Carriers add extra loaders to seize transpac cargo left behi
CONTAINER shipping lines operating on transpacific trade lanes have been scrambling to add "extra loader" vessels to scoop up the Asian cargo abandoned by Hanjin Shipping since it filed for bankruptcy.
So far 2M Alliance partners Maersk Line and Mediterranean Shipping Co, and CMA CGM have added extra capacity to take advantage of the supply gap in the market and use Hanjin's exit as an opportunity to raise rates.
One NVOCC said CMA CGM had added a sailing with September 22 to 27 loadings at Shanghai, Ningbo and Shenzhen-Yantian to Long Beach.
The NVO said 2M plans to start sailings from Shenzhen-Yantian, Shanghai and Busan next week, and is likely to offer at least three other voyages. Port-to-port rates for the extra loaders were listed at US$2,100 per FEU.
Hanjin transported 419,418 TEU on the Asia-to-US west coast route in the first seven months of the year, accounting for a 7.54 per cent share of the market, according to PIERS. In the Asia-Mediterranean trade, Hanjin had a nine per cent share, with an estimated 150,000 TEU of capacity per annum.
Hanjin's bankruptcy announcement on September 2 drove up Asia-Europe spot rates by 37 per cent, to US$949 per TEU, according to the Shanghai Shipping Exchange. It marked the third time this year that the spot rate had surpassed $900.
Given that most cargo moves are under annual contracts in the transpacific, Hanjin's collapse is also boosting carriers' efforts to make September and October general rate increases stick.
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