News / OOCL launches the first capacity cuts on the transpacific as freight rates sink to unsustainable levels

OOCL has announced that it will suspend its transpacific service out of central China.

The service, the CC1, which operates as part of the G6 alliance, will stop for six weeks, commencing with the arrival of the Hyundai Shanghai in Qingdao on 19 June.

No reason was given by the carrier for the suspension, but weak demand combined with excess capacity has driven freight rates down to rock-bottom levels on the route this year.

Indeed, container spot rates between Asia and the US west coast ...