CKYH alliance to cut loop in weak Asia/Europe trade

CKYH alliance to cut loop in weak Asia/Europe trade    CKYH alliance carriers COSCO, “K” Line, Hanjin Shipping and Yang Ming have decided to reduce the number their joint weekly services in the struggling Asia/Europe trade to six loops instead of seven, effective November.
   Despite decent volume growth, the Asia/Europe market in particular, has suffered from falling freight rates since the turn of the year, contributing to the weaker financial performances posted by the industry at large.
   Exact details of the changes have yet to be announced. The alliance carriers said they are also discussing the 2007 business plan for the Asia/Mediterranean trade, for which it has four dedicated loops.
   “The members believe that the less number of calling ports in both Asian and European will enable CKYH Alliance to provide more stable and reliable service quality,” the carriers said in a joint statement.