Singapore: AP Moller-Maersk has said that it will register 20 new vessels under the Singaporean flag this year. The move would bring the total of Maersk vessels registered with the country to 62 vessels, and comes on the heels of the Danish company's plans to expand its operations in the region.
Morten Engelstoft, Maersk Line ceo for South East Asia, said that the Danish company has noticed strong growth on Asia-Europe routes, which is expected to continue. It expects the Asia-Europe market to grow 15% this year, which would encourage higher rates. It has accordingly announced plans to raise shipping capacity to this market by 13%.
In comparison, he added that transpacific business was flagging and that Maersk would be phasing out two services between the American West Coast and Asia and redeploying the vessels. It intends to cut its overall capacity for the transpacific route by 8%. [07/03/07]
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