New service: CULines will launch a new Jebel Ali Far East Express service- JFX
cargo transportation,
announce the introduction of the JFX - Jebel Ali Far East Express. The service will be launched on September 23rd from Qingdao, calling at Shanghai, Ningbo, Shekou, and North Port Klang to Jebel Ali, Dubai, Middle East, with an expected round trip period of 42 days. Cont’d. Pg. 6
ONE LINE : New Service launch connecting West Coast India and East Coast India
SINGAPORE: Ocean Network Express is delighted to announce the launch of its new weekly service - “India Coastal Express (ICE)” – connecting West Coast India, Sri Lanka and East Coast India. Cont’d. Pg. 6
New service: CULines will launch a new Jebel Ali Far East Express service- JFX
Cont’d. from Pg. 3
CULines currently operates two China-Middle East routes, CGX and GALEX. With stable service quality and efficient transportation solutions, the company has gained widespread trust
from customers. The newly added JFX route will offer customers more frequent express shipping services, enhancing the logistics experience and facilitating trade between enterprises in China and the Middle East.
The rotation of the JFX service： Qingdao – Shanghai – Ningbo –Shekou – Port Klang – Jebel Ali –Colombo – Qingdao.
ONE LINE : New Service launch connecting West Coast India and East Coast India
Cont’d. from Pg. 3
The introduction of the new ICE service will undoubtedly expand ONE's service offerings and enhance its overall network in the ISC region with transshipment hubs at Colombo and Mundra.
New Service details are as follows.
ICE Mundra – Pipavav – Mangalore –
C o c h i n – C o l o m b o – K a t t u p a l l i –Visakhapatnam – Kattupalli – Colombo –Cochin – Mangalore – Mundra.
Turnaround – 28 days
Effective voyage – MV Mogral v 0087 with ETA Visakhapatnam 23rd Oct 2024
Wan Hai Lines implements Biofuel Usage, making a significant step towards carbon reduction goals
TAIWAN: W a n H a i L i n e s i s committed to environmental protection, has been upgrading vessel equipment in recent years to minimize the impact on the environment In response to the 2030 and 2050 emission reduction targets set by the International Maritime Organization (IMO), Wan Hai Lines
today announced the official adoption of biofuel in the global fleet, marking a significant milestone in journey toward carbon reduction goal.
T h e WA N H A I 5 1 0 ( a l s o k n o w n a s “Tai Chun”), a 4,333 TEU container ship, is the first vessel to adopt biofuel in Wan Hai Lines, which is currently operating on the CI6 route across the Far East and India. In collaboration with fuel supplier KPI OceanConnect, the vessel successfully replenished with B24 biofuel at Singapore, certified by the International Sustainability & Carbon Certification (ISCC). This fuel is a blend of Used Cooking Oil Methyl Ester biodiesel (UCOME) and Very Low Sulphur Fuel Oil (VLSFO), and is expected to reduce carbon emissions by 20% compared to traditional VLSFO
friendly solutions and further achieve the goal of ESG energy-saving and carbon reduction by using lowcarbon fuels across our fleet.”
Wan Hai Lines stated, “The adoption of biofuel is a crucial step in our journey towards carbon reduction. We have a responsibility to seek more environmentally
The use of biofuel represents Wan Hai Lines’ proactive efforts to reduce carbon emissions and underscores the company’s firm commitment to environmental protection and sustainable development. In the future, Wan Hai will continue to drive energy efficiency and carbon reduction initiatives, expanding positive impact on the environment to protect the environment for both current and future generations, achieving truly sustainable development.
NEW DELHI : 51, Okhla Industrial Estate, Phase - III, 1st Floor, New Delhi-110020 Tel.: 011-61657900 (Hunting), Fax: 011-66459698 / NDI Fax : 011-66459699, E-mail: ndibiz@evergreen-shipping.co.in
India and UAE to setup food corridor, likely to attract $2-billion investments : Piyush Goyal
MUMBAI: India and the United Arab Emirates will establish a food corridor, which is likely to attract i n v e s t m e n t s o f $ 2 b i l l i o n , Commerce and Industry Minister Shri Piyush Goyal said on October 7, at a press conference after the 12th meeting of India UAE High Level Task Force on Investment in Mumbai
“Food processing facilities in India to enable the availability of high
quality products, using Indian farmers to be sold in the UAE. We are looking at progressing on that faster,” said Goyal.
The Minister noted that the p r o g r a m m e
t o t h e programme over the next two or two and a half years. The plan is cater to markets beyond UAE as well.
