Chilean carrier CSAV said Monday it will suspend its Asiam service from India, Southeast Asia and China to the U.S. West Coast because of what it called “prevailing negative market conditions” on the trans-Pacific trade.
The company plans to suspend the service on June 11 with one last eastbound sailing of the Centaurus from Shanghai. The last westbound sailing is on June 30 when the Centaurus departs Long Beach.
Eastbound spot freight rates have been flat or down since the beginning of the year and are 19 percent lower that what they were at this time last year.
CSAV said its Indus service will continue serving the trans-Pacific trade between the Far East, South East Asia and the Indian Sub Continent.
The company did not say when it would resume the Asiam service.