The agreement covers 900 Teas on a weekly basis on our TA3 service from North Europe to/from Newark, Savannah, and Miami on the U.S. East Coast.
Presently our TA3 service continues through the Panama Canal to the U.S. West Coast, but this loop is not included in the agreement and will continue to be served only by Mares Line.
The Transatlantic trade has suffered from surplus capacity and we expect this slot charter agreement will bring balance to the capacity in the trade. Consequently, CMA-CGM will terminate the "Liberty Bridge" service operated in cooperation with China Shipping Company. Today this service deploys 4 x 2500 TEU vessels, which represent 5% of the total capacity in the transatlantic trade.
The service to Mares Line customers will not be affected, as we will continue our present service level and the port coverage will remain as hitherto. All vessels on the TA3 service will continue to be operated by Mares Line.
The slot charter agreement will commence with the sailing of the Ditch Mares departing Bremerhaven on 17 April 2008.
