<div class="phx-topic abstract-wrapper">1305 (June 5, 1990) Previous day - 1302 The Baltic International Freight Futures Market in L</div>

1305 (June 5, 1990) Previous day - 1302 The Baltic International Freight Futures Market in L

<div>1305 (June 5, 1990) Previous day - 1302The Baltic International Freight Futures Market in London offers owners and charterers in the bulk shipping community a forum for futures trading of a freight rate index. The contracts are based on the Baltic Freight Index, announced daily, of 12 routes listed below.DollarCom- MetricRoutes modity Weight Ton IndexU.S. Gulf-North Continent Grain 20% 11.767 1296U.S. Gulf-Japan Grain 20% 21.417 1499U.S. North Pacific-Japan Grain 15% 11.700 1268U.S. Gulf-Venezuela Grain 5% 15.233 1305Antwerp-Jeddah Grain 5% 20.467 1965Hampton Roads-Richards Bay-JapanCoal 7.5% 14.600 1416Hampton Roads-North Continent Coal 5% 6.575 1136Queensland-Rotterdam Coal 5% 11.725 1036Vancouver-San Diego-Rotterdam Petcoke 5% 12.225...

1305 (June 5, 1990) Previous day - 1302 The Baltic International Freight Futures Market in London offers owners and charterers in the bulk shipping community a forum for futures trading of a freight rate index. The contracts are based on the Baltic Freight Index, announced daily, of 12 routes listed below.Dollar Com- Metric Routes modity Weight Ton Index U.S. Gulf-North Continent Grain 20% 11.767 1296 U.S. Gulf-Japan Grain 20% 21.417 1499 U.S. North Pacific-Japan Grain 15% 11.700 1268 U.S. Gulf-Venezuela Grain 5% 15.233 1305 Antwerp-Jeddah Grain 5% 20.467 1965 Hampton Roads-Richards Bay-Japan Coal 7.5% 14.600 1416 Hampton Roads-North Continent Coal 5% 6.575 1136 Queensland-Rotterdam Coal 5% 11.725 1036 Vancouver-San Diego-Rotterdam Petcoke 5% 12.225 930 Monrovia-Rotterdam Iron Ore 5% 5.925 1317 Casablanca-West Coast India Phosrock 2.5% 32.208 902 Aqaba-West Coast India Phosrock 5% 18.792 1388

Maritime

BALTIC FREIGHT INDEX

<div class="phx-topic abstract-wrapper">The Israel-based carrier said the volume declines were led by its cross-Suez and trans-Atlantic services, which dropped 13% and 10%, respectively, from 2024.</div>

The Israel-based carrier said the volume declines were led by its cross-Suez and trans-Atlantic services, which dropped 13% and 10%, respectively, from 2024.

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<div class="phx-topic">Zim Integrated Shipping Services saw its container volumes in 2025 drop for the first time in two years, but managed to beat Wall Street estimates for its fourth quarter earnings. The Israel-based ocean carrier said Monday it ended 2025 handling total volumes of 3.6 million TEUs, a 2.3% year-on-year drop and its first full-year decline since 2023. The declines were largely led by Zim’s cross-Suez and trans-Atlantic services, which dropped 13% and 10%, respectively, from 2024. Trans-Pacific business, which accounts for 43% of Zim’s volumes, fell 1.6%. The company’s intra-Asia and Latin America business were the standouts in 2025, posting gains of 4% and 2%, respectively. The average freight rate Zim saw during the fourth quarter was $1,333 per FEU, down 29% from a year earlier. Despite the drop, Zim reported fourth-quarter earnings of 32 cents per share, well above the consensus analyst estimate of a 52 cents per share loss, according to S&amp;P Capital IQ, a sister company of the Journal of Commerce. Fourth-quarter revenue of $1.48 billion came in about $50 million below analysts’ estimates. Zim, <a href="https://www.joc.com/article/hapag-lloyd-bolsters-fleet-with-42-billion-deal-to-acquire-zim-6170540">which is being acquired by Hapag-Lloyd</a>, said it would not provide guidance for 2026 nor host a conference call due to the pending acquisition. But Chief Executive Eli Glickman said in the carrier’s earnings statement that Zim expects “continued pressure on freight rates.” During 2025, Zim signed long-term charter agreements for 36 newbuild container ships with capacities between 3,000 TEUs and 12,000 TEUs. The newbuilds will provide a total of 250,000 TEUs in additional capacity, with the first deliveries expected in the second half of 2026. The carrier said it ended 2025 with a total of 115 container ships of 707,000 TEUs in total capacity. It expects 13 of those ships to roll off their charters this year, and another 17 in 2027. Contact Michael Angell at <a href="mailto:michael.angell@spglobal.com">michael.angell@spglobal.com</a>. </div>