T
approximately USD 2 billion dollars is
the initial commitment that UAE has made to invest in the food processing industry and the food park logistics that can be required to move the material to the UAE.
“We have set up a small working group of Central Government and state governments involved and the U A E
establishment of a food corridor between the two countries on a mission mode basis,” he stated.
Israel-Iran crisis threatens to impact India and the world
NEW DELHI: The growing conflicts between Israel and Iran have raised the spectre of an all-out military crisis that threatens to further push a volatile West Asia into deeper problem, with grave economic and geopolitical fallouts for the rest of the world too. This also has significant ramifications for the Indian economy due to the impact on global oil prices, trade and regional stability
India’s External Affairs Minister Dr. S. Jaishankar has emphasised on the need to avoid civilian casualties and New Delhi’s willingness to engage in the matter through discussions and diplomacy. “Don’t underestimate the importance of communication in difficult times If there are things to be said and passed on and back, I think those are all contributions that we can make, and we do,” Jaishankar recently said during an interaction tank in Washington
As US sanctions impacted oil shipments from Iran, India’s trade with the country shrank to $2.5 billion in FY24 compared with $26.5 billion a decade ago.
With Israel, however, India’s exports grew 21 percent, while imports shrank 15 percent during this period. However, the nature of trade has changed slightly. Despite shrinking imports, India’s arms and ammunition imports have risen 100X, from around $1 million in FY13 to $104 million in FY24 Similarly, its aircraft, spacecraft, and parts imports have jumped from $31.8 million to $193 million in FY24. This is being seen as a rare offer from India to mediate in a conflict, especially in West Asia. It underlines t h e s t r a t e g i c a n d e c o n o m i c i m p o r t a n c e o f t h e r e g i o n f o r New Delhi, which is bracing for
various potential impacts should the situation worsen.
Iran’s missile retaliation on Israel on October 1 sent crude oil prices surging on various international indices and causing anxiety for India, which imports about 85 per cent of its crude requirements, mostly from West Asia. Brent crude prices crossed the $75 a barrel mark India’s purchases are linked to the Brent scale and any spike has a significant impact on the country’s purchases.
The rise in crude oil prices has already crossed the average prices of Indian purchases from sub-$73 a barrel to $75 and a few cents in a single day The Reserve Bank of India (RBI) had projected crude oil prices for the country’s basket at $85 per barrel in FY25. The basket witnessed average crude oil prices above $85 a barrel in the first four months of the year
The drop in oil prices in the last two months was used towards calming down average prices in order to reduce pressure on public expenditures The worry for India, both the government and the stock markets, is the price fallout of any disruption in Iran’s oil supply lines or damage to its oil assets.
According to a Morgan Stanley report, a $10 per barrel increase can impact consumer prices by 0.2 to 1.4 percentage points across Asian economies. India is in the middle, with consumer price index (CPI) rising up to 0 5 percentage points for each $10 per barrel increase in oil prices. The surge in prices directly impacts India’s import bill, worsening the trade deficit and putting pressure on the rupee. A weaker rupee will make i m p o r t s c o s t l i e r, a d d i n g t o inflationary pressures.
The good news is that India is maintaining decent forex reserves of $ 6 9 2 . 8 b i l l i o n ( w e e k e n d i n g September 20). The RBI, from time to time, intervenes in the market through liquidity management, including through the selling of d o l l a r s , t o p r e v e n t a s t e e p depreciation in the rupee Unlike other major economies like the US and China, India isn’t trade-surplus. Forex is earned because of the influx of the hot money invested by foreign i n s t i t u t i o n s T h e U S Fe d e r a l Reserve’s recent rate cuts and China’s continuing rally in response to domestic stimulus are already pushing foreign funds to square off their India position. So, trouble on the import bill will add to the woes.
Trade lines
The barrage of Iranian missiles on Israel was heard the loudest in the boardrooms of shipping companies. India’s economic health depends extensively on the safety of trade routes passing through the Gulf of Oman, Strait of Hormuz, Persian Gulf and a safe shipping passage in the Red Sea to be able to cross the Suez Canal and enter the European markets.
