Port Wings News Network:
Taiwan-based container shipping line company Wan Hai Lines Ltd. On 26 December announced that it plans to join forces with four foreign counterparts and launch a route carrying cargo between East China and India in January.
In a media statement, Wan Hai said the route will be launched early next month with Chinese company China Cosco Shipping Co., Japan-founded Interasia Lines Ltd., Hong Kong’s Orient Overseas Container Line (OOCL) and X-Press Feeders Group of Singapore.
According to news website Focus Taiwan, Wan Hai said the five companies are upbeat about robust economic growth in India which has been steady at 7-8 percent over the past two years, replacing the United Kingdom as the sixth largest economy in the world.
In addition, India’s Prime Minister Narendra Modi has been pushing various national initiatives such as “Make in India,” “Digital India” and “Green India,” in a bid to sustain the momentum of economic growth, Wan Hai said.
The United Nations has forecast India’s population will hit 1.65 billion by 2050 and such a huge population is expected to deliver more economic benefits to foreign investors, Wan Hai said.
The new East China-India route is expected to help many Taiwanese firms operating overseas benefit from the growth potential in India, Wan Hai added.
Starting on 23 January, the five partners will provide the joint service, coded CI3 route, once a week, starting from Shanghai and stopping at Ningbo, Hong Kong, Shekou (in Guangdong), Singapore, Port Klang (Malaysia), Chennai (India), Kattupalli (India), Port Klang and Singapore, before returning to Shanghai, Wan Hai said.
Each round trip will take 35 days, with the five partners assigning five 4,250 twenty-foot equivalent unit (TEU) vessels to the new route, Wan Hai said.
Among the five partners, Wan Hai will provide two vessels for the new service, China Cosco and Interasia will provide one each, with OOCL and X-Press jointly providing the fifth.
With a fleet of 90 vessels, Wan Hai currently has 10 routes carrying cargo to and from India, and the new CI3 route is expected to broaden the company’s network, allowing it to offer better services to customers in East China, Singapore, Malaysia and India.