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Ocean carriers to blank half their sailings from Asia to North Europe and the US due to weak forecast demands
Posted on December 26, 2022 |
In Europe and America, high inventory levels with uncertainty surrounding future consumer demand have seen orders canceled or delayed, which resulted in Chinese factories preparing to shut down well ahead of the CNY holiday.
In the North American market, shippers are opting to wait until the holiday period ends, as stocks shipped earlier in 2022 are already in a position to fulfill demand.
On Asia to North Europe trade lane, the average spot rates registered by the publishing indices this week ranged from $2,167 per 40ft by the Freightos Baltic Exchange, down to $1,674 per 40ft by the WCI.
Many annual contract negotiations for the route, traditionally finalized in December or January have stalled, as neither shippers nor carriers want to engage in the uncertain market conditions, and spot rates from Asia to Mediterranean ports were also unmoving this week.