Global Maritime Hub https://globalmaritimehub.com Shipping, trade and ports market analysis Thu, 21 Oct 2021 14:34:57 +0000 en-US hourly 1 https://wordpress.org/?v=5.8.1 https://globalmaritimehub.com/wp-content/uploads/2020/10/flavicon-Global-Maritime-Hub-logo-01-copy.png Global Maritime Hub https://globalmaritimehub.com 32 32 Bunker Fuel Prices Outlook – week 42 https://globalmaritimehub.com/bunker-fuel-prices-outlook-week-42.html https://globalmaritimehub.com/bunker-fuel-prices-outlook-week-42.html#respond Thu, 21 Oct 2021 14:23:36 +0000 https://globalmaritimehub.com/?p=9089 On a Week 42, the MABUX World Bunker Index continued its firm upward trend. The 380 HSFO index rose by 8.88 USD : from 533.54 USD / MT to 542.42 USD / MT. The VLSFO index increased by 15.50 USD: from 632.43 USD / MT to 647.93 USD / MT, while the MGO index added […]

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On a Week 42, the MABUX World Bunker Index continued its firm upward trend. The 380 HSFO index rose by 8.88 USD : from 533.54 USD / MT to 542.42 USD / MT. The VLSFO index increased by 15.50 USD: from 632.43 USD / MT to 647.93 USD / MT, while the MGO index added 16.28 USD (the rise from 758.27 USD / MT to 774.55 USD / MT).

MABUX temporarily suspends publication of the MABUX ARA LNG Bunker Index as the LNG bunkering market has practically stalled due to falling demand caused by a sharp increase in gas prices in Europe.

We believe the gas crisis is temporary and expect LNG bunkering operations to resume by the end of this year. The publication of the MABUX ARA LNG Bunker Index will resume as soon as the LNG bunker market recovers.

The average weekly Global Scrubber Spread (SS) – the difference in price between 380 HSFO and VLSFO – increased during the week and amounted to $ 103.05 (versus $ 92.65 last week). Meantime and reached $100 mark. The average weekly SS Spread in Rotterdam also increased and now is above the $ 100 mark: $ 109.33 (against $ 98.17 last week, plus $ 11.16). The average SS Spread in Singapore, also rose but still remains a little below the psychological mark of $ 100: $ 96.00 versus $ 69.50 last week ( $ 26.50). More information is available in the Differentials section of www.mabux.com.

Correlation of MABUX MBP Index (Market Bunker Prices) vs MABUX DBP Index (MABUX Digital Benchmark) in the four global largest hubs over the past week showed that 380 HSFO fuel was overvalued in all selected ports (except of Houston), where the Index recorded an underpricing of $ 9 (vs. minus $ 14 a week earlier). In other ports, 380 HSFO was overcharged: in Rotterdam – plus $ 23, in Singapore – plus $ 33 and in Fujairah – plus $ 21.

VLSFO fuel grade, according to the MABUX MBP / DBP Index, was in the overvaluation zone in three of four selected ports: In Rotterdam by plus $10, in Singapore by plus $ 4, in Houston by plus $ 4. In Fujairah MABUX MBP Index for this fuel grade 100% correlates to DBP Index.

The MABUX MBP / DBP Index also recorded an undercharge of MGO LS fuel in all selected ports: minimum value in Houston (minus $ 1), maximum value in Rotterdam (minus $ 34).

Data from China’s General Administration of Customs, as reported by Reuters, shows show that China’s very low sulphur fuel oil (VLSFO) exports totalled 1.45 million tonnes in September, a 16% increase on the same period in 2020. September volumes were also up on the 1.59 million tonnes registered in August this year, while exports for the period January to September rose 39% on the year before to reach 14.66 million tonnes. The Customs data released today (20 October) also indicated that fuel oil imports under general trade were 515,165 tonnes. These volumes were supported by demand from some independent refiners for use as a feedstock to process into fuels due to stricter crude oil import quotas. Imports into bonded storage, which includes high and low sulphur fuel oil, totalled 611,495 tonnes in September.

