Complete Maritime Profile & Reviews of Vancouver

In a strategic move to expand its operational capabilities, OOCL has finalized a new charter agreement that will span 36 months, focusing on key trading routes in Asia and India. The daily net income from this charter is set at an impressive $45,000, exclusive of additional commissions. This agreement positions OOCL to enhance its service offerings in these high-demand regions and strengthen its market presence.

In a strategic move to mitigate ongoing financial losses, Hanjin Shipping has announced the discontinuation of its trans-Atlantic service. The decision was communicated to customers last week, citing 'dismal market conditions that do not justify operational costs' as the primary reason for this withdrawal. This marks a rare instance of a significant shipping line exiting a well-established trade route such as the trans-Atlantic. Effective after May, Hanjin will cease its operations in this trade lane. Mike Radak, senior vice president of sales and operations at Hanjin Shipping USA, stated, 'We are not in that trade lane any longer.' Hanjin's trans-Atlantic route was operated through its New Trans-Atlantic service, which is the sole offering on this route managed by the CKYH alliance, alongside partners Cosco, 'K' Line, and Yang Ming. Radak expressed hope that Hanjin's alliance partners would continue to service its customers' cargo needs. However, he clarified that Hanjin does not intend to enter slot charter agreements with other carriers. The company currently operates one of four 4,500-TEU vessels within the CKYH alliance for this route. The last voyage involving Hanjin in the NTA service is scheduled to be on the Yang Ming Vancouver, departing from New York-New Jersey on May 13.