News Highlights week: 16 - 2026

Asean Seas Line (ASL) last month split its China – Vietnam – Philippines ‘HHX1 + SVP2’ service into two separate loops. 
The Chinese operator introduced this combined service in February last year, partly through the reinstatement of the ‘HHX1’ and the addition of a South China-Philippines segment, dubbed ‘SVP2’. 
Under the revised configuration, the two services now operate independently, with the ‘HHX1’ covering Central and South China with Northern and Central Vietnam, while the ‘SVP2’ focuses on connecting South China with the Philippines. 

This marks ASL second attempt to split the two loops, following an earlier attempt in August last year that did not materialize. 
The ‘HHX1’ now turns in two weeks with two 1,182 teu sister ships, the CA OSAKA and CA KOBE, calling at Ningbo, Shanghai, Xiamen, Haiphong, Da Nang, Ningbo. The CA OSAKA was the first ship to kick start this service when it sailed from Ningbo on 12 March. 
Meanwhile, the ‘SVP2’ will serve Chiwan, Nansha, Xiamen, Manila (South Harbor), Chiwan using the 1,354 teu HONG YONG LAN TIAN on a weekly basis. 
The ‘HHX1’ service complements ASL’s existing China – Vietnam ‘HHX2’ loop, while the dedicated ‘SVP2’ adds to ASL’s three China – Philippines services, the ‘NPX’, ‘NPX2’ and ‘SVP’.

Regional Asian demand transforms mid-tier carrier profits
Mid-tier carriers operating outside the principal East-West trade routes saw strong earnings development in 2025, significantly outperforming the mainline carriers on a year-on-year basis. Several medium-sized lines posted increases in operating and net income for the year - see table top left - contrasting with the top-10 container carriers which all logged a fall-off compared to 2024. These year-on-year declines ranged from -34% to -88%.
By comparison, smaller lines such as SITC, Samudera, Nantong Ocean Shipping (NBOSCO), Antong Shipping and Zhonggu Logistics posted profit increases, driven by strong demand in China and the intra-Asia region, and further boosted by tight tonnage supply and service expansion.
Hong Kong-listed SITC recorded a net profit of USD 1.2 bn, up 20% y-o-y, after average freight rates rose on its routes across Southeast Asia and India. It expanded its fleet by more than 15% in 2025. Thai-based RCL also grew operations and its freight income rose 5%. After adjusting for special items and currency, it produced a dollar net profit of USD 247.5 M, slightly above 2024.

Most striking however were results for China’s medium-sized carriers: Shanghai listed NBOSCO and Antong Shipping increased net profit by 18% and 78%, while Zhonggu’s results were up 27% at the nine-month stage. The lines benefited from resilient intra-China trade, higher Chinese exports to growth markets, and strong chartering-out activity. Indeed, tight supply for units under 4,000 teu generated good charter returns, and pulled tonnage away from local Asian markets, in turn pushing up freight rates in the region. Overall, 2025 marked a turnaround from previous years when smaller Transpacific specialists such as Matson and SM Line outperformed the regional carriers.

Charter market goes from strength to strength 
The container charter market continues on its bullish course and remains so far unfazed by the war in the Middle East. It is in fact going from strength to strength, with Alphaliner observing charter rate rises in at least three sizes of vessels, against a continued high demand for tonnage. 
Classic Panamaxes (4,000-5,299 teu), as well as units of 1,500-1,900 teu and 1,000-1,250 teu are all witnessing charter rate increases, while the other segments continue to perform very well with continuously robust rates. 
The strength of demand is evidenced by the relative ease with which the vessel relets from various operators, as well as some of the tonnage recently released by container carrier SeaLead have been finding new employment. 
Cargo rates also reflect the continued bonanza, with the SCFI posting a seventh week of rise on Friday, although not all routes are enjoying the same bullish trend.

Having said that, the situation in the Middle East continues to over shadow the market outlook. After the peace talks between the US and Iran in Pakistan broke down over the week-end, stability is unlikely to return to the Middle East any time soon. 
The Strait of Hormuz remains mostly closed, while the US administration has announced a blockade of Iranian ports prohibiting any ship entrance and exit.
More than 100 container vessels remain stuck in the Gulf while numerous services usually calling at ports west of Hormuz remain suspended or diverted, causing huge losses to shipping lines.