Zim Integrated Shipping Services saw its container volumes in 2025 drop for the first time in two years, but managed to beat Wall Street estimates for its fourth quarter earnings. The Israel-based ocean carrier said Monday it ended 2025 handling total volumes of 3.6 million TEUs, a 2.3% year-on-year drop and its first full-year decline since 2023. The declines were largely led by Zim’s cross-Suez and trans-Atlantic services, which dropped 13% and 10%, respectively, from 2024. Trans-Pacific business, which accounts for 43% of Zim’s volumes, fell 1.6%. The company’s intra-Asia and Latin America business were the standouts in 2025, posting gains of 4% and 2%, respectively. The average freight rate Zim saw during the fourth quarter was $1,333 per FEU, down 29% from a year earlier. Despite the drop, Zim reported fourth-quarter earnings of 32 cents per share, well above the consensus analyst estimate of a 52 cents per share loss, according to S&P Capital IQ, a sister company of the Journal of Commerce. Fourth-quarter revenue of $1.48 billion came in about $50 million below analysts’ estimates. Zim, which is being acquired by Hapag-Lloyd , said it would not provide guidance for 2026 nor host a conference call due to the pending acquisition. But Chief Executive Eli Glickman said in the carrier’s earnings statement that Zim expects “continued pressure on freight rates.” During 2025, Zim signed long-term charter agreements for 36 newbuild container ships with capacities between 3,000 TEUs and 12,000 TEUs. The newbuilds will provide a total of 250,000 TEUs in additional capacity, with the first deliveries expected in the second half of 2026. The carrier said it ended 2025 with a total of 115 container ships of 707,000 TEUs in total capacity. It expects 13 of those ships to roll off their charters this year, and another 17 in 2027. Contact Michael Angell at michael.angell@spglobal.com .

Container lines

Container Shipping News

Zim’s fourth-quarter earnings beat estimates despite drop in rates, volume

<div class="phx-topic abstract-wrapper">Hutchison-owned Panama Ports Company had its 28-year concession to manage and operate the Balboa and Cristóbal terminals nullified by Panama’s Supreme Court on Jan 29. </div>

Hutchison-owned Panama Ports Company had its 28-year concession to manage and operate the Balboa and Cristóbal terminals nullified by Panama’s Supreme Court on Jan 29.

<div class="phx-topic">Panama Ports Company is seeking more than $2 billion in damages in its international arbitration claim against Panama after the government canceled its long-held operating concession and seized control of the Balboa and Cristóbal marine terminals last month. PPC, a subsidiary of Hong Kong-headquartered conglomerate CK Hutchison Holdings, said it is also taking legal action to recover property, equipment and documents removed when <a href="https://www.joc.com/article/maersk-msc-units-begin-interim-management-of-panama-canal-terminals-6175167">the government took control of the terminals on Feb. 23</a>. Action is being taken against both the Panamanian government and the Panama Maritime Authority (PMA). The details of the arbitration claim were announced in a PPC statement Friday relayed by Hutchison, which has a 90% stake in PPC. The Panama company had its 28-year concession to manage and operate the Balboa and Cristóbal terminals nullified by Panama’s Supreme Court on Jan 29. <h3>Operations returning to normal </h3>Separately, the PMA confirmed operations at the terminals are returning to normal after Maersk’s APM Terminals and Mediterranean Shipping Co.’s Terminal Investments Limited (TiL) were appointed temporary operators of Balboa and Cristóbal, respectively. Both assignments are due to last 18 months. Minister for Canal Affairs José Ramón Icaza said new operating systems were online and being tested, while Balboa is accepting export cargo, empty containers and rolling stock. Icaza said about 526 former PPC staff out of a total workforce of 1,200 at both terminals had been replaced, over 200 at Balboa and 326 at Cristóbal. The government had also reached new agreements with two out of four labor unions at the ports. Hutchison’s operation of the two ports through PPC had been the focus of a highly charged geopolitical spat between the Trump administration and China for more than a year. That was highlighted again during President Donald Trump’s Shield of Americas summit on Saturday in Miami with 12 Latin American leaders, including Panama President Jose Raul Mulino. Trump said the US would “not allow hostile foreign influence to establish itself in this hemisphere, and that includes the Panama Canal.” Closer commercial relationships with US companies were highlighted in a separate meeting Saturday between Mulino and US Secretary of State Marco Rubio. “US companies will begin to have greater participation in bidding processes in Panama in this new era of relations with the United States,” Rubio said, without specifically mentioning the awarding of new terminal concessions for Balboa and Cristóbal. Contact Keith Wallis at <a href="mailto:keithwallis@hotmail.com">keithwallis@hotmail.com</a>. </div>

