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Mærsk prints billions, but doesn't build confidence

It was a strong quarter for all three units. (Stock market reaction: -11.6% in early trade.) So opened the Q3 26 call with analysts by AP Møller-Mærsk (APMM) CEO Vincent Clerc, whose prepared remarks went on, and on, and on, and on for well over 10 minutes. That did feel like a good hour of my life wasted again and that I will never get back. (Rant over.) Really? Swiftly, here's an alternative take that sets Premium apart. One of the worst quarters against expectations in ...

Continued congestion at ports puts pressure on intra-Asia box rates

Congestion at several ports continues to put upward pressure on intra-Asia container freight rates, despite improving conditions at major Chinese gateways and key transhipment hubs. The result is the Drewry Intra-Asia Container Index (IACI) is up by $46, to $1,504 per 40ft. Spot rates from Greater China to North-east, South-east and South Asia were mostly stable during the week, as major ports, including those in China and Singapore, managed to absorb congestion. However, smaller South-east Asian ports continued to struggle with vessel delays and operational constraints, keeping rates elevated on several tradelanes. Rates from Shanghai to Ho Chi Minh City, Jakarta, and Laem Chabang remained high and continued to rise. At the end of October, rates from Jakarta to Shanghai were up 9% from the previous week, to $81 per 40ft. The Shanghai Containerised Freight Index on Friday showed the Shanghai-South-east Asia rate up 2% from 30 October, to $1,164 per teu. Jakarta's primary port, Tanjung Priok, is struggling to cope with vessel bunching, because sudden, unscheduled multi-ship arrivals instantly overwhelm bottlenecked roads and container depots that are already at full capacity. One forwarder at Taiwan's Dimerco told The Loadstar Jakarta's landside logistics had not caught up with improvements in terminal capacity. In August, Indonesia state-owned terminal operator Pelindo preliminarily launched Terminal 2 Petikemas. However, construction of New Priok Eastern Access, a new road to improve access, only started in July, and will take 20 months to finish. The forwarder said: "Slow turnaround makes shipping lines reluctant to absorb the costs of repositioning empty containers. This local equipment shortage drives up the prices for available containers." At Ho Chi Minh City, average vessel waiting times have increased from eight to 22 hours over the past fortnight, reflecting worsening congestion at the Vietnamese port. Rates from Shanghai remained unchanged, at $44 per 40ft. In contrast, improving conditions at the major ports resulted in modest rate reductions on some routes. Rates from Shanghai to Singapore fell 3%, to $1,889 per 40ft, while those to Tanjung Pelepas declined 2%, to $2,053 per 40ft. Adding capacity to the Straits-Indonesia trade, Pacific International Lines (PIL) is scheduled to launch its new JKS service today. The fortnightly service will deploy two vessels of between 1,900 and 2,600 teu, calling at Singapore, Laem Chabang and Jakarta.

Buenos Aires cargo capacity constrained as blueberry season peaks

Exporters are facing reduced cargo capacity at Buenos Aires' Ezeiza International Airport (EZE) as a result of construction work in the middle of the country's busy blueberry peak season. Research from Rotate consulting manager David Bonomo shows that on 26 October, export cargo capacity was down by 65% compared with the average for the rest of the year. The reduction in flights is the result of resurfacing work being carried out at the intersection of EZE's main runway and second runway. The restrictions mean that the airport's main runway length has been shortened from 3,300 m to 1,850 m while the resurfacing work is carried out between 25 October and 11 November. The shorter runway means that freighters aren't able to carry full loads and fuel levels are restricted, as fully loaded widebodies typically need between 2,500 m and 3,000 m for takeoff. Rotate figures for 26 October show that Atlas, Lufthansa, American and Air France-KLM went to zero capacity, accounting for over 80% of lost capacity. Meanwhile, Iberia, LATAM and Air Class kept flying, but with 35-55% less capacity. In contrast, Aerolíneas Argentinas and DHL increased their capacity slightly at the airport. Also, it appears some carriers are loading up at EZE and then flying to Montevideo, possibly to take on fuel before setting off on a long-haul flight. Cargo network Conqueror Freight Network said that during the work air cargo moving to, from or through Argentina should expect schedule changes, capacity constraints and longer transit times. Conqueror member Vaclog said that intercontinental carriers such as Aerolíneas Argentinas, Iberia, LEVEL, Plus Ultra and ITA Airways are expected to use refuelling stops at nearby airports, such as Montevideo or Rio de Janeiro, so they can take off lighter from the shorter runway. Iberia, for instance, has announced a technical stop in Montevideo on Buenos Aires-Madrid departures. Meanwhile, LATAM will keep its regional services but suspend its Santiago-Buenos Aires-Miami route for the period. The network said that a total of 14 airlines have announced temporary suspensions of direct flights to and from Ezeiza: Aeroméxico, Air Canada, Air France, American Airlines, British Airways, China Eastern, Delta Air Lines, Emirates, Ethiopian Airlines, KLM, Lufthansa, SWISS, Turkish Airlines and United Airlines. "Ezeiza will not close, but for 18 days its capacity will be limited, and air cargo will feel it," Conqueror Freight Network said. "Forwarders who check schedules early, build in extra time and keep customers informed will be best placed to avoid last-minute problems. "