Just 12 months ago, the 2009-built 4,253 teu Synergy Oakland was preparing to commence a two-month charter with Hapag-Lloyd at a rate of $160,000 a day.
Incredible as it may seem, for a classic panamax ship fortunate to achieve $10,000 a day before the pandemic, the charter with the German carrier meant the shipowner was ‘taking a haircut’ on its previous fixture, which saw it earn $202,000 a day for a three-month charter, banking $18m of revenue.
Moreover, Euroseas Shipping, a Greece-based non-operating owner (NOO), acquired the ship for just $10m in December 2019, when its most likely destination appeared to be an early visit to the ship graveyards of the Indian subcontinent.
After the Hapag-Lloyd charter, Synergy Oakland saw a short-duration spot fixture at $180,000 a day before commencing a four-year time charter in March with Israeli carrier Zim at $42,000 a day, bringing in total contracted revenue of $61m.
However, since the summer, when the freight market went sharply into reverse, average daily hire rates for panamax containerships have slumped to about $20,000 a day – and are only prevented from tracking even lower by the lack of open tonnage on the market.
This could all change in the first quarter next year, if charterers are able to buy themselves out of expensive long-term agreements, or if distressed carriers are unable to continue paying elevated hire rates, to carry cargo at low freight rates, and thus breach the payment terms of the charter party.
In both scenarios, the charter market would be flooded with fresh open tonnage, particularly in the smaller sizes in the ‘new normal’ uneconomic-to-operate bracket.
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Shippers are still feeling sore about contract rates as demand continues to weaken.
While carrier revenues may still be 2.8 times higher than pre-pandemic, volumes continued to fall during the second half of 2022 as severe economic headwinds battered demand.
A report from the Global Shippers’ Forum (GSF) notes that spot rates dropped 20% in the six months from June, with many shippers feeling “burned” by their decisions to commit to long-term contracts, and questions range over predictions of congestion and capacity shortages.
Forum director James Hookham said: “The second quarter saw the downturn in volumes turn into a sustained decline. These are conditions not seen in the container shipping market for over 10 years, with many shippers experiencing the behaviour of the market under such conditions for the first time.”
Lines have engaged in capacity management measures in a bid to arrest rate declines, as blanked sailings and slow-steaming become increasingly regular.
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The Transatlantic trade lane is about to go through a drastic slump in freight rates. They are expected to collapse following the injection of serious amounts of capacity by carriers. The operating capacity will jump by 20% on North Europe-North America East Coast lane in mid-December and it will keep growing all the way to February 2023, experts predict. Containership demolitions are expected to be the main trend of the coming year which will be triggered not only by overcapacity in the context of worsening demand but also by the new carbon regulations.
Reefer container rates have started following suit with the sliding spot rates. They have fallen from $5,000 per unit to $4,300, a long-term average of rates on the key North Europe to China trade. The decline is expected to continue.
FMC is calling on the top companies to provide proof of compliance with prohibitions on retaliation established by the Ocean Shipping Reform Act of 2022. Any allegation of illegal behavior will be prosecuted. The requirements are strict: even a simple verbal threat to a shipper from an ocean carrier employee could undermine US law and will not be tolerated. In the meantime, Maersk and Hamburg Süd have filed their defense against Florida furniture shipper OJ Commerce’s complaint alleging breach of contract, collusion, and retaliation. MSC is under attack too: CCMA, LLC filed a case against it concerning MSC’s transportation of containers loaded with high-carbon ferrochrome from Durres, Albania to Seattle, Washington.
The UK rail freight has been severely affected by strikes this year, data confirms. Around 30% of all freight movement was canceled on strike days.
French union SUD-Rail strikes from Dec 15 to Dec 19 following the failed negotiations with SNCF.
Routes and services
- Supply chains in China are expected to become smoother following up the ease of COVID restrictions especially when it comes to rail freight. There is already a boost in the middle corridor, both from China-Europe and the Caspian rail networks.
- The fees to transit through Kazakhstan in 2023 will remain stable. It was confirmed by the general manager of Kazakhstan International Logistics.
- Medway Portugal starts a new service for AutoEuropa. There will be five departures per week that will connect the AutoEuropa factory, south of Lisbon, with the port of Leixoes, south of Braga.
- Another vessel has been added to the Caspian Sea to ease the bottleneck on the corridor between Europe and China. With one additional departure per week, the fleet could handle 6600 TEUs of cargo per week, facilitating around 70 trains.
- PIL launches a new weekly direct service connecting the ports in South China to the Philippines. It concerns the ports in South China – Xiamen, Nansha and Shekou, and links them to Manila and Cebu in the Philippines.
Other
- The BM Container depot in Chittagong, Bangladesh caught fire. There were some disruptions afterwards.
- Australian Competition & Consumer Commission will keep a close eye on companies whose profits have skyrocketed this year to identify the causes of it and foresee future development. For now, the commission is expecting to see margins fall as the circumstances that caused congestion and delays globally return to levels seen before the pandemic.
- For the time being, CMA CGM Air Cargo has stopped providing its service in the U.S. so it can lease the aircraft to other cargo airlines in an effort to achieve profitability faster amid weakening market conditions.
- Union Pacific faces strong criticism about the excessive use of embargoes on the rail. This year it has already been more than 1,000 embargoes on freight, which is a harmful practice in the context of congestion.
These are only several changes that occurred in more than 250 bn freight rates across 25 million routes with more than 1 million market players. Want to share some news about your company, services, and routes? Just post them on MAXMODAL, a multimodal network that digitally connects routes and rates worldwide to automate sales and operations across container transportation & logistics industry. Join to innovate.