Several major container lines such as Mediterranean Shipping Company, OOCL, United Arab Shipping Co and Zim, have announced increases in rates on Asia-Europe and Asia-Mediterranean routes from July 1.
The ports of JNPT and Pipavav have been dropped in favour of Mundra by the China-Pakistan-India (CPX) service, jointly operated by Yang Ming and Orient Overseas Container Line (OOCL), according to shipping industry sources.
In other words, the CPX service, which deploys five vessels of the capacity ranging from 3,700 to 4,300 TEUs, will, henceforth, call at Mundra and discontinue calls at the JNPT and Pipavav ports.
Yang Ming, as the sources point out, has decided to have slots in the Central China-India (CCI) service, operated jointly by OOCL, Regional Container Lines, X-Press Feeders and Hamburg Sud.
The revised port rotation of CPX will be Shanghai-Ningbo-Shenzhen-Shekou-Singapore-Karachi-Mundra- Penang-Singapore-Hong Kong-Shanghai.
Yang Ming, as the sources point out, has stopped taking slots in China-South East Asia-Nhava Sheva (NCS/NCX) service operated by OOCL, Mitsui-OSK Line and Samudera Shipping.
Meanwhile, several major container lines such as Mediterranean Shipping Company, OOCL, United Arab Shipping Company and Zim have announced increases in rates on Asia-Europe and Asia-Mediterranean routes from July 1 and the extent of increase will be around $500-550/TEU. China Shipping Container Line and Cosco, both of China, too propose to hike their rates on the routes, though later in July and the increases could be between $457 and $530/TEU, it is learnt.
The decision to hike rates is being taken at a time when the market rates on the routes continue to be soft.
Last week, the Asia-Europe rate slid 1.9 per cent to $1634 /TEU and Asia-Mediterranean rate 1.6 per cent to $1,783/TEU, the sources add.