With factories already closing in China, ahead of next week’s new year holiday, airfreight rates on major routes have continued to decline. One source reported that factories were closing early: in part, because some staff did not get a holiday last year owing to Covid lockdowns, partly because of new Covid cases and also […]
Read MoreEconomic pressures continue to hamper consumer spending, and industry players are not expecting to see the usual increase in demand as factories close for the two-week holiday. According to a global freight forwarder, the year-end holiday in 2022 did not deplete stock levels. For this reason, a limited uptick in demand is expected after […]
Read MoreAnalysts and transportation companies agree that despite ongoing COVID challenges in China, it will not result in a widespread crisis leading to a shortage of goods and congestion in supply chains. The decline in China’s industrial production cannot be solely attributed to a lack of Chinese labor due to the pandemic. It is also […]
Read MoreChinese container exports which typically spike in the weeks leading up to Chinese New Year (CNY), faced a drop in prices and continues to downtrend, performing the worst in 13 years, according to chief shipping analyst at BIMCO, Niels Rasmussen. “Spot rates for containers loading in Shanghai will normally be 12% higher just before […]
Read MoreA slowdown in production typically takes place in the period around the Chinese Lunar New Year (CNY) with shipping lines blanking sailings to balance supply with demand. Yet, despite a market faced with stagnated demand growth and declining freight rates, carriers have not acted to reduce additional capacity during CNY 2023. Sea-Intelligence data […]
Read MoreForwarders operating in South China say shippers will face higher freight costs on barge and trucking because of pandemic-related disruptions and the approaching Lunar New Year Holiday. Most feeder services will be suspended between the hub ports of Hong Kong and Shenzhen and second-tier ports in Southern China around January 16. This is so […]
Read MoreBooking levels are showing no signs of increasing through the peak shipping period. Having moved up shipping schedules and increasing inventories in response to supply chain disruptions, U.S. and European businesses remain well-stocked with goods this year. Container Trade Statistics (CTS) data shows the demand collapse escalated in October. In a LinkedIn post, Lars […]
Read MoreCollaboration aimed at decarbonizing ocean cargo transport The Maritime and Port Authority of Singapore (MPA), Port of Long Beach, Port of Los Angeles, and C40 Cities have begun discussions to establish a green and digital shipping corridor between Singapore and the San Pedro Bay port complex. The corridor will focus on low- and zero-carbon ship […]
Read MoreMSC’s growth as the world’s largest container shipping company is continuing unabated despite continuing signs of a near-term softening in the market and falling demand. The carrier, which was tied with Maersk at the beginning of 2022 for the largest carrying capacity, has continued to expand. At the end of last week, two more […]
Read MoreMultiple indices continue to report steep declines in the consolidated shipping market. Maritime consultants Drewry lowered its demand outlook for 2022 to 1.5%, and to 1.9% for 2023 following heavily downgraded GDP predictions. The consultancy suggested carriers would take defensive action such as demolishing older, high fuel consumption vessels and deferring orders of newbuilds […]
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