Swire Shipping is now the only regional carrier involved in the Transpacific lane after China United Lines (CU Lines) carried out its last China-US West Coast sailing on 19 June.
All other small liner players have exited the Transpacific segment after freight rates collapsed, following a Covid-19-induced boom between 2020 and 2022.
Prior to CULines’ Transpacific departure, in December 2022, US operator Pasha Hawaii Transport Lines terminated charters on boxships that it hired to carry goods for compatriot retailer Costco, two years ahead of time.
Linerlytica’s latest report noted that Swire is still operating its fortnightly Far East-US West Coast service with US NVOCC UWL, using three ships of 2,300 to 2,700 TEU capacity.
Other companies that have retreated include China International Marine Containers, Shanghai Jin Jiang Shipping, BAL Container Line and Transfar Shipping.
Freight rates slumped for the second successive week on 16 June, as carriers continued to slash Transpacific rates.
Linerlytica stated that Transpacific rates have collapsed to new lows, with Asia-US West Coast rates hovering at US$1,100/FEU, below the Shanghai Containerized Freight Index’s average of US$1,207/FEU. Asia-US East Coast rates are now around US$2,000/FEU, while the SCFI shows US$2,103/FEU.
Martina Li
Asia Correspondent
