Maersk Line to rejoin the TSA
November 9, 2009 by Splatty
Filed under Seafreight
Maersk Line has filed an application to rejoin the Transpacific Stablization Agreement (TSA) after taking a hiatus in 2004. Maersk was an original member of the TSA since its inception in 1987.
Via tsacarriers.org:
“We’re pleased that Maersk sees value in TSA and wishes to re-join the agreement,” said Ronald D. Widdows, TSA chairman and Group President & CEO of NOL, parent company of member line APL Ltd. “With the unprecedented challenges the industry is facing due to the current global economic crisis, TSA believes it is helpful to have another voice participating in the dialogue to seek solutions that will benefit both carriers and shippers.”
According to a press release on Maersk Line’s website, the decision to rejoin the TSA comes after “the trans-Pacific trade has incurred industry loses estimated to be 3 billion USD or more”.
Via Maerskline.com:
“Five years ago, the market conditions were vastly different than they are today,” said Lars Mikael Jensen, Vice President Pacific Trade, Network and Product, Maersk Line. “Maersk Line is convinced that restoring profitability long-term is needed in the marketplace and has demonstrated market leadership in this regard. It is imperative that service levels involving vessel capacity and string frequency across the Pacific do not suffer as a result of continued rate deterioration,” he continued. “The purpose of Maersk Line’s participation in the TSA is to develop a platform that allows customers and carriers to find stability for years to come, avoiding the gross fluctuations of 2009. This business must be managed for long-term health and a return to profitable and sustainable operations.”
Current members include:
APL, Ltd.
China Shipping Container Lines
CMA-CGM
COSCO Container Lines, Ltd.
Evergreen Line
Hanjin Shipping Co., Ltd.
Hapag Lloyd AG
Hyundai Merchant Marine Co., Ltd.
Kawasaki Kisen Kaisha (K Line), Ltd.
Nippon Yusen Kaisha (N.Y.K. Line), Ltd.
Orient Overseas Container Line (OOCL), Inc.
Yangming Marine Transport Corp.
Zim Integrated Shipping Services
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