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PostHeaderIcon THE CKYHE alliance, combining Cosco, "K" Line, Yang Ming, Hanjin and Evergreen, is scrapping one weekly Asia-Europe string

CKYHE members lines said the measure would "optimise efficiency and enhance service quality", and would take effect from the end of this month, reported IHS Media.

Following service shuffle, the CKYHE Alliance will provide five Asia-North Europe services (NE2, NE3, NE5/CEM, NE6, NE7) and four Asia-Mediterranean services (MD1, MD2, HPM/MD3, FEM), adjusting port coverage across Asia, North Europe, and the east and west Mediterranean.

As part of the service restructuring, the China-Europe Shuttle (CES) service will be shelved, decommissioning ten 8,500-TEU vessels. The CES service used to call at Felixstowe, Hamburg, Rotterdam, Le Havre, Colombo, Taipei, Ningbo, Shanghai, Shenzhen-Shekou and Colombo.

As a result, 6,000 TEU per week will be removed from the route, but it will be partially compensated by the phasing in of new buildings on another Asia-Europe loop.

Evergreen will provide tonnage on the NE7 service to compensate for the CES closure, contributing five newbuildings of 14,354 TEU, chartered from Costamare, to run alongside five of Yang Ming's 14,080-TEUers. The Evergreen newbuildings will replace five of Cosco's 13,092-TEU vessels on this loop.

On the flip side, the leading CKYHE ocean liners have added new capacity to their Mediterranean trades, said Alphaliner.

The revised CKYHE strings are as follows: the NE2 operated by ten 14,000-TEU vessels, calling at Hong Kong, Nansha, Kaohsiung, Shenzhen-Yantian, Ho Chi Minh, Singapore, Rotterdam, Felixstowe, Hamburg, Antwerp, Piraeus, Singapore and back to Hong Kong.

The NE3 (eleven 13,000-TEU vessels)rotate through Xingang, Dalian, Qingdao, Shanghai, Ningbo, Singapore, Felixstowe, Rotterdam, Hamburg, Antwerp, Shanghai and Xingang.

NE5/CEM (ten 14,000-TEU ships) rotates through Kaohsiung, Shanghai, Ningbo, Taipei, Shenzhen-Yantian, Tanjung Pelepas, Rotterdam, Felixstowe, Hamburg, Rotterdam, Colombo, Tanjung Pelepas and back to Kaohsiung.

NE6 (nine 13,000-TEU vessels): Busan, Shanghai, Shenzhen-Yantian, Singapore, Algeciras, Hamburg, Rotterdam, Algeciras, Singapore, Shenzhen-Yantian and back to Busan.

NE7 (ten 14,000-TEU ships) rotates through Xiamen, Ningbo, Shanghai, Shekou, Colombo, Piraeus, Felixstowe, Hamburg, Rotterdam, Antwerp, Piraeus, Xiamen.

The MD1 pendulum service (fifteen 10,000-TEU) vessels to call at the ports of Qingdao, Shanghai, Ningbo, Hong Kong, Nansha, Shenzhen-Yantian, Singapore, Port Said (west), Ashdod, Piraeus, Genoa, Piraeus, Port Said (west), Port Kelang, Singapore, Ho Chi Minh, Hong Kong, Shenzhen-Yantian, Long Beach, Seattle and back to Qingdao.

The MD2 with ten 8,500/14,000 TEUers rotate through Xiamen, Ningbo, Shanghai, Kaohsiung, Shenzhen-Yantian, Singapore, Piraeus, Genoa, Barcelona, Marseilles-Fos, Piraeus, Colombo, Singapore, Hong Kong and back to Xiamen.

HPM/MD3 pendulum service (15 x 10,000-TEU box ships) rotates through Busan, Kwanyang, Ningbo, Shanghai, Shenzhen-Yantian, Singapore, Jeddah, Port Said (West), Malta, La Spezia, Valencia, Barcelona, Genoa, Malta, Jeddah, Singapore, Shenzhen-Yantian, Shanghai, Kwanyang, Busan, Long Beach, Oakland, Seattle and back to Busan.

And the FEM with eight 5,500/7,500 TEUers on a port rotation of Qingdao, Shanghai, Ningbo, Taipei, Shenzhen-Yantian, Shenzhen-Shekou, Singapore, Tanjung Pelepas, Ashdod, Alexandra, Piraeus, Jeddah, Tanjung Pelepas, Shekou, Kaohsiung and back to Qingdao.

 

PostHeaderIcon Hyundai and Korean Development Bank speed plan to restore HMM's health

HYUNDAI Merchant Marine (HMM), South Korea's second-biggest shipping company, and No 15 worldwide, plans to write down its capital by 86 per cent after losses mounted from excess capacity, and weak global demand led to a plunge in shipping rates.

HMM will reduce its capital to KRW173.2 billion (US$143 million) from KRW1.2 trillion as of April 21 to help improve its balance sheet, the company said in a regulatory filing, reports Bloomberg News.

Trading of Hyundai Merchant shares will be halted from April 20 to May 4, and will resume May 6, the company said in a statement to the stock exchange in Seoul.

These are elements an accelerating recovery programme to meet the exigencies of HMM's liquidity crisis which include the sales of Hyundai Securities, its bulk business augmented by personal donations.

"All our plans for HMM's recovery are on the right track and likely to be completed within March if there are no conflicting variables," said a Hyundai Group statement.

Korean Development Bank chairman and CEO Lee Dong-geol told a press conference that the bank concurs with HMM's restructuring plan.

