World News
P3 Partners, Other Major Carriers, Add Market Share in Q3
The biggest box carriers in the market increased their market share year-on-year in the third quarter of 2013, according to a new analysis by Drewry.
P3 Alliance participants Maersk Line and CMA CGM increased the cargo they carried 9.5 percent and 11 percent respectively in a year when the global average was 4.2 percent.
The increase for Hapag-Lloyd was 8.7 percent, COSCO's was 7.8 percent, and Hanjin's was 5.8 percent, while K Line, APL, and OOCL all declined.
Drewry writes that freight rate reductions typically drive increases in market share, but "that is not obvious here as everyone suffered similarly."
"The implication is that the big boys were after market share, rather than self-preservation, even though it might have meant further de-stabilising freight rate market, which is curious given the parlous nature of some of their finances," Drewry wrote.
"Cosco and Hanjin remain in serious financial difficulties, for example, with Cosco still having to sell assets to avoid de-listing from the Shanghai Stock Exchange, and Hanjin having to borrow money to pay its bills."
Analysts had previously put the market share of the P3 Alliance companies - Maersk Line, CMA CGM, and Mediterranean Shipping Co. (MSC) - at 45 percent of the global market, but Maersk has said that figure is not meaningful because the companies will not cooperate commercially under the alliance.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 630.00 | 9.00 | 742.00 | 11.50 |
| Rotterdam | 569.00 | 2.50 | 733.00 | 1.00 |
| Houston | 590.50 | 1.00 | 753.50 | 9.00 |
| Fujairah | 632.00 | 11.00 | 882.00 | 10.50 |
| Global 20 Ports Average | 642.50 | 3.50 | 824.50 | 3.00 |
| Global 4 Ports Average | 605.50 | 6.00 | 778.00 | 3.50 |
| Global Average Bunker Price | 696.00 | 0.50 | 881.50 | 1.00 |
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