Matson Ends One of Two China Services

8/9/2011 10:15:29 AM

Matson Navigation ended one of its China services, citing overcapacity and declining freight rates in the trans-Pacific, as well as high fuel prices.   Matson last year launched the CLX2 service amid rising cargo volumes and strong freight rates. “Unfortunately, the economics of the trans-Pacific trade have shifted dramatically in the relatively short time since we developed the model,” said Matt Cox, Matson’s president. The comapny's operating profit plunged 75 percent to $9.4 million in the second quarter compared with the same period a year ago.   The CLX2 service has a port rotation of Long Beach, Hong Kong, Yantian, Shanghai and back to Long Beach.   Matson said it is committed to maintaining its original Long Beach-China service, which includes calls in Xiamen, Ningbo and Shanghai. That service was launched in 2006.   The CLX2’s last eastbound sailing from Shanghai will depart on Aug. 21. Westbound service from Long Beach to China will continue until Sept. 3.   The Journal of Commerce Online

RELATED NEWS

Matson Navigation to end Hong Kong-US West Coast service (8/16/2011 10:18:18 AM)

OTHER NEWS

MOL-CKYH drop Halifax on Vietnam/U.S. East Coast (8/9/2011 10:10:29 AM) Korea's port traffic up 13.2% in July (8/9/2011 10:09:56 AM) MCC Begins China-Bangladesh Service (8/9/2011 10:09:23 AM) Ningbo Port Container Traffic Up 13.7 Percent (8/8/2011 9:51:30 AM) China/Mideast service adds Dammam call (8/8/2011 9:51:11 AM) Seaspan orders three ships for Hanjin (8/8/2011 9:50:32 AM) Trans-Pacific Rates Drop, Asia-Europe Rebounds (8/6/2011 9:55:58 AM) CSAV to Hike India-Europe Rates (8/6/2011 9:55:09 AM) Crowley Adds Tampa Call (8/6/2011 9:54:38 AM) Evergreen joins MOL on Asia – Southeast Africa service (8/6/2011 9:53:59 AM)

COMMENTS

Your comment

Content: Email / Name / Tel:

The most comprehensive and easy-to-use global marine weather application

With the Courtesy of Bao Hoang Yachts Co. Click "HERE" to get your own 30day free trail or contact Ms Phuong Bui at Vietnam Shipper: phuongbq@vil.com.vn / 08.39330 148