Lines cut transatlantic services despite growing cargo volumes

The Ocean Alliance and Hyundai Merchant Marine (HMM) are back-pedalling in the transatlantic and withdrawing operations on the trades.

The Ocean Alliance will suspend one of its three transatlantic services that was to have used five classic panamaxes, whereas HMM is withdrawing completely from the trade, where it operates with partners through a single slot charter agreement.

The moves come despite signs of a continued growth in volumes, amid concern over the impact of low freight rates on the eastbound trade, analysts said.