We are back with another ranking of carrier carbon emissions based on the Xeneta and Marine Benchmark Carbon Emissions Index (CEI). We like to call it “naming and faming”. This week we are looking at US East Coast and Far East trade. In Q1 2023, Orient Overseas Container Line (OOCL) was the best-performing carrier in the US East Coast to Far East trade lane.
Q1'23 CEI Carrier Ranking
US East Coast - Far East
In Q1 2023, OOCL emerged as the top-performing carrier, achieving a score of 71.6 in the CEI. This marks a substantial improvement of 27.4% from Q4 2022. The impressive performance can be attributed to individual enhancements in factors contributing to the CEI. Notably, there has been a significant shift towards larger ship sizes, with a 16.6% increase since Q4 2022. OOCL's vessels deployed in the US East Coast – Far East trade lane can now accommodate approximately 13,200 TEU, marking a return to normalcy after the outlier observed in Q4 2022.
Since Q2 2022, a noticeable improvement has been the consistent reduction in speed for OOCL. This reduction started at 8.7% and gradually decreased to 6.1%, continuing until Q1 2023, where it reached 6.3%. Alongside the speed reduction, there has been an increase in ship size. Moreover, the filling factor experienced a significant improvement of 11 percentage points from Q4 2022, resulting in OOCL achieving a filling factor of 64.0%. This was 7 percentage points higher than the average for the trade lane.
Q1 2023 marked the best performance for the US East Coast – Far East trade lane since Q4 2020, achieving a grade of 92.4. This success can be primarily attributed to the widespread practice of slowing down services by carriers, a trend observed across most trade lanes. The average speed recorded on this trade lane is the lowest since Q1 2018, with vessels sailing at an average speed of 14.2 knots. The combined impact of speed and ship size significantly influenced the overall average grade. The average ship size deployed in this trade lane increased by 1.6% compared to the previous quarter, reaching an average of 11,000 TEU. Additionally, the average filling factor of the trade lane experienced an improvement of 2.8 percentage points from the lowest recorded point in Q4 2022, culminating in a filling factor of 57.0% by the end of Q1 2023.
Next week, stay tuned for our comprehensive Q1 2023 report on the Xeneta and Marine Benchmark Carbon Emissions Index (CEI). In this report, we will delve into the factors and developments that have influenced carriers' carbon emissions performance, both positively and negatively.
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