The firm cites MSC’s Ipanema service, launched in April, as the lead culprit, as well as the upgrade of vessels deployed in Evergreen/Coscon/Zim’s ESA schedule (from an average of 6,212teu to 8,500teu), and the rationalisation of the three services offered by Maersk Line, CMA CGM, Hamburg Sud, CSAV, CSCL and Hanjin, has created surplus capacity as high as 33% between April and July. Spot prices from Shanghai to Santos have diminished by 26%.
“Cargo growth cannot be the main driver behind the changes in services,” Drewry asserts. “…although there was year-on-year growth of 4.7% from Asia to ECSA in 1Q 13, up to 343,000teu, and 12% on the backhaul leg to Asia, up to 132,600teu, the increase was spread over 12 months, whereas the planned 33% growth in vessel capacity will be accomplished within just three months.”
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