Asia Pacific

CMA CGM outsources new trans-Pacific service to Atlas Air 

Ocean shipping giant CMA CGM’s startup cargo airline has hired U.S.-based Atlas Air to provide crews for the launch this year of a trans-Pacific route with new Boeing 777 freighters that were not previously disclosed. And it doubled its order for next-generation Airbus A350 freighters later this decade in its effort to develop a global network.

The airline, which was established in 2021, announced on Tuesday that it will take possession of two factory-built Boeing 777-200 cargo jets this year...

https://www.freightwaves.com/news/cma-cgm-outsources-new-trans-pacific-service-to-atlas-air

Taiwanese startup Starlux Airlines orders 5 A350 freighters from Airbus

Taiwan-based Starlux Airlines, which has only existed for four years and operates 21 passenger jets, on Tuesday inked a deal to buy five next-generation A350 cargo jets from Airbus.

The announcement, which was made by the companies during the Singapore Airshow, is noteworthy because Starlux is so new and currently doesn’t operate cargo jets, and because Airbus is on a winning streak against rival Boeing’s future freighter, the 777-8.

Starlux Airlines will become the first Taiwanese airline to...

https://www.freightwaves.com/news/taiwanese-startup-starlux-airlines-orders-5-a350-freighters-from-airbus

Global trade receding? Tell that to shipbuilders

For all the discourse about globalized trade being past its peak, maritime volume data at the start of 2024 sure looks strong. And if reports from shipbuilding companies are any indication, the sector should continue its growth into the end of the 2020s and beyond.

According to an article published last week by Yicai Global — an English-language news service under the umbrella of China’s state-owned Shanghai Media Group — production schedules at most of the country’s shipyards are booked through...

https://www.freightwaves.com/news/global-trade-receding-tell-that-to-shipbuilders

Shipping and geopolitical risk: Don’t forget about Korean Peninsula

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COVID steered shipping markets in 2000-2022. Geopolitics has steered markets ever since — and future...

https://www.freightwaves.com/news/shipping-and-geopolitical-risk-dont-forget-about-korean-peninsula

Container spot rates rocket even higher as Red Sea crisis drags on

chart of container rates

It’s now crystal clear that container ships will not return to the Red Sea anytime soon. Lengthy detours around the Cape of Good Hope have already pushed spot container rates far above pre-COVID levels, and rates continue to climb.

Yet another commercial ship was hit by Houthi rebels on Wednesday, the bulk carrier Genco Picardy, owned by New York-based Genco Shipping & Trading (NYSE: GNK). This was followed by another barrage of coalition airstrikes in Yemen, then more Houthi attacks on shipping...

https://www.freightwaves.com/news/container-spot-rates-rocket-even-higher-as-red-sea-crisis-drags-on

Container lines had rough Q4 before Red Sea-driven rate rebound

a chart of OOCL revenue per container

Container shipping stocks are back in vogue among retail traders, courtesy of Houthi rebel attacks in the Red Sea that suddenly changed the balance of transport supply versus cargo demand.

The share price of ocean carrier Zim (NYSE: ZIM) is bouncing around like a pinball as traders place bets on how the geopolitical chaos will play out.

But Red Sea disruptions won’t have a major effect on carrier financials until the first quarter of 2024 — and results for Q4 2023 will hit the market over the...

https://www.freightwaves.com/news/container-lines-had-rough-q4-before-red-sea-driven-rate-rebound

America’s energy boom: Crude exports soar to record high

a chart of US crude exports

As diplomats convene at the United Nations’ COP 28 climate change summit, fossil fuel production and consumption are hitting new highs, and tanker owners are in prime position to profit from rising trade flows.

The Biden administration is a leading proponent of decarbonization, yet the U.S. is pumping out record volumes of hydrocarbons. America is on track to be the world’s largest producer and exporter of natural gas this year, as well as the leading exporter of refined products and liquefied...

https://www.freightwaves.com/news/americas-energy-boom-crude-exports-soar-to-record-high

UPS to quadruple size of Hong Kong airport express facility

UPS said Monday it will develop a large express cargo hub at Hong Kong International Airport that will improve shipping service and connectivity in the South China and Asia-Pacific regions. 

The Hong Kong airport authority agreed to lease UPS a 215,000-square-foot parcel for the fully automated air hub, which will have better access to freighter aircraft carrying imports, exports and transshipment cargo.

UPS (NYSE: UPS) said the facility, which will be about four times larger than its current...

https://www.freightwaves.com/news/ups-to-quadruple-size-of-hong-kong-airport-express-facility

Yet another shipping ‘chokepoint’ risk as Yemen rebels attack

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The Israel-Hamas war has raised concerns about future fallout for shipping at two “chokepoints”: the...

https://www.freightwaves.com/news/yet-another-shipping-chokepoint-risk-as-yemen-rebels-attack

Panama Canal crisis forces US farm exports to detour through Suez

map showing shift to Suez Canal

As a record-setting drought throttles transits through the Panama Canal, most of the focus has been on higher-capacity ships: the container vessels, liquefied natural gas carriers and liquefied petroleum gas carriers that use the larger Neopanamax locks.

But there’s another shipping segment that’s seeing major fallout: the dry bulk vessels carrying U.S. grain that use the smaller Panamax locks.

Trade patterns have already seen a major shift, with the majority of these dry bulk vessels now opting...

https://www.freightwaves.com/news/panama-canal-crisis-forces-us-farm-exports-to-detour-through-suez

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