Green Reefers to Join Hamburg Reefer Pool

Norway’s Green Reefers said it will join the recently established Hamburg Reefer Pool on Aug. 1.

The refrigerated shipping company will add its fleet of 27 specialized reefer ships with capacities ranging from 263,000 cubic feet to 310,000 cubic feet to the 80-ship pool.

Green Reefers’ decision accelerates the industry-wide consolidation of conventional reefer tonnage operators in the face of declining rates and increasing competition from ocean container carriers.

The Hamburg pool was established on May 1 by Antwerp-based Seatrade, the world’s biggest reefer operator, and Alpha Reefer Transport, an operator of 46 ships owned by several companies, including Greece’s Laskaridis, Riga Transport of Latvia, and Lithuania’s Klaipeda Transport.

Green Reefers will acquire one-third stakes in Hamburg Reefer Pool and in its commercial manager Hamburg Reefer Chartering.

Spot freight rates for refrigerated cargoes have slumped to 10-year lows on reduced demand for fruit -- including bananas --in key import markets in Europe, the Mediterranean and Russia, due to the strength of the dollar and poor fish harvests in the south Atlantic.

Reefer operators also blame predatory pricing by ocean container carriers for pushing down spot freight rates.

Star Reefers, a leading Norwegian reefer operator, last week said it has laid up seven of its 46 owned and chartered ships as it reported first half profit more than halved to $7.6 million from $19.9 million a year earlier.

--Contact Bruce Barnard at brucebarnard47@hotmail.com.