Source: MABUX

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Container prices ease as China resumes activities post the Golden Week https://globalmaritimehub.com/container-prices-ease-as-china-resumes-activities-post-the-golden-week.html https://globalmaritimehub.com/container-prices-ease-as-china-resumes-activities-post-the-golden-week.html#respond Thu, 21 Oct 2021 07:18:01 +0000 https://globalmaritimehub.com/?p=9076 Hamburg, 19 October 2021: Container xChange, one of the world’s fastest growing tech companies and the market leaders for trading and leasing of containers, have published container prices data trends and insights soon after the Golden Week concludes in China and as the world prepares for Christmas holidays shopping season. The data indicates that the […]

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Hamburg, 19 October 2021: Container xChange, one of the world’s fastest growing tech companies and the market leaders for trading and leasing of containers, have published container prices data trends and insights soon after the Golden Week concludes in China and as the world prepares for Christmas holidays shopping season. The data indicates that the average standard container prices in China have plunged both for trading and leasing.

“We are experiencing improvement in market situation as the one-way leasing charges, spot rates and other freight costs are starting to stabilize and average standard container prices are witnessing a drop for the first time in many weeks.

Though we are still yet to see how the market responds further to inventory stocking by the US importers in the coming months, these are good signs of market correction.

The drop in prices could also possibly be only a temporary decline because of the Golden week in China if the prices do not decline further.” comments Christian Roeloffs, founder and CEO, Container xChange

“The easing prices show temporary consolation in the global container shortage crisis. There are possibilities that the trend continues because we are half way through the busiest time for the shipping industry. Retailers are looking to pile up stock ahead of the Christmas holidays and the falling prices could well become the new normal from hereon.

This could probably be a very early sign of stabilization of the market. We will continue to monitor the prices and availability but for the time being, this is good news for the industry.” said Dr. Johannes Schlingemeier, founder and CEO, Container xChange.

Average trading prices in China fall by 22%

The average trading price of 40 high cube containers is falling in China since week 39 just ahead of the Golden week. From $8516 in week 39, the average prices have plunged to $6598 in week 42, a 22.5% decline which is the biggest decline witnessed this year in China. The peak has already been touched at $8576 which was a 52% jump from week 27 (first week of July).

At different ports in China, the average trading prices have declined ranging from 1 % TO 11% for 40 high cube containers at different ports in China, Qingdao recording the highest 11% plunge from last month, Ningbo 2%, Shanghai 3.4%, Shenzhen 1.7% and Tianjin 0.5%.

In Ningbo, for instance, average prices for 40 high cube containers peaked in the week 38 (20-26 September) at $7184 and have been falling every week since and now stands corrected at $6803 in the week 41 (decline of 5.6%). Further market price correction is most likely expected as this rate is still far from $5580 in the week of 27 (first week of July).

A 20 ft dry container now costs on an average $3000 which is plateaued since the beginning of September from $3017. The average prices of a 20 ft dry container have reduced from the last week at Shanghai port (from $3359 – $2847), Qingdao port (from $2982 – $2794) and at the Ningbo port (from $ 4300 to $3940).

As per the platform data, 46 ports globally experienced a moderate pullback in average container prices. The hotspots include China, Vietnam, and United states. All these price falls indicate improvement in congestion which caused sky rocketing freight costs all over the world.

Leasing rates in China down 35%

The average one-way leasing pickup charges for the China-US stretch are down to $1800 from $2767 in one week (from week 39 to week 40), a 35% plunge, the highest recorded this year on this stretch. Similarly, these rates have also reduced for stretches Ex China to few ports in Europe (Hungary, Netherlands, Slovakia) and Russian Federation.

The average one-way leasing pickup charges have slumped from $3931 to $3621, a decline of 8% on the China to UK stretch from week 39 to week 40. Similarly, a 5.4% decline from $3646 to $3450 on the China to Belgium stretch during the same period.

While the demand will continue to stay strong as the retailers aim to fill the stock ahead of the Christmas holidays, the all-in rates are expected to stay strong too. The situation is more likely to improve by early November and further after the Chinese New Year in February 2022.

source: Container xChange

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Recovery not as strong as initially projected https://globalmaritimehub.com/recovery-not-as-strong-as-initially-projected.html https://globalmaritimehub.com/recovery-not-as-strong-as-initially-projected.html#respond Thu, 21 Oct 2021 07:14:34 +0000 https://globalmaritimehub.com/?p=9073 While IMF reports global trade growth in monetary terms rather than in terms of container volumes or weight, there is a highly significant positive relationship between trade in economic terms and container shipping demand on a global level. Figure 1 shows the world trade projections across both imports and exports for both advanced and emerging […]

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While IMF reports global trade growth in monetary terms rather than in terms of container volumes or weight, there is a highly significant positive relationship between trade in economic terms and container shipping demand on a global level.

