We have returned with a fresh evaluation of carrier carbon emissions for the North Europe to Far East trade using the Xeneta and Marine Benchmark Carbon Emissions Index (CEI), which we playfully refer to as "naming and faming." During Q1 2023, Yang Ming Lines demonstrated the most outstanding performance among carriers operating in this trade route.
The average CEI for the North Europe to Far East corridor has risen from 96.8 in Q4 2022 to 102.4 in Q1 2023, indicating that the amount of CO2 emissions per tonne of cargo transported has increased compared to the Q1 2018 index of 100.
The reduction in filling factor from 75% in Q4 2022 to 71% in Q1 2023 is one of the contributing factors to the CEI rise. Several carriers have adjusted their capacity during this period, leading to a decrease in filling factor.
It's worth noting that as part of their capacity management strategy, THE Alliance has opted to circumnavigate the Cape of Good Hope on the backhaul for this trade route. There are no such diversions being made for the front haul. This has resulted in the average distance traveled hitting an all-time high of 12,756 nautical miles, with an 850 nautical mile increase from Q4 2022, primarily attributed to some carriers choosing to take this route rather than the Suez Canal. Additionally, a few carriers have covered a distance exceeding 15,500 nautical miles for this trade.
Q1'23 CEI Carrier Ranking
North Europe - Far East
||Yang Ming Lines
Yang Ming Lines, the best-performing carrier on this trade in Q1 scored a 80.4 which is 22 points lower than the trade lane average. The carrier managed to improve its CEI by 17 points from Q4 2022.
Interestingly, the average vessel age of the Yang Ming's fleet in the North Europe to Far East corridor more than doubled for the previous quarter, from 3.7 in Q4 2022 to 7.9 in Q1 2023. On the distance factor, the carrier covered 3 052 nautical miles more than those covered in the previous quarter, this being an increase of 25%. This is because Yang Ming is one of the carriers sailing around Cape of Good Hope in their backhaul voyages.
Another intriguing aspect is that Yang Ming Lines reduced its speed by 34% on this trade lane, compared to Q4 2022. This decrease in speed has a favorable impact on carbon emissions as it requires less fuel, which offsets the negative effect of longer voyages, leading to an overall improvement in Yang Ming's CEI index reading.
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