The prospect of an Israel-Iran war puts these trade lines at risk. Prolonged turbulence and continuing US sanctions on Iran have already delayed the critical India-Iran Chabahar Port project that seeks to connect Central Asian markets. Any escalation in conflict will also delay another ambitious trade route project, the India-Middle EastE u r o p e C o r r i d o r ( I M E E C ) . The corridor had received a thumbsup from all stakeholders on the sidelines of the G-20 Summit in New Delhi last year
NOTICE TO CONSIGNEES
m.v.“FICUS”
The captioned vessel is arriving at MUMBAI Port on 10.10.2024 with import cargo from CHINA
Consignee expecting import cargoes on the captioned vessel are requested to present the ORIGINAL BILLS OF LADING duly discharged and obtain delivery orders. In the event of Mumbai Port Trust directing the shifting of the cargo from quay to a storage area within the docks, the same will be undertaken by the vessel agents at the consignees risks and costs.
"Stamp duty" is payable as per the directive of the Superintendent of stamps.
Consignees will please note that the carrier and/or their agents are not bound to send individual notification regarding the arrival of the vessel or their cargo.
Consignees are requested to arrange for clearance of the cargo at the earliest on presentation of the PACKING LIST to our attending surveyors, as it is noticed that the cargo is arriving without proper Marks & Numbers and the same is also not indicated in the Bills of Lading for which the Vessel/Owners/Agents will not be held responsible for consequences arising thereof.
In view of the customs notification in respect to the amendments to the manifest, the consignees are requested to contact the vessel agents office atleast 2 working days prior vessels arrival to verify and confirm that the declarations in the manifest to be filed are in conformity with the bills of lading issued and in possession of the consignees.
In the event of the consignees fail to present their documents for verification and confirm the correctness of the manifest prior filing of the same, the onus of any amendment that will be required after the filing of the manifest with the customs will be on the consignee/receivers who will be responsible for all risk, costs and consequences that may arise. Consignees requiring a steamer survey to be conducted for goods discharged may contact the agents office for the same.
AsAgents AsAgents
J.M. BAXI MARINE SERVICES PRIVATE LIMITED
Ready Money Mansion Bldg., 2nd Floor, 43 Veer Nariman Road, Near Fountain, Next to Akbarallys, Mumbai 400001 Tel : 61388177, 61388142, 61388140 / 98704 55206 / 98704 55209 Fax : 91-22-22040382
The above vessel is arriving on 09-10-2024 at NSIGT (NHAVA SHEVA) with import cargo from ANTALYA, ASHDOD, BALTIMORE, BARCELONA, CIVITAVECCHIA, CONSTANTA, DAMMAM, GEMLIK, HAIFA, JUBAIL, MESAIEED, POTI, SINES, THESSALONIKI, VALEN.
Please note the item Nos. against the B/L Nos. for NSIGT (NHAVA SHEVA) delivery
91 1060630395
43 MEDUMD634892
44 GNL21S032611
101 MEDUVB874083
127 MEDUVB894487
129 MEDUVB902579
96 MEDUVB907453
23 MEDUAS828237
19 MEDUAS829391
24 MEDUAS829912
130 MEDUAT324244
34 TPBME242245
100 MEDUD8685841
42 MEDUD8690155
118 MEDUDM862485
4 MEDUDM878549
75 MEDUDM880289
83 MEDUDM881105
84 MEDUDM881907
80
77 MEDUDM882087
8 MEDUDM882145
9 MEDUDM882301
76 MEDUDM882673
68 MEDUDM882905
116 MEDUDM883473 55 H240900188
58 MEDUDM885635 64 MEDUDM885973
Consignees are requested to kindly note that the above item nos. are for the B/L Nos. arrived for NHAVA SHEVA delivery. Consignees are requested to collect Delivery Order for all imports delivered at NHAVA SHEVA from our Import Documentation Dept. at Andheri-Kurla Road, Andheri-East MSC House - 400059on presentation of duly discharged Original Bill of Lading and payment of relevant charges.
The container detention charges will be applicable after standard free days from the discharge of containers meant for delivery at NHAVA SHEVA .
The containers meant for movement by road to inland destinations will be dispatched upon receipt of required documents from consignees/receivers and the consignees will be liable for payment of port storage charges in case of delay in submission of these documents. Our Surveyors are M/s. Zircon Marine Services Private Limited. and usual survey conditions will apply. Consignees are also requested to note that the carriers and their agents are not bound to send individual notification regarding the arrival of the vessel or the cargo.
In case of any query,kindly contact Import Customer Service - ; prasad.pfol@gmail.com
Get IGM No. / ITEM No. /CFS details on our 24 hrs computerized helpline No. (IVRS No.) 8169256872
You can also visit our website: msc.com/ind/help-centre/tools/import-general-manifest-information
Invoices and Delivery order request must only be done in ODEX portal uploading all supporting documents.
