Summary of the key market trends for this week:
- Despite blanked sailings on major east-west trade lanes and a low SCFI index in the weak demand period post CNY, carriers are still struggling to fill their ships. As a result, spot rates are falling.
- 13 Asia-North Europe sailings have been cancelled post-CNY (2M cancelled 6, Ocean and THE cancelled 3 each and HMM cancelled 1)
- Asia-N. Europe rates fell by 8.3%
- Asia-Med fell by 6.8%
- Any further deterioration in spot rates could trigger capacity withdrawals
- Further weakening of spot rates Asia-US, which have fallen by 14% since CNY