Consolidation Drives Reefer Pools

Continuing a global trend for conventional refrigerated ship operators to consolidate operations, Norway’s Green Reefers this month joined the recently established Hamburg Reefer Pool, bringing the pool to well over 100 vessels.

The 27 Green Reefer vessels have capacities ranging from 263,000 cubic feet to 310,000 cubic feet.

The Hamburg pool was established May 1 by Antwerp-based Seatrade, the world’s biggest reefer operator, and Alpha Reefer Transport, an operator of 46 ships owned by several companies, including Greece’s Laskaridis, Riga Transport of Latvia and Lithuania’s Klaipeda Transport.

Green Reefers will acquire one-third stakes in Hamburg Reefer Pool and in its commercial manager Hamburg Reefer Chartering.

Consolidation has been seen as a way for refrigerated vessels to remain competitive in an industry that has suffered from reduced demand and pressure to lower rates. Reef operators say predatory pricing by ocean container carriers is also responsible for shrinking profits as spot freight rates are squeezed.