Will the Red Sea bypass be lifted? European line container shipping futures plunged, and the stocks of shipping companies fell sharply

2024-06-12 09:32

In the face of the decline of European line container transportation, some netizens commented, "The highest point has appeared," and some netizens said, "The bulls carnival two days ago, this time it is all covered." ”

Affected by the United Nations Security Council's first adoption of a resolution supporting the Gaza ceasefire plan on June 10, the main contracts and futures of the Shanghai European Line Container Shipping Index fell sharply in early trading on June 11. This trend has also led to a corresponding decline in the stock prices of container shipping companies, among which Evergreen, Yang Ming, and Wan Hai fell by 9.4%, 9.89%, and 8.31% respectively, and Yang Ming even closed at the limit price. COSCO Shipping Holdings fell 10%, South Korea's HMM fell 4.94%, and the European stock market, Maersk and Germany's Hapag-Lloyd, also fell more than 4%.

In the trading on June 11, the European line container shipping futures opened high and went low, and experienced a significant dive in the intraday. In particular, the main contract of European line container shipping (EC2408) fell by more than 9% during the day, and the long-month contract EC2410, 2412, 2502 and 2504 also hit the fall limit. However, in the end, the decline has converged, and the quotations of the main contract and other futures contracts have fallen between 3.48%~10.39%.
The United Nations Security Council passed a resolution on the afternoon of June 10 local time, calling for an "immediate, comprehensive and complete" ceasefire in the Gaza Strip to end the eight-month Palestinian-Israeli conflict. Hamas issued a statement welcoming the UN Security Council's vote to adopt the Gaza-related resolution.

The three-phase ceasefire plan for Gaza, initiated by the United States, includes the first phase of a hostage exchange and a short-term ceasefire, the second phase includes a permanent end to hostilities and the full withdrawal of Israeli forces from Gaza, and the third phase is a plan to rebuild Gaza.
The Red Sea crisis triggered by the Palestinian-Israeli conflict in the past eight months has caused a large number of ships to choose to make detours, thus absorbing some of the capacity, leading to a dramatic reversal in the maritime market, from excess capacity to rising freight rates. At the end of April, Europe and the United States began to replenish inventory, coupled with the Red Sea crisis to extend the transportation time, prompting shippers to ship in advance, exacerbating the pressure of tight ships, lack of containers, and port congestion, so far the freight rates of almost all routes have risen wildly.

According to Reuters, Hamas responded with a welcome and stated that it was ready to work with the mediators. However, despite this positive response, neither Israel nor Hamas has yet to formally accept the resolution.

With the arrival of the peak season in advance, not only the comprehensive rate surcharge (GRI) will be charged in June, but the shipping companies have also announced that they will start the peak season surcharge (PSS) in advance before July.

In addition, the use time of containers caused by the global congestion port has been extended, the problem of "hard to find" has intensified, and the container turnover rate has reached the limit.

The senior management of the international container shipping company pointed out that the container will be pulled away if the empty container yard cannot be returned at all, and the shortage of containers will be more obvious in the coming weeks and months, and the empty container cannot be found even if it is added to the money.

According to the analysis of shipping industry insiders, the reason for the shortage of containers is that in addition to the fact that ships must go around the Cape of Good Hope and extend the period of container use, ports in the Mediterranean region cannot accommodate so many ship docking needs in a short period of time, and major port terminals are facing serious congestion problems, resulting in container delays.

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