The share of US imports from China compared to all Asia imports plunged roughly 6 percentage points between February and April amid COVID-19 lockdowns in Shenzhen and Shanghai.
While carriers are permitted to collaborate on freight rates under South Korea’s maritime shipping act, it must be done in discussion with shippers and details reported to the Oceans and Fisheries Ministry within 30 days.
Shippers eager to move computer components, semiconductor chips, and auto production parts are eating up super-heavy air capacity even as demand for traditional OOG cargo improves.
A reopening US economy continues to fuel demand for imports, driving up air cargo rates on trades out of Asia with little regard for what is traditionally the slow season.
MSC said it will bring on a new trans-Pacific service linking the southern Chinese port of Yantian and Vietnam with the two largest ports in the US Southeast and New York.
The alliance was born from discussions within the Korea Shipping Partnership, a coalition of 14 domestic carriers created in April 2017 following pressure from the South Korean government for carriers to improve their performance.