Panama Ports Company is seeking more than $2 billion in damages in its international arbitration claim against Panama after the government canceled its long-held operating concession and seized control of the Balboa and Cristóbal marine terminals last month. PPC, a subsidiary of Hong Kong-headquartered conglomerate CK Hutchison Holdings, said it is also taking legal action to recover property, equipment and documents removed when the government took control of the terminals on Feb. 23 . Action is being taken against both the Panamanian government and the Panama Maritime Authority (PMA). The details of the arbitration claim were announced in a PPC statement Friday relayed by Hutchison, which has a 90% stake in PPC. The Panama company had its 28-year concession to manage and operate the Balboa and Cristóbal terminals nullified by Panama’s Supreme Court on Jan 29. Operations returning to normal Separately, the PMA confirmed operations at the terminals are returning to normal after Maersk’s APM Terminals and Mediterranean Shipping Co.’s Terminal Investments Limited (TiL) were appointed temporary operators of Balboa and Cristóbal, respectively. Both assignments are due to last 18 months. Minister for Canal Affairs José Ramón Icaza said new operating systems were online and being tested, while Balboa is accepting export cargo, empty containers and rolling stock. Icaza said about 526 former PPC staff out of a total workforce of 1,200 at both terminals had been replaced, over 200 at Balboa and 326 at Cristóbal. The government had also reached new agreements with two out of four labor unions at the ports. Hutchison’s operation of the two ports through PPC had been the focus of a highly charged geopolitical spat between the Trump administration and China for more than a year. That was highlighted again during President Donald Trump’s Shield of Americas summit on Saturday in Miami with 12 Latin American leaders, including Panama President Jose Raul Mulino. Trump said the US would “not allow hostile foreign influence to establish itself in this hemisphere, and that includes the Panama Canal.” Closer commercial relationships with US companies were highlighted in a separate meeting Saturday between Mulino and US Secretary of State Marco Rubio. “US companies will begin to have greater participation in bidding processes in Panama in this new era of relations with the United States,” Rubio said, without specifically mentioning the awarding of new terminal concessions for Balboa and Cristóbal. Contact Keith Wallis at keithwallis@hotmail.com .

Port News

International ports

Hutchison seeks $2 billion in damages from Panama after terminal deal canceled

<div class="phx-topic abstract-wrapper">The newly delivered 13,000-TEU CMA CGM Osmium was refueled with 3,643 tons of biomethanol over the weekend as part of an alternative fuel partnership with the world’s largest container port.</div>

The newly delivered 13,000-TEU CMA CGM Osmium was refueled with 3,643 tons of biomethanol over the weekend as part of an alternative fuel partnership with the world’s largest container port.

