The first ship chartered by the People's Republic of China to help Singapore shippers cut costs reached Singapore on Friday (Feb.11).
The first ship chartered by the People's Republic of China to help Singapore shippers cut costs reached Singapore on Friday (Feb.11). Malaysian and Singapore shippers complain that the Far Eastern Freight Conference (London-based and European dominated) has a "monopolistic stranglehold" on local shipping, and have welcomed the Chinese offer of freighters at cheaper rates. Virpazar, the first vessel, will carry rubber and timber to Hamburg and Rotterdam. At least two other Chinese ships are expected in Singapore before the end of February.
SYNOPSIS: Singapore Harbour -- setting for what could prove to be a new phase in Far Eastern shipping activity. In an attempt to break what they call the "monopolistic stranglehold" held by the London-based Far Eastern Freight Conference, local shippers this month for the first time booked freighters hired by the People's Republic of China.
The first of the Chinese charter ships, the Virpazar, docked on Friday.
She's 10-thousand tons and after loading 18-hundred tons of rubber, timber and other goods in Singapore she'll set out on the 35-day voyage to Europe, and will berth in Hamburg and Rotterdam. Virpazar is a Yugoslav vessel and had an all-Yugoslav crew of 31.
At least two more Chinese charter vessels will arrive in Singapore this month. They're expected to be over 20 percent cheaper than Far Eastern Freight Conference vessels.