Figure 1 shows the world trade projections across both imports and exports for both advanced and emerging economies for 2021-2022 as well as the revisions made to those projections since the previous issue of the WEO report which was published in July 2021.

World trade contracted substantially in 2020, despite the demand boom in 2020-2H. For 2021, IMF has predicted a 9.7% growth, which is the same as the projection in July 2021, and higher than the strength of the contraction in 2020.

This is driven by the current demand boom on the Transpacific, brought about by the US consumers’ shift from consumption of services to goods. However, IMF expects demand growth to decrease in 2022, as their projection was revised downwards by -0.3 percentage points to 6.7%.

Imports for advanced economies are projected to grow by 9.0% in 2021 and 7.3% in 2022, with both years revised downwards by -0.7 and -0.3 percentage points, respectively. Imports for emerging economies are projected to grow by 12.1% in 2021 and 7.1% in 2022, with the 2021 projection revised up by 0.7 percentage points and the 2022 projection unchanged relative to the July 2021 update.

Exports for advanced economies are projected to grow by 8.0% and 6.6% in 2021 and 2022, respectively. For emerging economies, exports are projected to grow by 11.6% and 5.8% in 2021 and 2022, respectively, with a strong 0.8 percentage point upwards revision for 2021 and a similarly strong -0.9 percentage points downwards revision for 2022.

Source: Sea Intelligence

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Non-Operating Owners (NOOs) to return to the newbuilding market https://globalmaritimehub.com/non-operating-owners-noos-to-return-to-the-newbuilding-market.html https://globalmaritimehub.com/non-operating-owners-noos-to-return-to-the-newbuilding-market.html#respond Thu, 21 Oct 2021 07:10:57 +0000 https://globalmaritimehub.com/?p=9070 The historically high charter market has finally convinced Non-Operating Owners (NOOs) to return to the newbuilding arena for small and medium-sized tonnage, addressing the alarming under-ordering of these ship classes which Alphaliner highlighted in a report in Dec’20. Since the beginning of the year, NOOs have ordered no fewer than 113 ships (equal to 454,000) […]

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The historically high charter market has finally convinced Non-Operating Owners (NOOs) to return to the newbuilding arena for small and medium-sized tonnage, addressing the alarming under-ordering of these ship classes which Alphaliner highlighted in a report in Dec’20.

Since the beginning of the year, NOOs have ordered no fewer than 113 ships (equal to 454,000) teu in the 1,300 – 7,000 teu size segments, according to Alphaliner data.

Demand for sub-1,000 teu vessels has nevertheless been brisk in recent times, suggesting a continued need for such #tonnage, particularly for units of 700 – 900 teu.

Although NOOs have been busy rebuilding the small and medium-sized charter fleet of 1,300 to 7,000 teu units, there is, to date, still no ordering of charter vessels under 1,000 teu, a concern for a segment displaying a 16 year-old age profile.

Source: Alphaliner

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Charter market remains quiet https://globalmaritimehub.com/charter-market-remains-quiet.html https://globalmaritimehub.com/charter-market-remains-quiet.html#respond Fri, 15 Oct 2021 09:09:47 +0000 https://globalmaritimehub.com/?p=9060 Activity in the charter market remains low due to a continued dearth of tonnage impacting most sizes. However, the underlying demand remains strong, with ships coming up for employment on a prompt basis rapidly securing a new employment. Charter rates plateauing in past weeks, but rise in prices is now resuming, with both classic Panamax […]

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Activity in the charter market remains low due to a continued dearth of tonnage impacting most sizes. However, the underlying demand remains strong, with ships coming up for employment on a prompt basis rapidly securing a new employment.

Charter rates plateauing in past weeks, but rise in prices is now resuming, with both classic Panamax and 2,700-2,900 TEU ships fixed at new record highs, on the back of a surge in demand. Charterers’ resistance to accept ever higher rates once more showing its limits.

Charter rates expected to carry on their journey at historically high levels, as demand continues to far outstrip supply. Congestion issues around the world with over 300 ships “withdrawn” from the market as also play their part in supporting high charter rates.

The only clouds on this bright horizon are therefore the falling spot cargo rates on the Pacific – a development that is believed to be temporary as Golden Week-related, as well as oil prices, which continue to rise steadily.

