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Zim the outlier as top carriers slash reliance on chartered tonnage

The world's largest container shipping lines are becoming less-reliant on chartered vessels - most of the top 10 carriers reducing their exposure significantly since the Covid-era freight boom. New analysis by Alphaliner shows the proportion of chartered capacity in the fleets of most major carriers has fallen since 2021-22, as record profits enabled the lines to invest heavily in newbuildings and second-hand tonnage. While a decade ago the operated fleets of the top 10 typically comprised 40%-70% chartered capacity, Alphaliner noted that the figure was now 18%-50%. Among the top five, chartered tonnage accounts for just 30% to 40% of deployed capacity. South Korea's HMM has made the biggest reduction. Its chartered fleet accounted for 56% of capacity in 2016, but is now less than 20%. Following the collapse of Hanjin, the South Korean government supported HMM's expansion as the flagship carrier, which included the acquisition of 59 newbuildings to date. CMA CGM recorded the second-largest decline, its chartered capacity falling from 67% of its fleet in 2016 to about 34% today. Much of the reduction came after the pandemic, when strong profits enabled the French carrier to invest heavily in owned tonnage, acquiring 160 second-hand containerships and delivery of 100 newbuildings. The carrier nevertheless remains a major user of non-operating owner (NOO) tonnage and continues to play an active role in the charter market. MSC has reduced its chartered share from 61% in 2016 to 36% today. Compared with the roughly 75% of its fleet on charter during Covid, the Geneva-based carrier has effectively halved its charter exposure over the past five years. It shifted decisively towards vessel ownership from late 2020, ordering 252 newbuildings and purchasing around 500 second-hand vessels. Its chartering activity subsequently collapsed, with only about 40 fixtures concluded this year, three to four times fewer than previously. Evergreen has cut its chartered share from 42% in 2016 to 28% today, following an investment programme that included 125 newbuildings ordered since 2021. Yang Ming's chartered exposure has fallen from 63% in 2016 to 50%. But Alphaliner flagged that the reductions had been less pronounced at Maersk, ONE, Cosco, and Hapag-Lloyd. About 38% of Maersk's operated fleet is now chartered, just seven percentage points below 2016 levels. The Danish carrier remains a major NOO customer and has concluded at least 130 fixtures this year. ONE and Cosco have both reduced their chartered share by 12%-13%, to approximately 53% and 40%, respectively. Hapag-Lloyd's ratio has fallen 15% over the past decade, to about 39%. Zim, however, remains the clear outlier, retaining an asset-light, charter-heavy model. Chartered vessels have represented between 85% and 98% of its deployed capacity over the past decade, while its 23-vessel orderbook is entirely chartered tonnage. That could change if Hapag-Lloyd's proposed acquisition goes ahead. Alphaliner also cautioned that the distinction between owned and chartered tonnage was becoming less clear. Long-term bareboat charters can include purchase options or obligations, meaning some vessels classified as chartered may effectively represent "delayed ownership". As a result, the actual proportion of capacity controlled through ownership may be higher than the headline figures suggest.

