Financial Daily from THE HINDU group of publications
Saturday, Nov 16, 2002
Financial Daily from THE HINDU group of publications Saturday, Nov 16, 2002 |
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Logistics
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Shipping Corporate - Announcements SCI opens office in Shanghai Santanu Sanyal
KOLKATA, Nov. 15 ENCOURAGED by the success of the two services covering, among other ports, Chinese destinations, Shipping Corporation of India (SCI) has opened for the first time one representative office in Shanghai and deputed one official, Mr K.N. Nair, of the rank of Deputy General Manager to run it. It might be recalled that SCI launched JNPT-Far East service (with calls at Shanghai port) in June 2001 and Chennai-Hong Kong services (with calls at the Chinese ports of Dalian, Quintao, Xiangang and Yantai) in June 2002 and both the services have proved to be a hit. Meanwhile, the partners of the India-America Express Service are planning to restructure and strengthen the service from February next year. With the recent joining of APL, the number of partners of the service has increased to four, the three others being SCI, CMA/CGM and Contship. From February next, there is a proposal to launch higher capacity (2,600 TEUs as against 1,400 TEUs at present) and faster vessels on the route such that the transit time from the JNPT to the US East Coast port remains unchanged at the present 21 days despite the additional call at a Mediterranean port. Right now, it is a direct service from the JN port to the US East Coast. The drop in freight rate in the past few days on the European sector is causing concern to the shipping lines serving the trade route to Europe. It is learnt that the drop has been in the range of $100-150 per TEU. Till recently the rate was $950 to $1,000 per TEU, which has since dropped to $850-900 per TEU. Since no major mismatch between the demand and supply of containers is being witnessed at the moment, most shipping lines active on the route feel it is temporary. They would attribute it to the ``perception'' about the market by a section of foreign lines operating through the agents and would, therefore, like to wait and watch the situation.
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