Monday, June 23, 2014

G6 alive and well but P3 now dead

The G6 Alliance of container lines which call in Halifax, is still bringing in a variety of ships from its several partners.

Sunday's arrival was OOCL Vancouver a post-panamax type, measuring 66,462 gross tons and carrying 5885 TEUs, it has been an off and on caller here since the Alliance was formed on 2011. Built in 2006 by Koyo Dockyard Co of Mihara, Japan, it carried the name OOCL Italy from 2010 to 2013. It now flies the Panama flag and is owned by Shoei K.K of Japan and chartered back to OOCL.

Today's arrival, NYK Meteor is a first timer to Halifax.  Built in 2007 by Hyundai Heavy Industries of Ulsan, South Korea, it carries a modest 4922 TEUs on 55,534 grt. It came from HHI in 2007.

Other members of the G6, Hapag-Lloyd (now merged with CSAV), APL, Hyundai Merchant Marine, and Mitsui OSK, along with OOCL and NYK, have 29 different combined trade routes around the world.

Not so rosy is the future for the proposed P3 Alliance of the world's largest container lines Maersk (15% of world's container capacity),  MSC (13% of capacity) and CMA CGM (9%). The ship-sharing plan was developed to deal with a huge over capacity of ships, ordered during boom times and delivered during the recent slow shipping market.
Approved by US and European regulators, the P3 plan was canned by China last week, much to the surprise of the proponents. Citing the need to protect smaller lines (some of which, not coincidentally are Chinese state owned) China denied permission for the P3 to start up. The three partners have thus scrapped the idea - and will soon have to start scrapping ships.

An example of the over capacity built by the P3 proponents is CMA CGM Marco Polo, delivered in 2013 by Daewoo, Okpo, it has a container capacity of 16,020 TEU, with a grt of 175,343 tons.

I spotted the ship last week in Hamburg, with seven cranes working cargo.

Smaller lines have also over built, and they must be heaving a sigh of relief with the death of the P3, but over capacity will continue to be a problem for some time.


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