JACKSONVILLE's Crowley Shipping's decision to exit the
Bahamian market was driven "110 per cent by competition" from
Geneva-based Mediterranean Shipping Co (MSC), according to Arawak Port
Development Company (APD) chief executive Michael Maura.
While revealing that the collective cargo capacity to
Nassau was currently 52 per cent empty, Mr Maura told the Bahamas Tribune that
Crowley's pull-out had been prompted by its "deeper pocketed" rival,
MSC, starting a direct Jacksonville-Nassau service of its own.
Disclosing that Crowley had informed him it had not made
a profit on its Nassau services since 2006, Mr Maura added that the company had
not been able to grow its Bahamas' shipping market share beyond 17-18 per cent
during 19 years.
Noting that Crowley had also admitted to him that its
shipping rates were now four per cent less than they were in 2006, the APD
chief indicated that overall market conditions, together with the increased
competition from MSC, were responsible for its move.
"In an effort to maximise the utilisation of its
vessel, MSC is making sales calls on suppliers in the north Florida and
southeast US and offering rates likely lower than those offered by Crowley,"
said Mr Maura.
Source : HKSG, 16.07.13.
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