COSCO
SITC
PACIFIC LINES
Tuesday, 14/03/2023, 05:31 (GMT +7)
662
No signal to cut capacity in the war on container freight rates
Container freight rates are still falling, while charter rates are flat, indicating that shipping operators are pursuing market share expansion, which will lead to a tariff war.
Container freight rates plummeted (Photo: Phaata.com)
Linerlytica's latest report, released on March 13, says that there are currently about 738,014 TEUs of capacity, or 2.8% of the fleet, currently idle, down from a peak of 3.8% in February, as shipping lines are reactivating ships that are idle after the Lunar New Year.
Currently, MSC has widened the gap with Maersk Line to 587,000 TEUs. MSC and Maersk Line will dissolve their 2M alliance in February 2025, and the two carriers have pursued different strategies since the Covid-19 pandemic pushed rates to historic highs.
Linerlytica commented: "OCEAN Alliance carriers have the smallest number of ships idled, compared to 2M and THE Alliance, in a clear sign that carriers are pursuing very different strategies in dealing with the capacity surplus. Freight rates are still falling while charter rates are holding their ground, in a further sign that carriers are intent on chasing market share despite the softening freight market."
MSC took delivery of the world's largest and second largest container ships last week, with 24,346 TEUs of MSC Irina and 24,116 TEUs of MSC Tessa delivered in two consecutive days from Yangzijiang Shipbuilding and Hudong-Zhonghua Shipbuilding. MSC also took delivery of the fourth out of 11 chartered 15,000 TEU vessels from Eastern Pacific Shipping; Delivery is expected later this year.
The new vessels lifted MSC's capacity to an all-time high of 738 vessels at 4.77 million TEUs, widening the gap with Maersk Line to 587,120 TEUs.
See more:
- Shipping lines will use many tools to cut supply - Former chairman of Evergreen and Yang Ming
- Sea shipping costs dip amid sliding demand
- Evergreen continues to spend money to buy more containers
- Maersk and MSC to end 2M Alliance in 2025
Source: Phaata.com (According to ContainerNews)
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