Seven regional carriers based in Asia have teamed up to introduce a new weekly express service between Asia and Mexico, adding at least 15,000 TEUs of capacity to the growing trade. In the first nine months of 2024, trade volumes between the two regions soared by 18.9% year-over-year.
The first starts on April 30 from Shanghai, with stops in Qingdao, Busan, and Manzanillo. Transit times will range between 21-25 days, with the full round-trip voyage taking 49 days. The service group includes Dubai’s Emirates Shipping Lines; Hong Kong-listed TS Lines; Singapore-headquartered SeaLead; Thailand’s Regional Container Lines; Chinese state-owned Sinotrans Container Line; and South Korean carriers Korea Marine Transport Company, and Sinokor Merchant Marine.
This service represents the first time all seven carriers are entering the Mexico trade. Each partner will contribute one vessel, with capacities ranging from 2,200 TEUs to 2,800 TEUs. The expansion comes as China-Mexico freight rates are expected to drop next month, coinciding with the addition of further capacity by traditional long-haul carriers, such as Ocean Network Express (ONE).
Meanwhile, ocean carriers are pushing for higher rates. Hapag Lloyd for example, is planning a general rate increase (GRI) on shipments from Asia to the West Coast of South America, the East Coast of South America, Mexico, Central America, and the Caribbean starting April 1.
Source: Journal of Commerce
