Asia-Europe

Following a period of short term container freight rates touching record highs on many major trade routes, long term rates are now also experiencing a boost, according to Bimco.

The world’s largest LNG-powered containership – the 23,000 teu CMA CGM Jacques Saade – made its maiden call in Singapore on Monday.

A shortage of shipping containers in Asia has seen prices for secondhand boxes skyrocket, particularly in China, according to Container xChange.

South Korean container line HMM is claiming success with its series of 24,000 teu containerships with all of the newbuildings “full” with cargo carrying around 19,500 teu.

The second quarter results of AP Moller – Maersk underline that while the Covid-19 pandemic has hit container volumes lines have successfully managed capacity to actually increase profitability.

HMM says container freight rates on the transpacific should remain strong in the short term but the outlook is clouded by Covid-19 and geo-political tensions.

CSP Abu Dhabi Terminal, the first overseas greenfield project of Cosco Shipping Ports Limited (CSP), has started a new direct weekly service to several ports across Europe and the Indian Subcontinent.