Maersk and MSC yank service as transpac spot rates slide towards triple figures

Maersk and MSC yank service as transpac spot rates slide towards triple figures

With spot rates on the transpacific to the US West Coast now being banded around for as low as $1,000 per feu, 2M has become the first casualty in the transpacific freight war, just as the summer peak season hoves into view.

Alphaliner is reporting that Maersk and MSC will suspend their Asia to Pacific Northwest route – TP1/Eagle – from July amid overcapacity and declining rates on the transpacific and the ongoing threat posed by a Sino-US trade war.

The last eastbound sailing on this service is due to depart from Busan today. MSC said the service suspension was down to the current “challenging operating environment” on the transpacific.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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