NHAVA SHEVA
Paradip Port breaks new ground in cargo handling
PARADIP : The Paradip Port, Odisha’s lone major port, has broken new ground in cargo handling by handling an impressive 75.17 million metric tonnes (MMT) of cargo in the cur rent fiscal, achieving this milestone 12 days ahead of the previous fiscal’s timeline.
“This accomplishment is a testament to the hard work and commitment of Team PPA, who have continuously strived to enhance per for mance and operational efficiency”, said Mr. L. Haranadh,
Chairman, Paradip Port Authority (PPA).
This achievement not only highlights port’s growing role as a critical hub in country’s maritime sector but also reinforces its reputation as the country’s No.1 Major Port.
The port has consistently focused on enhancing its infrastructure, s
embracing technological innovations to better serve its stakeholders. Surpassing the cargo handling mark
well ahead of schedule signifies its increasing capability to handle a diverse range of cargo, boosting both trade and economic growth, he added.
The early accomplishment of this c a r g o m i l e s t o n e s e t s a n e w benchmark for the port, reflecting its strategic importance in the region as also the key role in facilitating international trade. By continuing to push boundaries, Paradip Port is on track to break further records and set new milestones in the maritime industry, he concluded.
India-Bangladesh trade through Benapole to remain suspended for 5 days
DHAKA: Bangladesh and India trade through the Benapole land port will remain suspended for five days from October 9 due to Durga Puja, the largest religious festival of Hindus. Despite the suspension of import-
export activities, the movement of p
countries will remain uninterrupted, said Rashedul Sajib Nazir, Deputy Director of Benapole Port said. He said they received a formal
letterfromIndiaregardingtheclosure. According to the notice, import and export activities will be halted
S
n d a y Normal trade activities will resume on Monday, October 14.
At 4.7 mt, India’s steel imports up 41% in H1, exports decline 36% to 2.3 mt
NEW DELHI: India was a net importer of steel for the first half of FY25, with import of the metal standing at 4.7 million tonnes (mt) –up 41 per cent y-o-y – while exports dipped to 2.3 mt, down 36 per cent. Import was more than double that of exports at 2 4 mt, per an internal report of the Union Steel Ministry.
The country was a net exporter of steel by 0.3 mt in the year-ago period (6MFY24) with imports being at 3.3 mt and exports at 3.6 mt.
“There is pressure of imports, specially from China and Korea still. But on a sequential or month-onmonth basis, the rate of growth of imports is manageable. It is in low single digit numbers. On the positive side, there has been substantial improvement in exports sequentially Some price firm up in China is being seen, which if it plays out in the longrun is a positive,” a Ministry official pointed out.
In September, finished steel
imports were at around 1 mt, up 78 per cent y-o-y; but staying at August level (flattish at 1 mt) Exports for the month stood at 0 4 mt, up 16 per cent over the previous month (0.34 mt); but down by 8 per cent over the same month last year (September 2023 exportsat0 43mt)
Finished steel includes hot rolled coils, cold rolled coils, coated steel, non-alloyed offerings, alloy steels and stainless steel.
Market participants say prices of Chinese HRC (SS400) have improved post the stimulus announcement and ahead of the Golden Week holidays.
The assessed prices of Chinese HRC (SS400) stood at $ 510/t FOB Rizhao, and $540/t CFR India as on October 2.
P rices from China (freight exclusions) stood at $ 410 per tonne, averaging out for July – September period.
According to a data, Chinese steel prices were at Rs. 42,800 per tonne (exclusive of freight) while metal
coming in from ASEAN FTA nations were priced at Rs 41500 per tonne. In comparison, domestic steel was higher priced at Rs. 47,700 per tonne. Freight inclusive, price of Chinese steel was Rs. 51,100 per tonne, while metal offerings coming in from ASEAN FTAs (freight inclusive) were Rs. 47,300 a tonne.
As per the Ministry report, nonalloyed steel (which include HRC, CRC and others) – used mostly in day automobiles, electrical and capital goods, etc – witnessed an over 55 per cent y-o-y increase for the first six months of the fiscal to 3.5 mt; while in September there was a 95 per cent y-o-y increase to 0.7 mt, but declined sequentially by 3 per cent.
On the other hand, alloy and stainless-steel imports were at 1.2 mt, up by 13 per cent y-o-y for the first half of the fiscal. In September, category imports stood at 0.3 mt, up 44 per cent y-o-y and also up by 20 per cent sequentially (vs August).
