SeaNews Turkey - Cutting capacity: UASC, Hanjin, HMM and Yang Ming cancel Asia-Med loops

Friday, 24.May.2013, 02:59 (GMT+3)

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Cutting capacity: UASC, Hanjin, HMM and Yang Ming cancel Asia-Med loops

Cutting capacity: UASC, Hanjin, HMM and Yang Ming cancel Asia-Med loops

UNITED Arab Shipping Company (UASC), Hanjin, Hyundai Merchant Marine and Yang Ming have announced they will withdraw their weekly service between Asia and the eastern Mediterranean with last sailing from Busan on December 17.
Saturday, 10.Dec.2011, 01:31 (GMT+3)

UNITED Arab Shipping Company (UASC), Hanjin, Hyundai Merchant Marine and Yang Ming have announced they will withdraw their weekly service between Asia and the eastern Mediterranean with last sailing from Busan on December 17.

No reason was given, but London's International Freighting Weekly speculated that sluggish cargo demand to Europe and declining westbound freight rates were likely causes.

Deploying eight vessels with an average of 4,350 TEU, the service calls at Busan, Shanghai, Ningbo, Shenzhen-Yantian, Singapore, Port Said, Trieste, Venice, Koper, Port Said, Singapore, Hong Kong and back to Busan.

The service was launched in May 2010 and will be replaced by transhipment services, reported IFW, adding that it is the second service to be suspended this year after CSAV's withdrawal from the western Mediterranean route in July.

Despite the changes, Asia-Med freight rates have continued to fall. The SCFI spot rates for Shanghai-Mediterranean trade have dropped to US$691 per TEU on December 2, falling 27 per cent from the $953 per TEU level recorded on June 24.

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