Friday, June 21, 2013

Maersk unveils world's largest container ship

Maersk unveiled the world's largest container ship last week, the first of a new fleet of 20 very large container vessels that is the shipping line hopes will provide savings at a time of industry overcapacity and strong competition.

Maersk Line celebrated the new ship at a ceremony in South Korea at Daewoo Shipbuilding and Marine Engineering, naming the 55,000-ton ship the "Maersk McKinney Moller," after the son of A.P. Moller-Maersk's founder.

The $185-million Maersk McKinney Moller, as long as four football fields, is the first of a string of mega-container ships that will replace the line's older, smaller vessels.

The delivery comes at a difficult time for the industry, as a price war between major shipping lines has driven freight rates up 60 percent since mid-March for transporting standard TEUs from ports in Asia to Europe.
"It is probably the fastest rate drop we have seen ever," Maersk Line chief executive officer Soren Skou told Reuters at the ceremony. "Hopefully the ships will help us to get closer to profitability on Asia to Europe."

For more of the Globe and Mail story: theglobeandmail.com


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