Ming in a statement.

24 Oct 2016

Ready for take-off? - Drewry

The recent rally in Asia to Europe spot market rates has improved carriers’ chances of securing higher 2017 contract rates. How much extra will shippers have to fork out? It has been another typically volatile year as far as the spot freight rate market (i.e. rates with a validity of up to 30 days) is concerned with the weekly ups and downs once again being most obvious in the high-volume westbound Asia to Europe trade. Table 1 shows that in many respects 2016 has thus far played out very much like 2015 with very little difference in regards to the average weekly rate, standard deviation or highs and lows. However, this year does differ in one key aspect: timing.

13 Sep 2016

Salalah Port's Volume Surges

Container throughput at the Port of Salalah, part of the APM Terminals Global Terminal Network, reached 1.584 million TEU* in the first half of 2016, representing a 29% increase over volume handled during the same period the year prior. The completion of a new deep-water General Cargo and Liquid Bulk Terminal in December 2015 has enabled significant growth, with the facility handling approximately one million metric tons monthly. Some of the container volume growth is the result of Salalah’s proximity to the open sea, and its ability to accommodate the largest of the Ultra-Large Container Ships (ULCS) entering into the Asia/Europe trade lanes. Approximately 90% of Salalah’s container traffic is transshipment cargo movement.

24 Aug 2016

APL Strengthens Asia-Europe Service Network

APL today announced the launch of a new weekly service - the India Pakistan Europe (IPE) Service, directly connecting the key South Asian markets of India and Pakistan to major ports in Europe. The new IPE service builds on APL’s strong market presence and local expertise in India and Pakistan to enhance its Asia-Europe service offerings. “Europe is a premier trading partner and a major export market of South Asian countries. It is opportune that we expand our service coverage in Asia-Europe through the new IPE service, directly linking the major economies of India and Pakistan to Europe. As APL offers market connectivity, our priorities are also to provide reliable and timely cargo shipments across all regions,” said Eric Eng, APL Head of Asia Europe Trade.

11 Jul 2016

Brexit to Hinder Container Shipping Recovery -MSI

File photo: CMA CGM

The U.K. Brexit vote will have far-reaching effects on the container shipping market, despite the country’s relatively minor role in global trades, according to industry research and consultancy firm Maritime Strategies International (MSI). MSI’s analysis of the impact of the U.K. Brexit vote on the container shipping sector finds that amid the short term political and economic uncertainty, the downside risks for container shipping have been extended beyond 2016 and into 2017 as the risk of recession grows. In and of itself, the impact of reduced U.K.

10 Jul 2016

Widened Panama Canal to Affect Trade Patterns

It was another lacklustre month for the shipping industry as freight rates in almost all sectors softened further. Drewry’s Earnings Index declined by 0.5% during the month to 52.4. The new locks of the Panama Canal finally became operational in June, enabling vessels of up to 49-metre beam, 366-metre LOA and 15-metre draught to pass through, which in turn will affect trade patterns in various sectors. The canal can now accommodate containerships of up to 12,500 teu. As more ULCVs are being delivered each month, carriers are desperately looking for new homes for smaller vessels (8,000-12,000 teu) cascaded out of the Asia-Europe trade.

06 Jan 2016

Global Logistics Index Hots Lowest in Four Years

The index that tracks shipper and freight forwarder confidence in the activity of the U.S.-Europe and Asia-Europe shipping lanes hit its lowest level in December in the index's nearly four-year history, reports Reuters. It has hit by lower margins for European freight forwarders such as Denmark's DSV because of overcapacity in shipping. The "Stifel Logistics Confidence Index," published by U.S. investment firm Stifel Financial Corp. and U.K.-based consultancy Transport Intelligence showed particularly low confidence in the transport business along the Asia-Europe routes where spot freight rates were barely profitable for shipping companies for much of last year. The Index posted a score last month of 45.4, continuing what has been a months-long decline.

11 Jan 2016

CMA CGM Upgrades FAL 1 Service, New Direct EB Call at Shanghai

CMA CGM has announced that a new direct EB call at Shanghai, the first container port in the world, is to be introduced on the rotation of its FAL 1 service ex-North Europe. Starting in Southampton on January 11th, 2016 with m/v CMA CGM KERGUELEN voy. CMA CGM will of course continue providing its clients the most complete offer on the market, especially on the Asia-Europe trade thanks to the complementarity of its FAL services.

22 Feb 2016

Container Freight Market Hit by Exceptionally Weak Demand

The latest Container Shipping Forecaster from Maritime Strategies International reports ‘flickers of improvement’ in February after an opening to the year which saw 1.3m teu of capacity idle, freight rates struggling and the charter market on its knees. Having suffered a torrid end to 2015, liner companies finally managed to produce some upwards movement in freight rates, albeit as a result of the slower erosion of the massive General Rate Increase imposed on January 1. As of mid-February freight rates on the China-North Europe route were assessed at $431/TEU by the Shanghai Shipping Exchange, a level suggesting little positive momentum.

22 Mar 2016

Mega Ships Menace for Shippers

The Global Shippers’ Forum (GSF) says that the use of mega ships and alliances remain the main problems within the shipping sector. The popular belief is that larger ships and alliances are good for competition because of the benefits they give, but the reality is that there are added costs due to the negative externalities they impose on others, says Chris Welsh, general secretary of GSF. The restriction of competition can make other approaches necessary for regulatory policy or competition to address the competition concerns raised by the mega ships and alliances, he  said. Allianz Global Corporate & Specialty (AGCS) has warned that the insurance industry is facing an increasing risk of billion-dollar losses from mega-ships as demand for larger container vessels continues unabated.

21 Apr 2016

Third Post Panamax RoRo Joins WWL Fleet

MV Theben (Photo: WWL)

Wallenius Wilhelmsen Logistics (WWL) has introduced MV Theben, a brand new High Efficiency RoRo (HERO) class vessel, and third of eight new Post Panamax vessels to be launched from 2015-2017. Theben joins her sister vessels Thalatta and Thermopylae in the line of RoRo vessels taking advantage of the new vessel size limit based on the third set of Panama Canal locks expected to commence operation in June this year. Like her sister vessels, Theben measures almost 200 meters long…