Source: Alphaliner

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Bunker Fuel Prices Outlook – week 41 https://globalmaritimehub.com/bunker-fuel-prices-outlook-week-41.html https://globalmaritimehub.com/bunker-fuel-prices-outlook-week-41.html#respond Fri, 15 Oct 2021 03:36:47 +0000 https://globalmaritimehub.com/?p=9050 On a Week 41, the MABUX World Bunker Index continued its firm upward trend, but in a bit slightly manner that the week before. The 380 HSFO index rose by 11.18 USD : from 522.50 USD / MT to 533.68 USD / MT. The VLSFO index increased by 17.69 USD: from 614.17 USD / MT […]

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On a Week 41, the MABUX World Bunker Index continued its firm upward trend, but in a bit slightly manner that the week before. The 380 HSFO index rose by 11.18 USD : from 522.50 USD / MT to 533.68 USD / MT. The VLSFO index increased by 17.69 USD: from 614.17 USD / MT to 631.86 USD / MT, while the MGO index added 19.15 USD (the rise from 736.98 USD / MT to 756.13 USD / MT).

MABUX temporarily suspends publication of the MABUX ARA LNG Bunker Index as the LNG bunkering market has practically stalled due to falling demand caused by a sharp increase in gas prices in Europe. We believe the gas crisis is temporary and expect LNG bunkering operations to resume by the end of this year. The publication of the MABUX ARA LNG Bunker Index will resume as soon as the LNG bunker market recovers.

The average weekly Global Scrubber Spread (SS) – the difference in price between 380 HSFO and VLSFO – continued a slight decline during the week and amounted to $ 92.65 (versus $ 93.35 last week). Meantime, the average weekly SS Spread in Rotterdam declined and now is a little below the $ 100 mark: $ 98.17 (against $ 110.33 last week, minus $ 12.16). The average SS Spread in Singapore, on the contrary, continued to decline and is well below the psychological mark of $ 100: $ 69.50 versus $ 71.33 last week (minus $ 1.33). More information is available in the Differentials section of www.mabux.com.

 Correlation of MABUX MBP Index (Market Bunker Prices) vs MABUX DBP Index (MABUX Digital Benchmark) in the four global largest hubs over the past week showed that 380 HSFO fuel was overvalued in all selected ports (except of Houston), where the Index recorded an underpricing of $ 14 (vs. minus $ 16 a week earlier). In other ports, 380 HSFO was overcharged: in Rotterdam – plus $ 25, in Singapore – plus $ 48 and in Fujairah – plus $ 29.

VLSFO fuel grade, according to the MABUX MBP / DBP Index, was in the undervaluation zone in two out of four selected ports: in Singapore by minus $ 8, in Fujairah by minus $ 10. In Rotterdam and Houston this fuel grade was overvalued by $2 and $5 respectively.

The MABUX MBP / DBP Index also recorded an undercharge of MGO LS fuel at all selected ports: minimum value in Houston (minus $ 4), maximum value in Fujairah (minus $ 50).

Overall, MGO LS HSFO remains the only fuel type with undercharge status.

A rapid replacement of fossil fuels with renewable fuels based on green hydrogen and advanced biofuels could enable to cut up to 80% of CO2 emissions attributed to international maritime shipping by mid-century, a new report by the International Renewable Energy Agency (IRENA) finds. Renewable fuels should contribute at least 70% of the sector’s energy mix in 2050, IRENA’s A Pathway to Decarbonise the Shipping Sector by 2050 shows, outlining a roadmap for the global shipping sector in line with the global 1.5°C climate goal.

Source: MABUX

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Bunker fuel prices outlook – week 40 https://globalmaritimehub.com/bunker-fuel-prices-outlook-week-40.html https://globalmaritimehub.com/bunker-fuel-prices-outlook-week-40.html#respond Thu, 07 Oct 2021 17:48:25 +0000 https://globalmaritimehub.com/?p=9023 On a Week 40, the MABUX World Bunker Index continued its firm upward trend. The 380 HSFO index rose by 27.07 USD and overcame 500 USD mark: from 494.60 USD / MT to 521.67 USD / MT. The VLSFO index increased by 22.15 USD and exceeded the 600 USD mark: from 590.05 USD / MT […]

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On a Week 40, the MABUX World Bunker Index continued its firm upward trend. The 380 HSFO index rose by 27.07 USD and overcame 500 USD mark: from 494.60 USD / MT to 521.67 USD / MT. The VLSFO index increased by 22.15 USD and exceeded the 600 USD mark: from 590.05 USD / MT to 612.20 USD / MT, while the MGO index added 46.46 USD and exceeded the 700 USD mark (from 689.61 USD / MT to 736.07 USD / MT). At the moment the average 380 HSFO and MGO LS world prices have fully regained the losses that took place in April-May 2020 and exceeded the price levels registered in early January 2020.

