Container

It was announced this week that Hapag Lloyd has agreed a deal to buy the Israeli carrier Zim, this will reinforce Hapag Lloyds position as the fifth biggest liner carrier in the world. Although not directly geographically linked, rising tensions in Iran could also delay a Red Sea return for many carriers that may have been contemplating it, but at the same time the longer the carriers navigate around the Cape of Good Hope the longer they keep their tonnage more fully occupied and rates at a premium compared with a Red Sea return that will free up capacity and likely lower rates. FBX01 (China/East Asia – USA West Coast) has decreased by $45 from last Friday, ending the week at $1,833. FBX03 (China/East Asia – USA East Coast) remained range bound, ending the week at $3,028 down $19 week on week. FBX11 (China/East Asia – North Europe) increased by $82 from the end of last week, today at $2,489. FBX13 (China/East Asia – Mediterranean) was positive this week up $89 against last Friday closing the week at $3,794.