Fuhai slot charters with Cosco

AFTER THE May sailing of the last of its vessels - now to be re-deployed on the Taiwan-Hong Kong trade - Fuhai Shipping has contracted a slot-charter agreement with Cosco. According to Mervyn Timothy of Hanpore Shipping - the local agents for the line - Fuhai will be operating the same service as with its own fleet but now on a port rotation of Hong Kong, Kaohsiung, Singapore and Durban. "Fuhai Line is committed to offering a service to-and-from the Far East," said Timothy, "and has every intention of remaining in the local market. "However, with the very recent slump in inbound cargo - which has been felt by almost every carrier in this trade - it has become more practical and financially viable to remove the current vessels on the trade, and to rather operate the service via a formal slot agreement with another reputable carrier." The fleet is available for re-introduction into the trade as soon as market conditions improve, Timothy added. "The carrier has chosen this slot arrangement as an interim option," he told FTW, "rather than get to a situation where one keeps vessels on this route when it is not viable." The intention for Hanpore now is to be both an agent for the Taiwanese sea carrier, and to operate as an NVOCC (non-vessel owning common carrier). "As an NVOCC, we intend to expand," Timothy told FTW. "But not right away, as we are still investigating the potential markets."