<div class="phx-topic">CMA CGM completed its first-ever biomethanol bunkering operation over the weekend at Shanghai’s Yangshan terminal, setting a record for the largest biomethanol bunkering move at a Chinese port. The newly delivered 13,000-TEU CMA CGM Osmium was refueled with 3,643 tons of biomethanol from supplier Shanghai Electric Group, CMA CGM said in a statement Monday. “The completion of China’s largest single biomethanol bunkering operation with CMA CGM marks a significant leap in Shanghai Port’s biomethanol bunkering capacity,” Luo Wenbin, managing director of SIPG Energy, part of the Shanghai International Port Group (SIPG), said in the statement. The Marseilles-based carrier is preparing to operate around 200 dual-fuel container vessels by 2031, all capable of running on low-carbon energy such as bio- and e-liquified natural gas as well as bio- and e-methanol. Farid Trad, vice president of group energy transition at CMA CGM, said the bunkering of Osmium marked “a defining moment in (the carrier’s) decarbonization journey.” “Together with SIPG Energy, we are demonstrating that cleaner, low-carbon shipping is no longer an aspiration, but a reality,” Trad said in the statement. Shanghai Port is developing its position as a global sustainable energy bunkering hub, and CMA CGM’s long-standing collaboration with partners SIPG Energy and Shanghai Electric Group include a long-term LNG bunkering partnership with SIPG and the framework agreement on long-term biomethanol supply. Biomethanol is a low-carbon fuel produced from renewable or waste-based biomass that can offer lifecycle greenhouse gas emission reductions of more than 65% compared with conventional marine fuels. <div class="wrapper-narrow"><dynamic-object type="jocchartid" resource-id="2251ddd4-2c3e-4c58-a3f0-f1cd0ba3b088"></dynamic-object></div>Despite uncertainties caused by the International Maritime Organization’s decision last October <a href="https://www.joc.com/article/imo-punts-on-pivotal-net-zero-shipping-regulation-6099141">to delay the adoption of its net-zero framework</a> for a year, the container shipping industry has continued to invest heavily in dual-fuel vessels and bunkering infrastructure. Data from Sea-web, a sister company of the Journal of Commerce within S&amp;P Global, shows that 6.44 million TEUs of capacity for LNG dual-fuel ships are currently on order, compared with 1.6 million TEUs of methanol-capable vessels. Industry coalition SEA-LNG estimated in a recent report that investment in LNG dual-fuel vessels and associated fuel supply chains over the past 10 years has amounted to more than $150 billion. A large portion of that is going into the supply side, with fuel availability at scale crucial for the global shipping industry. Contact Greg Knowler at <a href="mailto:greg.knowler@spglobal.com">greg.knowler@spglobal.com</a>. </div>

CMA CGM completed its first-ever biomethanol bunkering operation over the weekend at Shanghai’s Yangshan terminal, setting a record for the largest biomethanol bunkering move at a Chinese port. The newly delivered 13,000-TEU CMA CGM Osmium was refueled with 3,643 tons of biomethanol from supplier Shanghai Electric Group, CMA CGM said in a statement Monday. “The completion of China’s largest single biomethanol bunkering operation with CMA CGM marks a significant leap in Shanghai Port’s biomethanol bunkering capacity,” Luo Wenbin, managing director of SIPG Energy, part of the Shanghai International Port Group (SIPG), said in the statement. The Marseilles-based carrier is preparing to operate around 200 dual-fuel container vessels by 2031, all capable of running on low-carbon energy such as bio- and e-liquified natural gas as well as bio- and e-methanol. Farid Trad, vice president of group energy transition at CMA CGM, said the bunkering of Osmium marked “a defining moment in (the carrier’s) decarbonization journey.” “Together with SIPG Energy, we are demonstrating that cleaner, low-carbon shipping is no longer an aspiration, but a reality,” Trad said in the statement. Shanghai Port is developing its position as a global sustainable energy bunkering hub, and CMA CGM’s long-standing collaboration with partners SIPG Energy and Shanghai Electric Group include a long-term LNG bunkering partnership with SIPG and the framework agreement on long-term biomethanol supply. Biomethanol is a low-carbon fuel produced from renewable or waste-based biomass that can offer lifecycle greenhouse gas emission reductions of more than 65% compared with conventional marine fuels. Despite uncertainties caused by the International Maritime Organization’s decision last October to delay the adoption of its net-zero framework for a year, the container shipping industry has continued to invest heavily in dual-fuel vessels and bunkering infrastructure. Data from Sea-web, a sister company of the Journal of Commerce within S&P Global, shows that 6.44 million TEUs of capacity for LNG dual-fuel ships are currently on order, compared with 1.6 million TEUs of methanol-capable vessels. Industry coalition SEA-LNG estimated in a recent report that investment in LNG dual-fuel vessels and associated fuel supply chains over the past 10 years has amounted to more than $150 billion. A large portion of that is going into the supply side, with fuel availability at scale crucial for the global shipping industry. Contact Greg Knowler at greg.knowler@spglobal.com .

