We are back with the latest update on carbon emissions from shipping carriers between the Far East and the US West Coast based on the Xeneta and Marine Benchmark Carbon Emissions Index (CEI), which we affectionately call "naming and faming." In the first quarter of 2023, Hyundai Merchant Marine (HMM) stood out among other carriers in this trade route, demonstrating remarkable performance with an average score of 56.2 on the CEI index.
This week, we are highlighting a crucial trade route due to its substantial containerized volumes, making it the largest intercontinental trade lane. During the first quarter of 2023, the Far East to US West Coast trade witnessed notable enhancements that led to an overall improvement in the average trade score. At 87.1, the average trade score is 10.4% lower compared to the fourth quarter of 2022. In this particular trade lane, carriers have been utilizing ships with the lowest recorded age to date, averaging at 11.3 years. With the utilization of younger vessels, carriers have also opted for the largest ships to date since the second quarter of 2020. Furthermore, the average filling factor for this trade lane has risen by 2 percentage points, reaching an impressive 78%.
Q1'23 CEI Carrier Ranking
Far East - US West Coast
||Hyundai Merchant Marine
||Yang Ming Lines
HMM has achieved the highest ranking in this week's CEI thanks to a combination of intriguing factors. On this trade, HMM is deploying the second largest ships averaging almost 10 000 TEU and managing to reach a filling factor of 89%, which is 11 percentage points above the trade’s average. While there are other carriers in this trade lane that deploy large ships, none of them come close to HMM's filling factor. This particular advantage gives HMM the lead in the CEI index for this lane.
Another noteworthy aspect is the average distance covered by HMM on the Far East to the US West Coast route, which is 15% shorter compared to the trade lane's average.
When it comes to sailing speed, it is evident that HMM's speed on this trade lane is 7% lower than the average. This provides us with a clear understanding of the significance of vessel size and filling factor, as these factors have propelled HMM to the top of this week's leaderboard.
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