Container shipping lines are focusing on capacity management as rates plunge and shippers continue to reduce volume. Although the industry had expected market normalization at this time of the year, the changes have come about so suddenly it has forced container carriers to accelerate cuts in capacity by blanking sailing to slow the downward […]
Read MoreFirst 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 MoreGlobal merchandise trade is set to slow next year, facing headwinds ranging from Russia’s war in Ukraine, high energy costs in Europe and the tightening of U.S. monetary policy leading to higher manufacturing costs and squeezing households, the World Trade Organization (WTO) said The WTO said it expects trade growth to only increase 1% […]
Read MoreGeneral 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 MoreCarriers have boosted the number of blanked sailings, eliminating around 1.5m TEU of capacity over the last 12 weeks to counter plummeting spot rates. However, rates have collapsed by -46.3% over the same period, Xeneta data shows. This is the highest number of blanked sailings on this key trade since January and February, at a […]
Read MoreSeveral shipping liner executives predicted a gradual decline in spot container rates levels during their latest quarterly calls. Maersk CFO Patrik Jany said it would be a “progressive erosion” not “a one-day drop”, while Matson CEO Matt Cox noted rates were “adjusting slowly” and not “falling off a cliff”. Yet, container spot rates appear […]
Read MoreSeveral major air cargo operators are signaling an anticipated drop in demand or a flattening of the capacity requirements which characterized the pandemic. According to IATA’s latest industry update, air cargo capacity in June and July were tracking close to pre-pandemic levels but was measured against lowered demand which contracted by -5% year-on-year in August, […]
Read MoreContainer spot freight rates have taken on double-digit declines week-on-week on some of the major trades. The Trans-Pacific Eastbound Asia-U.S. West Coast trade is around 80% lower than at the same point last year according to the Freightos Baltic Index (FBX). Further, the shift of U.S. import volumes from West to East Coast ports was […]
Read MoreThe latest 2Q2022 findings of the Container Shipping Market Quarterly Review produced by MDS Transmodal and Global Shippers Forum (GSF), noted that average earnings per container carried had fallen for the first time since 2020. Total container carryings in the second quarter of 2022 also remained lower than the year-ago level in the same period. […]
Read MoreSea-Intelligence studied the effects of capacity removal due to vessel scheduling delays and assessed what it meant for the growth in the global fleet and its impact on the global supply and demand balance. The report found that while the nominal fleet grew at a steady rate of roughly 4% year-on-year in 2020-2022, there was […]
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