CMA CGM sets Chinese volume record with Shanghai biomethanol bunkering

<div class="phx-topic abstract-wrapper">The carrier said it would rely on the diversification of its activities, network flexibility and financial strength to weather the uncertain outlook this year.</div>

The carrier said it would rely on the diversification of its activities, network flexibility and financial strength to weather the uncertain outlook this year.

<div class="phx-topic">Container shipping is expected to see moderate growth this year, although developments in the Middle East will be a key factor impacting the market and freight rates, CMA CGM said Friday. The carrier, in a statement announcing its fourth-quarter and full-year 2025 results, said it would rely on the diversification of its activities, network flexibility and financial strength to weather the uncertain outlook. “In 2026, in a context of heightened tensions, particularly in the Middle East, our priority is clear: protecting our teams and adapting our operations to ensure our customers continue to receive a reliable and high-quality service,” Rodolphe Saadé, CMA CGM chairman and CEO, said in the statement. “At the same time, we are pursuing our development, continuing to invest in our industrial assets and to strengthen our global network.” While CMA CGM saw container volumes climb in the fourth quarter and for the year, revenues and profitability at the group and shipping division level were hit by the drop in freight rates. The company said group net profit dropped 58% to $2.3 billion last year from $5.7 billion in the prior year. Revenue slipped 2% to $54 billion. Revenue at its shipping division fell 6% to $34.3 billion, while earnings before interest, taxes, depreciation, and amortization (EBITDA) plunged 30% to $7.9 billion last year. The drop in profitability was even more marked in the fourth quarter after EBITDA slumped 48% to $1.5 billion. That came even though CMA CGM said it “outperformed” the wider market with a 5.3% increase in container volumes in the fourth quarter, to 6.3 million TEUs. Volumes rose 3% to 24.2 million TEUs for the full year, though average revenue per TEU fell 9% to $1,414. CMA CGM’s results showed the 2025 financial damage accelerated in the fourth quarter, similar to the <a href="https://www.joc.com/article/gemini-benefits-face-looming-challenge-from-oversupplied-market-maersk-ceo-6164887">full-year earnings of Maersk</a> and the <a href="https://www.joc.com/article/frontloading-drags-one-to-a-loss-in-its-fiscal-third-quarter-6161263">fiscal third-quarter results of Ocean Network Express</a>. Still, Maritime consultant Drewry has upgraded its financial year 2025 profit forecast from $20 billion to $32 billion following “better-than-expected” third-quarter results from carriers and raised the outlook for 2026 from a $10 billion loss to a $1 billion profit. <h3>Air freight, terminals business show strength </h3>CMA CGM’s logistics division, which includes CEVA Logistics, saw revenues largely unchanged on a quarterly basis and over the full year at about $5 billion and $18 billion, respectively. Full year EBITDA was also stable at $1.7 billion, although it fell 11% to $440 million in the fourth quarter, which the carrier said was due to a volatile market and “challenges affecting the automotive sector.” Air cargo and the carrier’s terminals businesses were the star performers last year, helping CMA CGM’s other activities to post a 48% increase in revenue to $4.3 billion last year. On a quarterly basis, revenue rose 39% to $1.3 billion. EBITDA soared 115% to $958 million in the full year and jumped 74% in the fourth quarter to $278 million. The terminals operation expanded with the acquisition of a 51% stake in Santos Brasil last April. CMA CGM said the air freight business was buoyed with the acquisition last year of freighter airline Air Belgium and the addition of a fifth Boeing 777 freighter deployed on trans-Pacific services. Contact Keith Wallis at <a href="mailto:keithwallis@hotmail.com">keithwallis@hotmail.com</a>.</div>

