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As $100 an oil barrel looms, carriers slash transpacific coverage

As $100 an oil barrel looms, carriers slash transpacific coverage

Singapore: Citing dramatically higher bunker costs the New World Alliance (NWA) announced today significant cuts on its transpacific trade, slashing up to a fifth of services. The carriers - APL, MOL and HMM - said that under current operating conditions they had made 'the prudent business decision to withdraw more capacity and earlier than in previous years.'
In addition to an immediate winter reduction of around 10%, the NWA will from early December also withdraw a further 5 to 10% of its joint capacity in the Transpacific. The withdrawal may also run longer than in past years, according to the NWA.  [13/11/07]

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