MABUX ARA LNG Bunker Index, calculated as the average price of LNG as a marine fuel in the ARA region, did not show any significant changes in the period from September 29 to October 06: a moderate decrease from 1046.11 USD / MT to 1039.31 USD / MT (minus 6.80 USD). The average LNG Bunker Index fell by 7.89 USD (1041.36 USD / MT versus 1049.24 USD / MT last week). The average MGO LS price in Rotterdam over the same period increased by 24.16 USD / MT, and the average price difference between bunker LNG and MGO LS in Rotterdam narrowed by 32.05 USD, breaking the 400 USD mark: (395.52 USD / MT versus 427.57 USD / MT last week). With an uncertain start of Nord Stream 2, gas prices in Europe continue to surge, also due to forecasts of cold weather in north Europe and lower production of electricity from nuclear generation in France, due to a strike. LNG bunker price indices are available in the LNG Bunkering section on www.mabux.com.

The average weekly Global Scrubber Spread (SS) – the difference in price between 380 HSFO and VLSFO – continued a slight decline during the week and amounted to $ 93.35 (versus $ 97.72 last week). Meantime, the average weekly SS Spread in Rotterdam widened slightly and remained stable above the $ 100 mark: $ 110.33 (against $ 108.33 last week, plus $ 2.00). The average SS Spread in Singapore, on the contrary, continued to decline and is well below the psychological mark of $ 100: $ 71.33 versus $ 77.67 last week (minus $ 6.34). More information is available in the Differentials section of www.mabux.com.

Correlation of MABUX MBP Index (Market Bunker Prices) vs MABUX DBP Index (MABUX Digital Benchmark) in the four global largest hubs over the past week showed that 380 HSFO fuel was overvalued in all selected ports, with the exception of Houston, where the Index recorded an underpricing of $ 16 (vs. minus $ 14 a week earlier). In other ports, 380 HSFO was overcharged: in Rotterdam – plus $ 6, in Singapore – plus $ 39 and in Fujairah – plus $ 29.

VLSFO fuel grade, according to the MABUX MBP / DBP Index, was in the undervaluation zone in all selected ports: in Rotterdam by minus $ 3, in Singapore by minus $ 12, in Fujairah by minus $ 14 and in Houston by minus $ 2.

The MABUX MBP / DBP Index also recorded an undercharge of MGO LS fuel at all selected ports: minimum value in Houston (minus $ 17), maximum value in Fujairah (minus $ 54).

Overall, 380 HSFO remains the only fuel type with overcharge status.

Pacific island countries calling on the International Maritime Organisation (IMO) to fully decarbonise the shipping industry by 2050, and to impose a US$100 carbon levy on shipping companies by 2025. The Climate Vulnerable Forum (CVF) held its fourth regional dialogue where eleven participating governments from Asia adopted an outcomes statement that backs proposals to clean up international shipping. The CVF is a grouping of around 50 of the most climate-threatened nations in the world, from Africa and the Middle East, Latin America and the Caribbean, Asia and the Pacific. Asia’s endorsement comes at the back of eight Pacific states throwing their support to the RMI, Kiribati and the Solomon Islands IMO proposals in September.

Source:  MABUX

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12.5% of the global capacity now unavailable https://globalmaritimehub.com/12-5-of-the-global-capacity-now-unavailable.html https://globalmaritimehub.com/12-5-of-the-global-capacity-now-unavailable.html#respond Thu, 07 Oct 2021 17:36:57 +0000 https://globalmaritimehub.com/?p=9020 In issue 534 of the Sunday Spotlight, we used data from our Global Liner Performance (GLP) and Trade Capacity Outlook (TCO) databases, to gauge the impact that congestion and vessel delays have had on the global deployed liner capacity. Figure 1 shows the global impact. At the previous height in February 2021, 11.3% of global capacity was absorbed by delays, […]

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In issue 534 of the Sunday Spotlight, we used data from our Global Liner Performance (GLP) and Trade Capacity Outlook (TCO) databases, to gauge the impact that congestion and vessel delays have had on the global deployed liner capacity.