Container shipping is expected to see moderate growth this year, although developments in the Middle East will be a key factor impacting the market and freight rates, CMA CGM said Friday. The carrier, in a statement announcing its fourth-quarter and full-year 2025 results, said it would rely on the diversification of its activities, network flexibility and financial strength to weather the uncertain outlook. “In 2026, in a context of heightened tensions, particularly in the Middle East, our priority is clear: protecting our teams and adapting our operations to ensure our customers continue to receive a reliable and high-quality service,” Rodolphe Saadé, CMA CGM chairman and CEO, said in the statement. “At the same time, we are pursuing our development, continuing to invest in our industrial assets and to strengthen our global network.” While CMA CGM saw container volumes climb in the fourth quarter and for the year, revenues and profitability at the group and shipping division level were hit by the drop in freight rates. The company said group net profit dropped 58% to $2.3 billion last year from $5.7 billion in the prior year. Revenue slipped 2% to $54 billion. Revenue at its shipping division fell 6% to $34.3 billion, while earnings before interest, taxes, depreciation, and amortization (EBITDA) plunged 30% to $7.9 billion last year. The drop in profitability was even more marked in the fourth quarter after EBITDA slumped 48% to $1.5 billion. That came even though CMA CGM said it “outperformed” the wider market with a 5.3% increase in container volumes in the fourth quarter, to 6.3 million TEUs. Volumes rose 3% to 24.2 million TEUs for the full year, though average revenue per TEU fell 9% to $1,414. CMA CGM’s results showed the 2025 financial damage accelerated in the fourth quarter, similar to the full-year earnings of Maersk and the fiscal third-quarter results of Ocean Network Express . Still, Maritime consultant Drewry has upgraded its financial year 2025 profit forecast from $20 billion to $32 billion following “better-than-expected” third-quarter results from carriers and raised the outlook for 2026 from a $10 billion loss to a $1 billion profit. Air freight, terminals business show strength CMA CGM’s logistics division, which includes CEVA Logistics, saw revenues largely unchanged on a quarterly basis and over the full year at about $5 billion and $18 billion, respectively. Full year EBITDA was also stable at $1.7 billion, although it fell 11% to $440 million in the fourth quarter, which the carrier said was due to a volatile market and “challenges affecting the automotive sector.” Air cargo and the carrier’s terminals businesses were the star performers last year, helping CMA CGM’s other activities to post a 48% increase in revenue to $4.3 billion last year. On a quarterly basis, revenue rose 39% to $1.3 billion. EBITDA soared 115% to $958 million in the full year and jumped 74% in the fourth quarter to $278 million. The terminals operation expanded with the acquisition of a 51% stake in Santos Brasil last April. CMA CGM said the air freight business was buoyed with the acquisition last year of freighter airline Air Belgium and the addition of a fifth Boeing 777 freighter deployed on trans-Pacific services. Contact Keith Wallis at keithwallis@hotmail.com .

CMA CGM preps for challenging year after 2025 revenue, profit decline

<div class="phx-topic abstract-wrapper">The service disruptions come as freight tracking platform Vizion said Friday there has been an 81% drop in daily bookings placed by shippers looking to import goods into key Persian Gulf ports.</div>

The service disruptions come as freight tracking platform Vizion said Friday there has been an 81% drop in daily bookings placed by shippers looking to import goods into key Persian Gulf ports.

