CSAV to pull Asia/Med loop

CSAV to pull Asia/Med loop    Liner carrier CSAV said Monday it would suspend a standalone service linking the Far East and Mediterranean due to 'the unfavorable economic environment affecting the trade.'
   Freight rates from Asia and Europe are reportedly well below sustainable levels even as the industry enters the start of peak season.
   The Mare Nostrum service, operated by the CSAV Norasia subsidiary, is run with 10 CSAV vessels with an average capacity of 4,720 TEUs, far below the average vessel size on loops from Asia to Europe, according to American Shipper affiliate ComPair Data. The last sailing on the service is scheduled to depart China July 6.
   The rotation of the Mare Nostrum loop is Xingang, Qingdao, Shanghai, Ningbo, Xiamen, Hong Kong, Chiwan, Cai Mep, Port Kelang, Malta, La Spezia, Genoa, Marseilles-Fos, Barcelona, Valencia, Malta, Jeddah, Port Kelang, Hong Kong and Xingang.
   Suspension of the service is significant for CSAV in that it will no longer operate any vessels on the Far East/Europe trade outside of the seven vessels it provides on a joint Asia/Black Sea service with Evergreen Line.
   The Chilean line does charter slots on Evergreen's UAM pendulum service connecting the Far East with the Med.
   It’s also the second long-haul loop to be suspended by CSAV in recent weeks, after its landmark direct service from the Indian Subcontinent to the U.S. West Coast was dropped in mid-June.