Singapore-based SeaLead Shipping has departed the transatlantic trade. The company confirmed to HANSA that it has closed its fortnightly MEDUS service that was served by three 1,440 – 1,800 TEU ships calling Mersin, Ambarli (Istanbul), Derince, Gemlik, Nemrut Bay, Newark, Norfolk, and Mersin.
The service, offering a six-week turnaround, was launched only at the end of March and was SeaLead’s only Transatlantic loop. S&P’s ship-tracking data indicates that MEDUS’ last voyage was completed on 12 November, after the 1,827 TEU “Astraios“ called at Ambarli. The “Astraios“ and its sister ship, “Adrastos“, which left the MEDUS service in October, have been relet to French carrier CMA CGM.
According to Alphaliner, CMA CGM has deployed “Astraios“ and “Adrastos“ to its intra-Mediterranean TMX2 service connecting Turkey with Italy, France and Malta. The third ship on MEDUS, the 1,702 teu “Haian Zeta“, has been relet to Dubai-based Global Feeder Shipping.
A SeaLead spokesperson told HANSA: “Shifting global trade dynamics have led to significantly lower freight rates, rendering the service unsustainable.”
Consultancy Sea-Intelligence said this month that west-bound transatlantic rates are at an all-time low, as demand has fallen. Vessel utilisation is now around 50%. As of 20 November, Drewry’s World Container Index assessed the Rotterdam-New York rate at US$1,655 per 40-foot container, a 38% year-on-year drop.
Sea-Intelligence CEO Alan Murphy said: “While rates will obviously not turn negative, the market is poised to become so dire that shipping lines will be forced to withdraw significant capacity, to establish a better balance. Cargo owners on the trade should therefore prepare for the strong likelihood that many planned vessel departures in the coming months will be cancelled.” (PL)