Hacis targets Vietnam cargo with road feeder route to HKIA

Hong Kong International Airport (HKIA) is looking to capture more Vietnamese export traffic through a new road-air corridor that takes cargo from Hanoi through mainland China before connecting with flights from Hong Kong. But while Hacis, the value-added logistics arm of Hong Kong Air Cargo Terminals (Hactl), has completed the first trial movement, a regular scheduled service has yet to be launched, and will depend on customer demand. The pilot shipment was coffee beans on a customs-bonded truck from Hanoi through the Wuzhou Comprehensive Bonded Zone in China's Guangxi region, before continuing to HKIA. Hacis told The Loadstar that Wuzhou acted as the transit and transfer point for the cargo, where it was transferred to a truck equipped with a Single E-lock for the remainder of the journey through mainland China into Hong Kong. The Single E-lock scheme allows customs authorities in mainland China and Hong Kong to monitor cargo using the same electronic lock and reference one another's inspection results, reducing the risk of duplicate inspections at the Hong Kong boundary. However, it does not cover the entire journey from Vietnam. Standard customs procedures still apply when the cargo enters China from Vietnam, with the Single E-lock arrangement beginning at Wuzhou. Hacis said the journey from the Vietnam-China border to HKIA took approximately 30.5 hours, although was not the complete transit time from Hanoi, including the initial road leg, border clearance, and transfer at Wuzhou. The company said the service was intended to provide an alternative where shippers did not want to rely solely on direct air connections from Vietnam, while giving them access to HKIA's extensive international flight network. Following the pilot, Hacis is working with logistics partners and customers to develop regular services, "based on market demand". Details of schedules, frequency, and expected cargo volumes have not yet been confirmed. Nor did it disclose an indicative price or quantify the claimed savings compared with flying cargo directly from Vietnam. However, it did add that it was "actively exploring opportunities to further expand the network in line with market demand and operational feasibility". The operation is being developed with Vietnamese logistics company U&I Logistics and is intended to carry freight in both directions. This would allow Vietnamese exports to travel by road to HKIA for onward flights, while imports could move through the airport and mainland China into Vietnam. Target traffic includes electronics, industrial products, garments, and agricultural commodities, as well as high-value and time-sensitive shipments. Ringo Chan, executive director of Hacis, said the Vietnam trial marked the first expansion of its SuperLink China Direct road-feeder model beyond mainland China. "By linking Vietnam with Hong Kong's extensive global air cargo network, the new service provides customers with more routing options and greater flexibility, while generating additional cargo flows through Hong Kong and creating new opportunities for the logistics industry," he added. Hacis said it was also exploring the potential to extend the road-air network into other Asian markets, although no further countries or trials have yet been identified.

Bangkokmax charter rates jump 18% as vessel shortage bites

Charter rates for Bangkokmax (1,600-1,900 teu) ships have increased 18% over the past year to nearly $32,000 per day, as the lack of newbuilding orders since 2023 has seen only three new ships delivered so far in 2026. Coupled with growing intra-Asia trade, demand for such ships is rising, causing resale prices to appreciate. Recent fixtures show CMA CGM last week chartered Eastern Mediterranean's 2006-built 1,740 teu Elbella for $34,000 per day, for 11 to 13 months. In comparison, although over a longer charter period, the previous week, OOCL took Seatrade's 2024-built 1,781 teu Seatrade Peru for $25,000 per day for 23 to 25 months, while Maersk Line fixed Eastern Mediterranean's 2014-built 1,714 teu San Lorenzo for $25,000 per day for two years. Resale prices range from $35m to $45m, depending on age and country of build. Recently, Safeen Feeders acquired 2009-built 1,732 teu Hansa Rotenburg from German owner Leonhardt & Blumberg for an undisclosed price. Notably, South Korea's flagship carrier HMM bought two 1,956 teu newbuilding resales, HMM Milestone and HMM Harmony, from Chinese owner Baozhou Shipping as it rebuilds its intra-Asia shipping network. Container shipping consultancy Linerlytica said: "The shortage is expected to persist through the first half of 2027, with just 12 new ships scheduled for delivery for the rest of 2026." In response to the growing demand, both operators and non-operating owners have been ordering Bangkokmax vessels. Linerlytica said in its report today that the Bangkokmax orderbook now stands at 252 vessels. Last week saw Hong Kong-based Moon Keung Shipping & Transportation commissioning eight 1,900 teu ships at Jiangsu Yangzi Hongyuan Shipbuilding (part of Yangzijiang Shipbuilding), for delivery between 2028 and 2029. This is the first newbuilding order for Moon Keung, which had been purchasing pre-owned vessels and chartering the ships to Shanghai Jin Jiang Shipping. Recent orders from shipping lines include four 1,900 teu ships contracted by Regional Container Lines at CSSC Huangpu Wenchong Shipbuilding and four 1,700 teu vessels commissioned by Sea Consortium (corporate entity of X-Press Feeders) at Taizhou Sanfu Ship Engineering, for delivery in 2029.