Ocean3 pulls loop as peak season dawns, OOCL cancels sailing
Time：2015-06-25
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This withdrawal of 12,000 TEU weekly represents 20 per cent of the Ocean3`s capacity and four per cent of total route capacity, according to Alphaliner.
Soon after this new, Hong Kong`s Orient Overseas Container Line (OOCL) announced the cancellation of Asia orth Europe Loop 4 MOL Quartz (QRZ) 009 W / E on Week 26 / Week 31 (ETA Ningbo on June 26 on WB and ETA Le Havre on July 29 on EB) "in response low demand in June."
With spot rates on the Shanghai Containerised Freight Index falling to below cost of carriage, and a market dogged by oversupply of shipping, what has been characterised as a rate war can also be viewed as carriers seeking to preserve market share in the face of rapacious shippers.
Ocean3 capacity withdrawal is unprecedented as it occurred at the start of the summer peak season from late June to early September on the Asia-Europe trade, said Alphaliner.
Alphaliner also said the capacity removal may also be insufficient to ensure the success of the July 1 general rate increases, if others fail to match Ocean3 cuts with cuts of their own.