Figure 1 shows the global impact. At the previous height in February 2021, 11.3% of global capacity was absorbed by delays, dropping to 8.8% in April, but escalating once more in the following months. We are now at a point where 12.5% of the global capacity was unavailable in August due to delays. In nominal terms, this means that in August 2021, a full 3.1 million TEU of nominal vessel capacity was absorbed due to delays.

To put this into perspective, the insolvency of Hanjin in 2016, which was the world’s 8th largest carrier at that time, removed only 3.5% of the global capacity, and that too for only a short time, until the vessels came fully back into circulation with new owners or charterers. The current situation is therefore akin to a scenario of 3½ Hanjins all going bankrupt at the same time – with no immediate outlook for the vessels getting back at sea. Another comparison is that a 12.5% global capacity removal, is the equivalent of removing a fleet slightly larger than either CMA CGM or COSCO, the 3rd and 4th largest container lines.

Building more vessels will not materially solve the problem right now, due in part to the time between order and delivery of 2-3 years, and in part because injecting more vessels would run the risk of compounding the existing bottleneck problems.

How long will this take to resolve? The US West Coast labour disruptions in 2015 saw normal operations resume after 6 months. This means that at best, this is a timeframe which should be expected, bringing us to April 2022, assuming the resolution starts now. It could then be feared that because this problem is global and not just confined to US West Coast, the time frame might be even longer, not to mention the impact any future port closures and other disruptions might have. Therefore, with the current operational challenges, it appears that a realistic timeframe for reversal to full normality stretches at least to the end of 2022.

Source: Sea Intelligence

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Container ship sales decline sharply https://globalmaritimehub.com/container-ship-sales-decline-sharply.html https://globalmaritimehub.com/container-ship-sales-decline-sharply.html#respond Thu, 07 Oct 2021 17:31:56 +0000 https://globalmaritimehub.com/?p=9016 Sale and purchase activity in the container ship market declined sharply in the third quarter but prices remain on a rising trend, with owners chasing a smaller pool of available assets. Sales volumes fell sharply in the July-September period, with ’just’ 103 ships of 380,000 teu sold. It is a significant drop from the 170 […]

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Sale and purchase activity in the container ship market declined sharply in the third quarter but prices remain on a rising trend, with owners chasing a smaller pool of available assets.

Sales volumes fell sharply in the July-September period, with ’just’ 103 ships of 380,000 teu sold.

It is a significant drop from the 170 ships of 625,000 teu which changed hands in the second quarter, with June now marking the peak of the cycle with a record-breaking 73 #vessels sold in a month.

Mirroring the general trend, the market’s top buyer, MSC, also slowed its purchases in the latest quarter, snapping up a total of 26 #ships of 111,000 teu, versus 40 units totalling 161,150 teu in the previous quarter.

Source: Alphaliner

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Port throughput evolution at U.S. ports https://globalmaritimehub.com/port-throughput-evolution-at-u-s-ports.html https://globalmaritimehub.com/port-throughput-evolution-at-u-s-ports.html#respond Thu, 30 Sep 2021 17:42:17 +0000 https://globalmaritimehub.com/?p=9002 American consumers are shaking up the lower orders of the global port throughput rankings as demand for goods soars in North America. Figures for the first six months of 2021 show Los Angeles/Long Beach & New York/New Jersey recorded year-on-year throughput growth of 41% and 31% respectively, with LA/LB processing more than 10 million TEU […]

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American consumers are shaking up the lower orders of the global port throughput rankings as demand for goods soars in North America.

Figures for the first six months of 2021 show Los Angeles/Long Beach & New York/New Jersey recorded year-on-year throughput growth of 41% and 31% respectively, with LA/LB processing more than 10 million TEU in the first half of the year.

LA/LB’s volumes have now overtaken those of Hong Kong & activity at the Californian port today rivals Tianjin, China’s sixth-largest port.

Although year-on-year increases are distorted by the drop in port throughput recorded in H1 2020, LA/LB also increased its volumes by nearly 24% compared to H1 2019.

NY/NJ meanwhile logged volumes of nearly 4.4 million TEU in the six-month period.

The increase was smaller than that seen at LA/LB but nevertheless represents a 31% increase in the same period in 2020 & 20% on H1 2019. The surge in traffic has led to severe congestion at the two ports.

Source: Alphaliner

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