GA Reduces Trans Pacific Capacity

Following a meeting in Singapore, the CEOs of the Grand Alliance (GA) member lines engaged in the Trans Pacific trade, Hapag-Lloyd (HL), Nippon Yusen Kaisha (NYK), and Orient Overseas Container Line (OOCL), have announced that the GA will lay up vessels during the traditional slack season, effective 20 November 2006 (week 47). MISC Berhad, the fourth member of the Grand Alliance, is not engaged in this trade. The lay up will amount to approximately 3,000 TEU per week; equivalent to the GA’s estimated decrease in transport volume. During this time, ship operators will conduct any maintenance required on the vessels. GA member lines will continue to provide sufficient capacity to meet customers' requirements throughout this period.