Maersk Line on Monday announced that it has entered a slot charter agreement with CMA CGM in the trans-Atlantic trade.
In a release, the carrier said the agreement covers 900 TEUs on a weekly basis on its TA3 service from North Europe to/from Newark, Savannah, and Miami on the U.S. East Coast.
The TA3 service continues through the Panama Canal to the U.S. West Coast, but this loop is not included in the agreement and will continue to be served only by Maersk Line.
"The trans-Atlantic trade has suffered from surplus capacity and we expect this slot charter agreement will bring balance to the capacity in the trade," Maersk said.
As a result, CMA CGM will terminate its Liberty Bridge service operated in cooperation with China Ocean Shipping Co.
The service currently deploys four vessels of 2,500 TEUs each, or 5 percent of the total capacity in the trans-Atlantic trade, Maersk said.
All vessels on the TA3 service will continue to be operated by Maersk Line.