CMA CGM UNVEILS NEW-LOOK BOXSHIP
From yards in Asia, new look containerships are emerging from drydocks as the sector ushers in a greener era, spending billions of dollars on a next generation of vessels. An eye-catching new delivery came out of South Korea’s Hyundai Heavy Industries (HHI) this week, the 2,000 teu LNG dual-fuel CMA CGM Mermaid (pictured), the first in a series of 10 sisterships. The unique design, which looks similar to a large platform supply vessel, is a collaboration between France’s CMA CGM, compatriot Chantiers de l’Atlantique and HHI, with the owner claiming it slashes CO2 emissions by up to 20%. The 10 feeder ships will work in the Mediterranean and across northern Europe.
SEALEAD SHIPPING GETS NEW OWNERS
Singapore-based liner operator SeaLead Shipping has been taken over by a group of four investors who have appointed an interim boss, with Henry Schmidl exiting the company. Established in 2017, Sea Lead is ranked 16th by Alphaliner. The company operates a fleet of 32 chartered-in ships on services that link Asia to the Indian Subcontinent, the Middle East, the Mediterranean, and the US West Coast. The company said that with immediate effect it would be owned by Singapore’s Eurasia Capital, Cayman Islands-registered Access Capital Funds and Mauritius-based HCP Investments and Saral Incorp VCC SubFund, who will set up a new board of directors.
THE RED SEA CRISIS THREE MONTHS ON – NO END IN SIGHT
In the three months since the Red Sea disruptions began the situation appears to be heading into a more intense and broadening confrontation with seafarers, on the vessels that still operate in the Red Sea, more at risk now than when the Houthi Movement first announced its aggressive policy. Acknowledging the targeting of ships Xenata chief Analyst
Peter Sand separates the conflict into two parts, “the exchange of fire and the disruption to global supply chains.” In the first instance, the “exchange of fire” has seen no re-establishment of the safe passage through the Red Sea and Suez route, while the shift of trade from Suez to the longer Cape route appears to have been completed, albeit at a higher rate level.
Container leasing rates reach for the skies
Online box leasing and trading company Container xChange reports that leasing rates to the US west coast have soared by more than 220% following the onset of the Red Sea crisis in late November/December. One Container xChange client said: “We anticipate equipment shortages due to the lack of container repositioning in Asia for eastbound goods. Furthermore, disruptions in the Suez, Red Sea passage, and Panama Canal will likely lead to increased demand for routing through the West Coast.”
HMM REMAINS IN THE BLACK FOR Q4 2023
HMM reported a net profit of KRW1.01 trillion for 2023 a 90% drop compared to KRW10.12 trillion in the previous year. The company managed to remain profitable in Q4 2023 with a net profit of KRW301 billion compared to KRW1.44 trillion in the same period in the previous year. The South Korean company remained profitable despite a slowdown in demand and influx in new container tonnage, which it said had led to a normalisation of the market with Shanghai Containerized Freight Index (SCFI) down 71% on average in 2023 compared to 2022.
