⚓ Your Weekly Maritime News - 06
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Today's Wisdom from the Waves; 🌊
“🌊 The sea, once it casts its spell, holds one in its net of wonder forever." - Jacques Cousteau
🚢 Navigating Knowledge: Container Shipping Quiz Time! 🚢
*Last Week’s Answer: Lower CO2 emissions
1- How Containerization Shaped the Modern World
2- China Surpasses Greece as World's Largest Fleet Owner
China has overtaken Greece in global fleet ownership, marking the end of Greece's 10-year dominance.
Chinese-owned fleet expansion fueled by investments in bulkers and container ships, propelling them to the top.
China's fleet stands at 249.2 million GT, narrowly surpassing Greece's fleet of 249 million GT.
The rise is attributed to a robust cargo base, a strong shipbuilding industry, and active participation in the finance sector.
Shift reflects larger trend of Asian ownership surpassing European ownership since 2019, with future changes anticipated due to trade and decarbonization dynamics.
3- India's Economic Rise by 2075: Goldman Sachs Predicts
India could become the second-largest economy by 2075, surpassing the US.
Economic growth slowing globally due to weakening population growth.
Emerging economies are expected to catch up to richer nations.
India's population of 1.4 billion and GDP is projected to expand significantly.
Challenges include boosting labor force participation and skills development.
4 - Three primary pathways to produce low- and zero-carbon shipping fuels
According to MMM Center for Zero-Carbon Shipping;
Using renewable energy & zero-emissions chemical components to make zero-carbon fuels.
Using conventional fuels with carbon capture & measures to reduce other climate-warming emissions.
Using different fuel compounds that have lower associated emissions than conventional fuel options.
5- The Evolution of Top 20 Container Ports Since 1975
The rise of Asia can be clearly seen as time has gone by.
6 - Breaking Trade Ties: U.S. and China's Dramatic Split
U.S. and China's economic clash sparks a major decline in trade.
China's stake in U.S. imports down to a two-decade low of 13.3% from 21.6%.
U.S. diversifies imports to Mexico, Europe, Asia amidst tariffs & tech rivalry.
Mexico emerges as a new trade force, challenging China with a U.S.-Canada deal.
Electronics, machinery, apparel, and furniture sectors shift from China in supply chain overhaul.
7- Blanked Sailings: The New Normal in Shipping
Blank sailings now routine in Asia-Europe trade.
Initially used for low demand, now due to new tonnage and ship availability.
10.8% of regular China-Europe sailings voided in June and July.
Helps manage capacity and stabilize freight rates.
Responds to port congestion, new tonnage, and demand shifts.
8- CStar Line: New Container Shipping Entrant
Dubai-based CStar Line debuts with 18 vessels.
Focus on Russia, linking key gateways to China, Turkey, and India.
Emerged to fill void after main line carriers halted Russia services post-Ukraine invasion.
Operates as carrier with chartered vessels, under Zsolt Katona's leadership.
Engages in co-loading agreements with Heung A, Namsung, and Pan Ocean.
9- Container Shipping's Peak Season: Rise or Fall?
According to Ian Lewis from Tradewinds:
Container shipping sees signs of peak season as loadings rise for over 10 weeks compared to last year.
Hapag-Lloyd's CEO Rolf Habben Jansen suggests potential peak season, questions its duration, and highlights increased fullness of ships.
Sharp jump in spot rates observed on key east-west trades due to general rate increases (GRIs).
Rate increases attributed to demand rebounds and stricter capacity reductions by carriers.
Uncertainty prevails regarding peak season's end, despite rise in spot rates above contracted rates on key export corridors.
10- Vietnamese Logistics Firms Set Sail in Liner Trade Expansion
Transimex and Tan Cang Logistics, major inland container logistics companies in Vietnam, are expanding into liner shipping.
Transimex acquired the 1,060-teu A Aso and named it Transimex Sun, marking their entry into ocean-going container ships.
Tan Cang Logistics purchased the 907-teu A Xinxia for $8 million, likely planning a similar domestic service.
Both companies are established players in terminal operations, warehousing, and freight forwarding.
This expansion signifies a strategic shift from inland to ocean-based container logistics.
Additional Notes - Container Trade Trends
Global container trade dropped 4% YoY in 1H-23, with Q2-23 showing a milder decline of 2% YoY.
Positive improvements on trade lanes like Asia-S.America (volumes up 24% YoY) and Asia-Europe (up 10% YoY in Q2-23).
Fleet deliveries surged with a record 301k TEU in June 2023 and strong July.
142 containerships (1.4 million TEU capacity) contracted for newbuilds in 2023, 84% being alternative fuel capable.
Containership orderbook for August 2023: 54% set to be alternative fuel capable.
