The Korea Shipping Partnership (KSP), launched in August 2017, has unveiled its third round of service rationalizations impacting the Korea – Haiphong (North Vietnam) route, Alphaliner informed.
In its latest rationalization move, the Incheon – Haiphong Service (IHS), operated by two of the coalition’s members, Heung-A and KMTC, using two ships of 1,000-1,100 TEU, has been suspended from March 11. This service called at Busan, Incheon, Shanghai, Haiphong, Hong Kong, Busan. It was one of 13 services operated by the KSP carriers on this route, with twelve loops to remain following the restructuring.
The Korean Ministry of Maritime Affairs and Fisheries, together with the Korea Ship Owners Association, on March 7, 2018, unveiled the KSP’s latest route restructuring plan.
Alphaliner writes that the move follows two earlier rounds of service rationalizations announced in November 2017 and January 2018. These included a reduction in the number of Busan – Hakata/Moji services, as well as the removal of one service each from the Korea to Thailand and the Korea to Indonesia routes.
Formed of 14 South Korean carriers, the coalition was initially set up with the aim of rationalizing routes and fleets, as well as to foster expansion through developing new joint services and joint international terminal operations.
The coalition’s members include Hyundai Merchant Marine (HMM), CK Line, Dongjin Shipping, Doowoo Shipping, Dong Young Shipping, Hansung Line, Heung-A Shipping, KMTC, SM Line and Taiyoung Shipping.