In Week 11 of 2024’s freight market update, we observe ocean carrier alliance announcements for 2024-2025, and provide updates on the situations in the Suez Canal, Red Sea, Gatun Lake, and Panama Canal.
PANAMA CANAL & RED SEA
Due to the current situation, many ships are impacts by the Cape of Good Hope routing, +10 days to transit times.
THE GATUN LAKE
Low water levels have caused draft restrictions on vessels passing through the Panama Canal. As of March 7, there were 42 vessels in queue for transit. Regular and NeoPanamax vessels are forecasted to experience 2-3 days in wait-time.
OCEAN CARRIER ALLIANCES
OA Shipping Alliance (CMA-CGM, Cosco/OOCL, and Evergreen) announced partnership will extend through 2032.
THEA members (ONE, HMM and Yang Ming) will announce the addition of a new shipping company to the alliance soon.
Gemini Alliance will commence in February 2025, involving HAPAG and Maersk, as the two have the same targets to improve service reliability to above 90% by deploying mother vessels on major hubs only.
Green Worldwide Shipping’s Freight Market Update covers port information, import and export news, vessel wait time and cargo vessels at major ports & more. For continuous updates, make sure to check out our website at greenworldwide.com.
As Green continues to monitor international shipping news, stay up-to-date on supply chain disruptions by following us on Facebook, Instagram, and LinkedIn.