Indian Institute of Foreign Trade to open its rst overseas campus in Dubai
NEW DELHI: The iconic India Pavilion at the Expo City in Dubai will host the first overseas campus of Indian Institute of Foreign Trade (IIFT). An MoU to this effect was signed on 03 October 2024 by Professor Rakesh Mohan Joshi, Vice C h a n c e l l o r o f I I F T a n d H e r Excellency Reem Al Hashimy, UAE Minister of State for International
Cooperation and CEO of Expo City Dubai Authority IIFT is likely to move into its premises by early 2025 with short and medium-term training p r o g r a m m e s , r e s e a r c h a n d eventually with lauch of its flagship programme, MBA (International Business).
IIFT, regarded as an academic centre of excellence in international
business research, training and education, will establish its first campus outside of India at the former Expo 2020 India Pavilion The campus will be a boon for the 3 5 million-strong Indian community residing in the UAE It will also open doorways for the overseas expansion and recognition of the IIFT brand
(V-0FFCQE1)(Sailed)
12/10 CMA CGM Lome (V-0QCIFW1) CMA CGM CMA CGM
CB-1 Navios Verde (V-2438W)
17/10 RC Ocean (V-46W)
10/10 Source Blessing (V-2439W)
11/10 Spil Citra (V-0UW36W1)
09/10 Yokohama Star (V-2432)
16/10 Hongkong Bridge (V-2433)
15/10 Artam (V-1335W) HDASCO Armita India Gulf
10/10 AS Susanna (V-012W) Unifeeder/One Unifeeder/One India Gulf
14/10 Maersk Cairo (V-442S) Maersk Line Maersk India Africa
14/10 RDO Favour (V - 02436S) Emirates / KMTC Emirates Shipping / KMTC India Gulf
07/11 Zhong Gu Kun Ming (V-02448S) RCL RCL Agency
11/10 Shen Li Ji (V-SEN0724W)) Akkon Oasis Shipping Europe/Med.
12/10 Seattle Bridge (V-092E) Unifeeder/KMTC Unifeeder/KMTC(I) Far East &
19/10 Celsius Naples (V-905E) Hapag/Evergreen ISS Shipping/Evergreen Shpg. Colombo
24/10 ESL Dachan Bay (V-24005E) ONE/TS Lines ONE (I)/TS Lines(I)
12/10 W Kyrenia(V-440W) Maersk Line Maersk India Mediterranean 13/10 15/10 Wan Hai 316 (V-210E) Wan Hai/Unifeeder Wan Hai Lines (I)/Unifeeder Jebel Ali
22/10 Torrance (V-29E) Emirates/Gold Star Emirates Shpg./Star Ship.
10/10 Maersk Karun (V-441W) Maersk Maersk India Africa
09/10 MSC Roberta V (V-JU440R) MSC MSC Agency
30/10 MSC Mara (V-QS441R) MSC MSC Agency
10/10 Northern Guard (V-E926) Sinokor/Heung A Sinokor India Far
13/10 Wan Hai 510 (V-E182) Interasia Line Interasia Shpg.
Unifeeder/Wan
Port of Antwerp-Bruges: A Future-Ready Hub for Chemical Industry and Energy Transition
ANTWERP: Port of Antwerp-Bruges has reinforced its position as a key hub for Europe’s chemical industry through significant recent investments, of A P Moller Holding (Vioneo) and Indaver (P2C), aimed at maintaining its competitive edge in the context of global market shifts and the energy transition. Ahead of this year's European Petrochemical Association (EPCA) meeting, Port of Antwerp-Bruges highlights its critical role, emphasizing investments in sustainable innovations.
Recent developments further strengthen this position, including the investment by A.P Moller Holding in Vioneo, a large-scale fossil-free plastics production plant, and the Plastics-to-Chemicals (P2C) project by Indaver. These initiatives align with Port of Antwerp-Bruges' focus on sustainability, as Vioneo will boost fossil-free production capacity, while the P2C project converts captured CO₂ into valuable chemicals, driving both innovation and environmental responsibility.
Jacques Vandermeiren, CEO of Port of AntwerpBruges: “The Vioneo investment confirms that our chemical cluster is still among the world’s best, and is a great example of transition to a sustainable way of growing. We are pleased that, with A.P . Moller Holding, a European company is making such a major investment in our port. This project shows once again how the combination of maritime transport, logistics and industry make Port of Antwerp-Bruges a unique place to invest.”
