15 Jan 2023

Overcapacity Could Start Container Price War

    A 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 More
15 Jan 2023

Weak Peak Season Shipping Demand Creates Uncertainty

Booking 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 Jensen, […]

Read More
15 Jan 2023

Singapore, Long Beach, L.A. Ports to Establish Green, Digital Shipping Corridor

Collaboration 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 More
15 Jan 2023

China Floats World’s Largest Containerships as MSC’s Growth Continues

MSC’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 ultra […]

Read More
15 Jan 2023

Global demand is clearly weakening

Multiple 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 to […]

Read More
15 Jan 2023

US imports sink in September, steepest drop since 2020 lockdowns

First came the pullback in spot shipping rates from their historic peak. Then came reports of plunging Asian bookings and mass retail order cancellations, with spot rates falling even faster. Now, all of this is finally showing up at America’s ports. According to Descartes, which aggregates U.S. Customs data, inbound volumes to all U.S. ports totaled […]

Read More
15 Jan 2023

Update on China 301 Tariffs – USTR Seeking Public Comment

USTR formally announced Wednesday that the agency will open a portal on November 15 to receive public comment on “the effectiveness of the (Section 301 / China tariff) actions in achieving the objectives of the investigation, other actions that could be taken, and the effects of such actions on the United States economy, including consumers.” This is the next […]

Read More
15 Jan 2023

Spot Rates Continue to Decline in Jumpy Airfreight Market

General airfreight spot rates fell -9% year-on-year in September, below the 2021 level for the first time this year, as growing global cargo capacity continues to outpace air cargo volumes, CLIVE Data Services reported. Niall van de Wouw, chief airfreight officer at Xeneta said there are “no indications” demand will increase again. He noted some […]

Read More