Moreover, he told the press on February 18 that the bank will fully support HMM once satisfactory ship charter termination terms are secured from foreign shipowners.

Charter cut negotiations began February 22 with a goal to complete talks by mid-March at which time a creditors' meeting will be held.

So far, revenues from sales total KRW540 billion (US$449.6 million) including liability of KRW420 billion. On February 18, HMM made a public posting saying that Hyundai Group chairwoman Hyun Jeong-eun will donate KRW30 billion of her personal funds through a third-party allotment.

Competition for the same of Hyundai Group's three financial affiliates including Hyundai Securities, is intensifying in comparison to last year's M&A attempt, fuelling the high expectations around the HMM plan, said the company.

It is rare to find such large financial companies in the M&A market, and the management rights can be obtained by acquiring only 22.56 per cent of the stakes.

Korea Investment Holdings and KB Financial Group have already submitted a letter of intent and are now conducting due diligence.

"Additionally, major local securities, financial groups and foreign strategic investors are reportedly joining hands with Korean PEFs [private equity funds] to take part in the M&A race," said the company statement.

 

PostHeaderIcon CMA, UASC, HJ, CSCL halt China-Red Sea REX3/ARC2, CMA CGM, UASC, Hanjin and CSCL.

TWO Chinese, Malaysian and Red Sea loops will come to an end this week, CMA CGM, UASC, Hanjin and CSCL, according to Blue Water Reporting.
The last voyage of the REX3/ARC2 was on February 24 with the sailing of the 4,545-TEU Hanjin Mundra from Ningbo, according to all of the vessel operators' most recent online service schedule.
The rotation is Ningbo, Xiamen, Shenzhen-Yantian, Shenzhen-Shekou, Port Kelang, Djibouti, Jeddah, Port Sudan, Djibouti, Port Kelang and back to Ningbo.
According to ocean carrier schedule and capacity database BlueWater Reporting, the REX3/ARC2 operates with seven vessels with an average vessel capacity of 5,040 TEU. Yang Ming and CMA CGM's subsidiary lines ANL and Delmas purchase slot purchasers.
Although the REX3/ARC2 is ending, transits between Asia and Port Sudan in both directions are provided by Maersk Line's Horn of Africa service, according to BlueWater Reporting.
Transits from Asia to Djibouti are provided by the Ocean3 Alliance's MEX while transits between Asia and Djibouti in both directions are offered by Maersk Line's Horn of Africa, and PIL and APL's RSS/REX.
The Horn of Africa and the RSS/REX, in addition to several other services, also offer transits between Asia and Jeddah.

 

PostHeaderIcon UASC's sixth 'greenest' 18,800-TEUer makes maiden call at Jeddah

DESCRIBED by UASC owners as the "world's greenest ultra-large container vessel, the 18,800-TEU Al Nefud made her maiden call at Sea Gateway Terminal (RSGT) at Jeddah.

The vessel is the sixth ship of this size that the United Arab Shipping Company has taken into its fleet.

"The arrival of Al Nefud at Jeddah Islamic Port is yet another significant milestone in the port's track-record of achievements and an indicator of the increasing importance of the port and KSA [Kingdom of Saudi Arabia] in the shipping industry," said UASC chairman Nabeel Al-Amudi, also president of the Saudi Ports Authority.

The Al Nefud, and her sister ships the Barzan, Al Muraykh, Al Zubara, Al Dahna and the Tihama, are considered the world's greenest due to their environmental technology.

Said UASC chief operating officer Waleed Al Dawood: "UASC is very proud of its strong ties with KSA. KSA has been one of UASC's key shareholding nations and the kingdom provided significant support since its establishment in 1976."

 

PostHeaderIcon UASC resumes shipping services to Iran after lifting of Western sanctions

UASC resumes shipping services to Iran after lifting of Western sanctions

THE United Arab Shipping Company is resuming services to Iran following the lifting of Western sanctions that have removed international oil export prohibitions as well as restrictions on banking, insurance and shipping.

UASC, which suspended all Iran business in April 2013, said it would initially service Iran using smaller feeder ships via third parties that shipped containers to Iran from the United Arab Emirates.

It aimed to resume direct calls as soon as possible. UASC said prior to cutting ties, the Iranian market represented two to three per cent of the group's overall business.

Kuwait-headquartered UASC told Reuters it had "started accepting shipments to and from Iran."

"It is important to note that a number of sanctions are still in place, therefore, the ability to accept cargo to/from Iran will continue to be based on UASC's strict internal compliance check, which is in line with the international laws and applicable sanctions," it said in a statement.

With US sanctions still in place, which exclude US individuals, banks and insurers from trading with Iran, shipping and marine insurance sources say many foreign companies are likely to tread carefully.

UASC, founded in 1976 and with corporate offices in Dubai, is owned by the governments of the UAE, Bahrain, Saudi Arabia, Kuwait, Qatar and Iraq. As the two biggest shareholders, Qatar holds a 51 per cent and Saudi Arabia has 35 per cent.

Saudi Arabia cut relations with Shi'ite Iran earlier this month. The crisis erupted when Saudi Arabia executed a Shi'ite cleric on January 2 and Iranian protesters retaliated by storming and setting fire to the Saudi embassy in Tehran. In solidarity with Riyadh, Kuwait and Qatar pulled out their ambassadors from Tehran, and the UAE downgraded its ties.

A source close to UASC said it was business as usual despite the tensions. "Whatever makes sense commercially and whatever benefits customers are a priority. That is how UASC looks at this matter," the source was quoted as saying. "Qatar and Saudi being the largest shareholders in UASC clearly do not impact its commercial activities."

 
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