News Highlights week: 43 - 2023

The Shanghai Containerised Freight Index jumped by more than 10%, its largest weekly hike since last November. The increase was driven by a huge rise in Asia-Europe rates, which rose 32%, or $188 per teu, and AsiaMediterranean rates, which were up 10%. On the transpacific trade, services to the US west coast and eastcoast were up 10% and 7% respectively. The SCFI has now had rises for three weeks in a row, after drifting ordeclining since the end of July. 

The Israeli government has pledged to pay shipowners compensation for any vessels damaged during its war with Hamas in Gaza. The move is designed to encourage shipping companies to keep goods flowing into the country. Israel’s tax authority said in a statement on Thursday that payments would be made for “war damage” sustained by any domestic or overseasships in Israeli waters. 
Ahead of the demise of the 2M Alliance at the end of next year, MSC and Maersk have already ‘decoupled’ their fleets, deploying their vessels on individual service loops. This hasfuelled speculation that the carriers will agree to end their east-west vessel-sharing alliance early. 

THE Alliance unveiled plans to suspend two key east-west services to stem the decline. THE Alliance members Hapag-Lloyd, Ocean Network Express, Yang Ming Marine Transport and HMM are to “temporarily” suspend their EC4 and FE5 services operating from Asia to the US east coast and North Europe. The two services will be suspended “in consideration of the present market”, THE Alliance said.  

Evergreen is to work with Copenhagen Infrastructure Partners on new fuels for its fleet. The Taipei-listed company said decarbonising its 200 vessels is a “major undertaking”, so it is taking a major step toward net-zero emissions by 2050. CIP is the world’s largest fund manager in greenfield renewable energy through its Energy Transition Fund. The companies will now explore the production of fuels based on green hydrogen. The project will include e-fuels like ammonia and methanol and the production of bunkers from electricity generated by offshore wind power capacity based in Taiwan.