Local ports could benefit as the world's largest shipping lines restructure alliances in the light of major trade routes being redrawn around the Horn of Africa to avoid violence in the Red Sea.
Denmark's Maersk and Swiss-run MSC, two of the world's largest container shipping lines, will dissolve their existing alliance from February 2025 to reduce costs and improve service coverage.
Maersk will forge the Gemini Cooperation with German liner Hapag-Lloyd to cover shipping between Asia and the United States, with an aim to deliver "above 90 per cent schedule reliability" on the route, the carriers announced on Sept 10.
MSC will operate independently. Meanwhile, Taiwan's Yang Ming, South Korea's HMM and Singapore-headquartered Ocean Network Express will form the new Premier Alliance to operate in key East to West routes.
Shipping alliances enable liners with similar strategies to pool their vessels and share port facilities along certain trade routes to reduce costs like taxes and bunker fuel.
The liners are also able to broaden their service coverage and customer base on those routes.
This story is from the September 21, 2024 edition of The Straits Times.
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This story is from the September 21, 2024 edition of The Straits Times.
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