Key role in Europe’s chemical supply chain
As one of Europe’s largest integrated ports, Port of Antwerp-Bruges is essential to the European chemical industry, with strong trade ties, particularly with Germany Approximately 40% of the port's throughput involves German trade, reflecting its strategic importance to the region's industrial supply chain. Global corporations such as BASF, Covestro, and ExxonMobil utilize Port of Antwerp-Bruges’ infrastructure for both production and logistics, benefiting from the port’s efficient multimodal transport connections and service offerings. Strategic investments to secure long-ter m competitiveness
In response to evolving industry demands, private companies at the Antwerp platform have invested over 10 billion in recent years to upgrade and expand its industrial capabilities. Key projects include the construction of a new ethane cracker for Ineos to significantly increase ethylene production capacity—vital to the chemical sector and one of the most efficient and environmentally friendly plants of its kind. Additionally, Port of Antwerp-Bruges is developing one of Europe’s largest platforms for green hydrogen import and distribution, a critical resource for reducing industrial emissions And Borealis is advancing the construction of a propane dehydrogenation (PDH) plant to
bolster propylene production, supporting the plastics manufacturing industry
Leading the energy transition
Port of Antwerp-Bruges is actively supporting the chemical industry’s transition to more sustainable operations through various initiatives, including electrification of port infrastructure, CO₂ capture and storage, and hydrogen import facilities. The Antwerp@C project, which will capture and store up to 10 million tons of CO₂ annually, is central to reducing emissions in energyintensive sectors. Furthermore, the port is integrating digitalization and automation into its operations, optimizing resource efficiency and reducing CO₂ output, which is crucial for maintaining industrial competitiveness while meeting sustainability targets.
Enhanced logistics and infrastructure for chemicals
Port of Antwerp-Bruges continues to provide advanced logistics solutions tailored to the specific needs of the chemical industry, including specialized storage for hazardous and temperature-sensitive materials
The port offers comprehensive packaging and handling services for a wide range of chemical products and raw materials. Its multimodal transport network—featuring rail, inland shipping, and road ensures reliable and environmentally sustainable connections to key markets, particularly Germany.
Commitment to industry growth and sustainability
Port of Antwerp-Bruges’ participation in EPCA 2024 underscores its ongoing commitment to supporting the chemical sector In the face of rising energy prices and increasing global competition, Port of Antwerp-Bruges remains focused on expanding its infrastructure and providing sustainable logistics solutions to support the industry’s decarbonization and digitalization efforts.
Despite current market challenges, Port of AntwerpBruges is optimistic about the future, recognizing the need for a balanced approach that addresses both environmental and economic priorities The Antwerp Declaration, a declaration adopted last year by close to 1300 companies calling upon policy makers to complement the sustainability agenda with an industrial agenda, demonstrates that it is not only possible but essential to align the ambitions of a sustainable future with the reality of a strong industrial economy
Through continued investment in infrastructure and sustainability, Port of Antwerp-Bruges is well-positioned to support the future growth of Europe’s chemical industry and play a key role in driving the energy transition.
In summary, the Port of Antwerp-Bruges is not merely a logistics hub but a strategic partner for the chemical industry, facilitating innovation, growth, and sustainability across Europe.
OOCL’s Transpacic revenues double in Q3
H O N G KO N G : A t h i r d quarter operational update from OOCL’s parent Orient Overseas International (OOIL) showed that the line’s revenues for the quarter ended 30 September were up 73.7% on the same period in 2023 at $3.06 billion. Average revenue per teu was up 67.6% in Q3 2024 compared to the same quarter in 2023.
Overall, for the first nine months of 2024 OOCL reported revenues of $5.91 billion up 23.4% compared to the same period in 2023 and average revenue per teu was up 20.3% year-on-year
This year has seen container spot rates jump to their highest levels since the pandemic due to Cape of Good Hope
diversions to avoid Houthi attacks in the Red Sea soaking up excess capacity, combining with an early peak season as shippers sought to avoid disruption. Spot rates have started to come off sharply in Q3.
The run-up in spot rates coincided with the annual contract renewals on the Transpacific trade. In Q3 2024 OOCL reported revenues from the Transpacific trade were up 99.4% compared to Q3 2024 at $1.25 billion. For the first nine months of the year OOCL’s revenues on the Transpacific were $2.91 billion up 51% in the same period in 2023.
Looking at Q3 the company said total liftings increased by 3 6% and the loadable capacity decreased by 1 6% The overall load factor was 4.2% higher than the same period in 2023.
