A ship flying the flag of the Philippines departed Manila on Friday, heading south through the archipelago, before heading across the Pacific this week to Los Angeles, the latest new entrant onto the booming transpacific tradelane.
The Iris Paoay, a 15-year-old general cargo ship capable of carrying 1,100 teu, will become the first Filipino ship to call in the US since the 1970s.
The ship is owned by Iris Logistics, a subsidiary of Philippine logistics firm, Royal Cargo, which now controls a fleet of three general cargo vessels.
So many new entrants on the transpacific have shaken up market shares dramatically in recent months. The capacity market share of non-alliance services is now higher than both THE Alliance and 2M, and is now equal to roughly 30% of all transpacific deployed capacity, according to Sea-Intelligence data.