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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."

 

PostHeaderIcon UASC sets record load of 18,601-TEU on board 18,800-TEU Al Muraykh

DUBAI's United Arab Shipping Company (UASC) has achieved a record breaking load of 18,601 TEU, 98.9 per cent capacity aboard the 18,800-TEU Al Muraykh, one of the world's three greenest vessels.


UASC sets record load of 18,601-TEU on board 18,800-TEU Al Muraykh

DUBAI's United Arab Shipping Company (UASC) has achieved a record breaking load of 18,601 TEU, 98.9 per cent capacity aboard the 18,800-TEU Al Muraykh, one of the world's three greenest vessels.

The ultra-large container vessel departed Port Klang in Malaysia bound for Felixstowe as part of AEC1 service carrying 18,601 TEU. 

"This unprecedented westbound shipment has decreased the CO2 output per TEU. It is set to be more than 60 per cent lower if the same containers were shipped on board a 13,500-TEU ship," the company said.

The containers on board were loaded by the shipping line and its partners in the Ocean Three alliance, which comprises CMA CGM, CSCL and UASC.

 

PostHeaderIcon Capacity cuts fail to reverse slump in freight rates

THE drastic capacity cuts in the containership industry, which have resulted in the size of the idle global containership fleet hitting a five-year high with one million TEU, has failed to tackle the problem of slumping freight rates.
Capacity cuts fail to reverse slump in freight rates

THE drastic capacity cuts in the containership industry, which have resulted in the size of the idle global containership fleet hitting a five-year high with one million TEU, has failed to tackle the problem of slumping freight rates.

In an effort to restore the balance between supply and demand shipping lines have been removing capacity on most of the main trade routes, with the Asia to Europe trade lane seeing the most drastic cuts.

Of the 21 strings operated by the four main carrier alliances in the Far East to North Europe trade, two have been removed by the 'Ocean 3' and 2M alliances. The G6 and CKYHE have removed nine and five sailings respectively in November and December, the Hellenic Shipping News reported quoting data from Alphaliner.

The drastic capacity cuts, however, have been insufficient to reverse the slump in freight rates. Spot rates from Shanghai to North Europe declined to US$409 per TEU last week according to the SCFI. Furthermore, shipping lines have not managed to retain most of the rate gains from the November 1 general rate increase (GRI), which ranged from $750 to $1,200 per TEU.

Despite cutting the number of weekly sailings by 3.8 strings in the fourth quarter, the capacity reduction on the Far East to North Europe route is only one per cent lower year on year.

The average size of ships deployed on this trade has risen from 12,000 TEU a year ago to 14,000 TEU at present. Last year, only one container line service offered a weekly capacity in excess of 17,000 TEU, now there are four such strings on the Asia to Europe trade lane.

 

PostHeaderIcon CKYHE alliance announces NUE3 (AWS) seasonal suspension due to low demand

PAN-ASIAN CKYHE shipping alliance member lines comprising COSCON, Yang Ming, Hanjin Shipping and Evergreen Line, has decided to suspend their NUE3 (AWS) service connecting Asia to US East Coast (USEC) from December 3, as a response to decreased winter market demand.
CKYHE alliance announces NUE3 (AWS) seasonal suspension due to low demand

PAN-ASIAN CKYHE shipping alliance member lines comprising COSCON, Yang Ming, Hanjin Shipping and Evergreen Line, has decided to suspend their NUE3 (AWS) service connecting Asia to US East Coast (USEC) from December 3, as a response to decreased winter market demand.

An alliance said in a statement that the M/V Nagoya Tower will conduct the final voyage as part of the NUE3 (AWS) service on week 47 from Ningbo, and void sailing is scheduled for week 48.

"Meanwhile other AWE services will continue to provide high service quality to customers. CKYHE alliance will still be providing one of the most comprehensive service coverage's in the market even after this adjustment," the statement added.

Earlier this month the alliance announced that it would cancel a total of 9 voyages on their Asia-North Europe and Mediterranean service loops from November 2015 through December 2015.

CKYHE alliance started the Asia-USEC via Panama service on March 27 from Ningbo. Nine ships averaging 4,380 TEU were deployed in the service with Evergreen contributing to the service with five vessels, Hanjin with two and Cosco and Yang Ming added one each.

The port rotation of the NUE3 included Ningbo, Shanghai, Qingdao, Busan, Colon (Panama), Savannah, Charleston, Colon (Panama), Busan, and Ningbo.

 

PostHeaderIcon Maersk plans to raise Asia-Europe rates 429pc to US$1,000/TEU from November 1

Maersk plans to raise Asia-Europe rates 429pc to US$1,000/TEU from November 1

COPENHAGEN's Maersk Line plans to raise Asia-northern Europe rates US$1,000 per TEU from November 1, the company announced in a notice to trade, said Reuters.

The rate hike is 429 per cent more than current levels. According to the Shanghai Containerised Freight Index, rates from Asia to Europe stood at $233 per TEU - well below the loss-making level.

 
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