Check out our latest edition of the Xeneta and Marine Benchmark Carbon Emissions Index (CEI), where we highlight and recognize top-performing carriers, "naming and faming". For this week, we will focus on the Mediterranean – US East Coast trade. This is one of the few major trades in which CO2 emitted per tonne of cargo carried is higher now than it was in Q1 2018. In Q1 2023, OOCL had the best performance on the trade, with an overall CEI grade of 107.4.
Q1'23 CEI Carrier Ranking
Mediterranean – US East Coast
During the first quarter of 2023, the trans-Atlantic trade experienced a decline in its overall performance, with an average CEI grade of 113.6 points. This represents a negative trend compared to the previous quarter, as the trade performance dropped by 9.5 index points. It is worth noting that this is the highest average recorded since the first quarter of 2018. Several factors contributed to this outcome, including the fact that the average ship size was 4% smaller than the vessels used in Q4 2022, with a capacity of approximately 6,400 TEU.
Additionally, the ships deployed in this trade were the oldest since Q3 2020, with an average age of 15.2 years, surpassing the average age of vessels in other major trades. Additionally, the distance covered by the carriers on this trade is around 5,250 nautical miles, which is the furthest distance covered on average by the trade since Q1 2018. Lastly, it is crucial to highlight that the average filling factor of the trade currently stands at 75%. This represents the lowest percentage recorded since Q1 2018 and marks the first instance where it has fallen below 80%.
During the previous quarter, OOCL outperformed the average in several key aspects. While its overall grade was 107.4, which is 6.2 points lower than the trade average, it still surpassed the trade lane average in Q1 2018. The good performance of OOCL can be attributed to various factors. Firstly, the ships deployed by OOCL were 36% larger than the trade average, with a capacity of approximately 8,400 TEU. Secondly, these ships covered 12% less distance compared to the trade average. Lastly, a significant contributing factor is that OOCL achieved an 85% filling factor, which is 10 percentage points higher than the trade average.
OOCL's notable performance in the recent Q1 2023 deserves attention, and it will be intriguing to monitor the overall progress of the transatlantic trade in the coming months to assess if the average grade can be enhanced. Stay updated with the upcoming CEI scores as we approach the end of the quarter and continue to analyze performance across various trade lanes.
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