Singapore: Pacific International Lines and Wan Hai Lines are reinstating their Asia - Europe service that they suspended in December 2007. The two lines will restart the Far East - Europe service from Shanghai on March 13. Nine 4,250 teu capacity vessels will be deployed on the service, four each operated by PIL and Wan Hai and one jointly operated. The service was suspended after both volumes and freight rates on the Asia - Europe trade plunged following the onset of the global financial crisis in September 2007. PIL and Wan Hai instead opted to serve the trade through a slot share agreement with Cosco Container Lines, which they will now be terminating. Asia - Europe freight rates have risen sharply in recent months. [11/02/10]
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