<div class="phx-topic">Gemini Cooperation is suspending some Middle East services, including those to Europe and Asia as well as regional shuttles, due to the ongoing war in the region. The alliance is also adding a new Asia-Europe loop that would partially replace the suspended east-west services, partners Maersk and Hapag-Lloyd said Friday. Maersk said the suspensions are being made “following our latest risk assessment and operational review and considering the escalating conflict affecting safe navigation in the Gulf region.” “This decision has been taken as a precautionary measure to ensure the safety of our personnel and vessels while minimizing operational disruption across our wider network,” the carrier added in its advisory. The service disruptions come as freight tracking platform Vizion said Friday there has been an 81% drop in daily bookings placed by shippers looking to import goods into key Persian Gulf ports including Jebel Ali, Dammam, Umm Qasr, Sohar, Khalifa, Sharjah, and Al Jubail. Container ports in the Gulf usually book 3.4 million TEUs per year with an estimated cargo value of $140 billion, according to Vizion’s Tradeview platform. The Gemini partners said two mainline services — ME11/IMX linking the Middle East, India and the Mediterranean and FM1/AGX linking Asia and the Middle East — would be halted starting next week. But a new AE19/SE4 service would be launched from March 13 that would replace most of the Asia port calls lost with the suspension of the FM1/AGX. Maersk said the westbound FM1 service being operated by the 10,100-TEU Vung Tau Express would terminate at Tanjung Pelepas in Malaysia on March 9 while the ME11 served by the 15,100-TEU Astrid Maersk would be curtailed at Salalah in Oman on March 13. The carrier said it was still determining the final eastbound FM1 and ME11 voyages and would inform shippers and cargo owners once discharge and contingency plans are confirmed. The ME11/IMX loop normally calls at Jebel Ali and Salalah, along with other ports such as Nheva Shava, Port Said and Valencia, while the FM1/AGX service calls at Jebel Ali in addition to its Asia calls at ports including Pusan, Shanghai, Ningbo, and Tanjung Pelepas. But US and Israeli strikes on Iran and Tehran’s retaliation across the region mean the risk of drone and missile attacks in the Strait of Hormuz has closed the area to shipping, including access to Jebel Ali. As a result, the carriers said they have also dropped Jebel Ali from Gemini’s ME1/IOS service. The revised rotation is now Mundra, Nhava Sheva, Salalah, Port Tangier (TC1), Rotterdam, Wilhelmshaven, Hamburg and London Gateway. <h3>New Gemini service to ease capacity cut </h3>To fill the reduction in cargo capacity caused by the FM1/AGX service suspension, the new Gemini AE19/SE4 loop will call at Jeddah in Saudi Arabia plus its West Med and East Med hubs at Tangier and Damietta (Egypt), respectively. The full rotation, via the Cape of Good Hope, is Xingang, Qingdao, Busan, Ningbo, Shanghai, Tanjung Pelepas, West Med hub, East Med hub, Jeddah, West Med hub, Singapore, and Xingang. The carriers said the first westbound sailing will be by the 13,092-TEU Maersk Elba at Xingang on March 13. The new service “will enable more flexibility and routing options for customers’ supply chain,” Maersk said in an advisory. Three Middle East/Gulf shuttles — OGS, UG2, and UGS — will also stop while Jebel Ali will be omitted from the rotation of the PKS service, which has a revised rotation of Karachi, Bin Qasim, Salalah, and Karachi. Hapag-Lloyd said alternatives are being evaluated following the demise of the shuttles, with details to be confirmed shortly. Meanwhile, Yang Ming said Friday it is declaring “an end of voyage” for cargo currently stranded at transshipment ports. Yang Ming’s other Premier Alliance partners, Ocean Network Express and HMM, have yet to confirm if the measure applies to them. ONE did announce Friday it was imposing an emergency surcharge of $1,200 per 20-foot container and $2,400 per 40-foot box on all imports and exports to and from Persian Gulf countries including Bahrain, Saudi Arabia (Dammam and Jubail), Kuwait, Oman, Qatar, and the United Arab Emirates, that have not been discharged or loaded by March 4. The carrier said the surcharge also applies to all cargo currently in transit, which will be diverted to the next safe port of discharge. At these contingency ports, cargo will be discharged and placed at the disposal of the customer for local pickup and subsequent handling. CMA CGM, meanwhile, has abandoned all alternative Middle East port options it was evaluating to keep shipping schedules running as best as possible. Sohar in Oman and Khor Fakkan in the UAE were part of those interim plans, but the carrier finally found even them unworkable in the current volatile scenario. CMA CGM is the latest carrier to declare a total “end of voyage” for Middle East coverage. Contact Keith Wallis at <a href="mailto:keithwallis@hotmail.com">keithwallis@hotmail.com</a>. Special correspondent Bency Mathew contributed to this report. </div>

