Shipping Alliance THE Suspends Transpacific Service Due to Market Situation
By Adria Calatayud
Hapag-Lloyd said Thursday that its THE Alliance shipping partnership has temporarily suspended a service of its Asia-to-West Coast transpacific network in response to the current market situation.
The German shipping company--which operates the alliance in partnership with Ocean Network Express, HMM and Yang Ming Marine Transport--said the route will be suspended as of August until further notice and that three other transpacific services will be enhanced to ensure that customers continue to receive frequent coverage.
Hapag-Lloyd said in May that its first-quarter performance was affected by weak demand and declining freight rates for container transport.
Write to Adria Calatayud at adria.calatayud@dowjones.com
(END) Dow Jones Newswires
July 06, 2023 06:03 ET (10:03 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
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