Gemini Cooperation is suspending some Middle East services, including those to Europe and Asia as well as regional shuttles, due to the ongoing war in the region. The alliance is also adding a new Asia-Europe loop that would partially replace the suspended east-west services, partners Maersk and Hapag-Lloyd said Friday. Maersk said the suspensions are being made “following our latest risk assessment and operational review and considering the escalating conflict affecting safe navigation in the Gulf region.” “This decision has been taken as a precautionary measure to ensure the safety of our personnel and vessels while minimizing operational disruption across our wider network,” the carrier added in its advisory. The service disruptions come as freight tracking platform Vizion said Friday there has been an 81% drop in daily bookings placed by shippers looking to import goods into key Persian Gulf ports including Jebel Ali, Dammam, Umm Qasr, Sohar, Khalifa, Sharjah, and Al Jubail. Container ports in the Gulf usually book 3.4 million TEUs per year with an estimated cargo value of $140 billion, according to Vizion’s Tradeview platform. The Gemini partners said two mainline services — ME11/IMX linking the Middle East, India and the Mediterranean and FM1/AGX linking Asia and the Middle East — would be halted starting next week. But a new AE19/SE4 service would be launched from March 13 that would replace most of the Asia port calls lost with the suspension of the FM1/AGX. Maersk said the westbound FM1 service being operated by the 10,100-TEU Vung Tau Express would terminate at Tanjung Pelepas in Malaysia on March 9 while the ME11 served by the 15,100-TEU Astrid Maersk would be curtailed at Salalah in Oman on March 13. The carrier said it was still determining the final eastbound FM1 and ME11 voyages and would inform shippers and cargo owners once discharge and contingency plans are confirmed. The ME11/IMX loop normally calls at Jebel Ali and Salalah, along with other ports such as Nheva Shava, Port Said and Valencia, while the FM1/AGX service calls at Jebel Ali in addition to its Asia calls at ports including Pusan, Shanghai, Ningbo, and Tanjung Pelepas. But US and Israeli strikes on Iran and Tehran’s retaliation across the region mean the risk of drone and missile attacks in the Strait of Hormuz has closed the area to shipping, including access to Jebel Ali. As a result, the carriers said they have also dropped Jebel Ali from Gemini’s ME1/IOS service. The revised rotation is now Mundra, Nhava Sheva, Salalah, Port Tangier (TC1), Rotterdam, Wilhelmshaven, Hamburg and London Gateway. New Gemini service to ease capacity cut To fill the reduction in cargo capacity caused by the FM1/AGX service suspension, the new Gemini AE19/SE4 loop will call at Jeddah in Saudi Arabia plus its West Med and East Med hubs at Tangier and Damietta (Egypt), respectively. The full rotation, via the Cape of Good Hope, is Xingang, Qingdao, Busan, Ningbo, Shanghai, Tanjung Pelepas, West Med hub, East Med hub, Jeddah, West Med hub, Singapore, and Xingang. The carriers said the first westbound sailing will be by the 13,092-TEU Maersk Elba at Xingang on March 13. The new service “will enable more flexibility and routing options for customers’ supply chain,” Maersk said in an advisory. Three Middle East/Gulf shuttles — OGS, UG2, and UGS — will also stop while Jebel Ali will be omitted from the rotation of the PKS service, which has a revised rotation of Karachi, Bin Qasim, Salalah, and Karachi. Hapag-Lloyd said alternatives are being evaluated following the demise of the shuttles, with details to be confirmed shortly. Meanwhile, Yang Ming said Friday it is declaring “an end of voyage” for cargo currently stranded at transshipment ports. Yang Ming’s other Premier Alliance partners, Ocean Network Express and HMM, have yet to confirm if the measure applies to them. ONE did announce Friday it was imposing an emergency surcharge of $1,200 per 20-foot container and $2,400 per 40-foot box on all imports and exports to and from Persian Gulf countries including Bahrain, Saudi Arabia (Dammam and Jubail), Kuwait, Oman, Qatar, and the United Arab Emirates, that have not been discharged or loaded by March 4. The carrier said the surcharge also applies to all cargo currently in transit, which will be diverted to the next safe port of discharge. At these contingency ports, cargo will be discharged and placed at the disposal of the customer for local pickup and subsequent handling. CMA CGM, meanwhile, has abandoned all alternative Middle East port options it was evaluating to keep shipping schedules running as best as possible. Sohar in Oman and Khor Fakkan in the UAE were part of those interim plans, but the carrier finally found even them unworkable in the current volatile scenario. CMA CGM is the latest carrier to declare a total “end of voyage” for Middle East coverage. Contact Keith Wallis at keithwallis@hotmail.com . Special correspondent Bency Mathew contributed to this report.

Asia-Europe

Gemini suspends, revamps Middle East services amid growing conflict

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